1 October renewal · SRA firms

Solicitors 1 October PI renewal — when the quote comes back higher than you expected

Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited (FCA FRN 724952) · Published 14 July 2026

1 October is the SRA-set qualifying-insurer PII renewal date for every solicitors' firm in England & Wales. Every year, a batch of firms open their late-summer renewal quote and see a materially higher number than the last cycle. This page is the specialist-broker playbook for that specific moment.

The 1 October cycle in one paragraph

SRA MTC-compliant PII must be in place for every SRA-regulated firm on 1 October. Cover incepts that date and runs for 12 months. Quotes typically arrive July-September. Firms have limited time to remarket, negotiate or restructure before the qualifying deadline — and the SRA Extended Policy Period and Cessation Period rules take over if cover isn't bound in time.

Why 1 October renewals often shock

Solicitors' PI market is one of the most concentrated in the UK. A limited number of Qualifying Insurers write the SRA MTC layer. When one exits or restructures, the impact is concentrated.
Conveyancing is the highest-rated legal work. Firms with material conveyancing exposure see rating pressure every renewal cycle.
BSA 2022 legacy exposure. Historic conveyancing on higher-risk buildings sits inside the SRA six-year run-off tail. Insurers price this.
Recent claims history. A notification during the last policy year moves the firm into a higher rating band immediately.
Market consolidation. The number of insurers actively writing solicitors' PII has reduced over the past decade. Fewer options = less competitive pricing.

Your options in the last six weeks before 1 October

Accept the incumbent quote. Where the movement is fair and documented, and the risk of switching outweighs the saving, acceptance is legitimate. Consumer Duty requires the fair-value assessment on file.
Remarket urgently. A specialist broker with SRA Qualifying Insurer relationships and wholesale Lloyd's access typically has 2-3 weeks minimum to run a proper market. Do not leave this beyond mid-August.
Restructure. Increase excess, adjust aggregation position, ring-fence higher-risk practice areas. Requires Qualifying Insurer consent.
Consider a change to the firm profile. Discontinue or reduce specific practice areas — conveyancing, high-value transactional work — where feasible.
Prepare for EPP. If the firm genuinely cannot secure renewal, understand what the SRA Extended Policy Period and Cessation Period mean for the firm.

The specialist-broker's pre-1 October playbook

June-July. Initial risk-management review. Any material practice-profile changes? Any pending notifications?
Early July. Full presentation drafted: fee income, practice mix, claims record, remediation narrative, financial resilience.
Mid-July. Market pre-briefing — specialist broker sounds out Qualifying Insurer appetite before quote season.
Early August. Quotes in from primary Qualifying Insurers and wholesale-accessed markets.
Mid-August. Comparison, negotiation, structure decisions.
Early September. Bind decision. Cover-note issued to bridge to 1 October.
1 October. New policy incepts.

If you cannot secure a renewal

Extended Policy Period (EPP) — 30 days from 1 October during which the firm remains in a modified position with the previous insurer, on modified terms. Firm must genuinely attempt to secure a Qualifying Insurer.
Cessation Period — if renewal is still not secured at end of EPP, the firm enters a 60-day cessation period during which it must close down or reach cover. Practising Certificates are affected.
Immediate specialist broker engagement — this is not the moment for a first-time broker introduction. A specialist broker with SRA Qualifying Insurer appetite for difficult-risk placements is what's needed.
Notify the SRA — specific SRA notification duties apply on entry to EPP and Cessation Period.

Common 1 October scenarios and responses

Clean firm, small increase (5-10%). Market movement. Accept and document.
Clean firm, large increase (30%+). Incumbent may be exiting; remarket urgently.
Firm with new notification, moderate increase. Claims-history driven. Present remediation properly, negotiate.
Firm with paid claim, large increase. Difficult-risk placement. Specialist broker with wholesale market access essential.
Firm with material profile change (new conveyancing arm). Full re-presentation needed. Expect underwriter follow-up.
Firm exiting or merging. Run-off cover decision alongside the renewal — six years mandatory.

Frequently asked

Why do all solicitors' firms renew PI on 1 October?

SRA rules set 1 October as the qualifying-insurer PII renewal date for every SRA-regulated firm in England & Wales. This creates an annual set-piece for the market.

How much of a premium increase should I accept without remarketing?

In a normal market cycle, single-digit percentage increases with no risk-profile change are usual. Above 15-20%, remarket. Above 30% with no specific reason, you are almost certainly being moved off by the incumbent.

Can I extend my PI policy for another year with the same insurer?

Yes, subject to the insurer being willing to renew and the terms being acceptable. This is the default path for firms whose profile hasn't changed and whose incumbent quote is competitive.

What if I miss the 1 October deadline?

You enter the SRA Extended Policy Period (30 days), then the Cessation Period (60 days). Practising Certificates are affected. This is a serious regulatory situation — engage a specialist broker immediately.

Can I get PI cover mid-cycle if I set up a new firm outside of the October window?

Yes. New SRA-authorised firms can secure PII at any point in the year. The renewal cycle then runs 12 months from the inception date, aligned with 1 October at first renewal.

Should I switch broker before 1 October if I'm unhappy?

Yes if the switch can be completed in time. Aim for broker-change decision in early July, giving 8-10 weeks for the new broker to run the market.

What is the SRA Qualifying Insurer list?

Insurers who have entered into a Participating Insurer's Agreement with the SRA to write PII on MTC-compliant terms. The list changes each cycle. Not every general PI insurer is a Qualifying Insurer.

Does the LSS Master Policy in Scotland use the same 1 October date?

No. The LSS Master Policy for Scottish solicitors is placed through Lockton and operates on a different cycle. See our LSS Master Policy guide for the Scotland framework.

What might your PI premium look like?

A guideline range built from the premiums insurers have actually quoted on risks we handle. Pick your profession and enter a few details — it updates instantly.

Profession

Annual fee income — gross, last 12 months

Limit of indemnity

Any claims history?

Any higher-risk work? — e.g. large or overseas projects

Guideline range — this is not a quote

Choose your profession and enter your fee income to see a guideline range.

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How these figures are produced

This guide is built from Apex's own market data: the premiums insurers have actually quoted and charged on professional indemnity risks we have handled. Each night that data is aggregated into anonymised rate bands by profession, fee income and limit of indemnity. No client information is published — a band only appears where it contains at least five separate records, and unusually high premiums are excluded so a single atypical risk cannot distort the guide.

The range shown spans the typical spread of recent market outcomes for similar risks. Individual quotes can fall outside it in either direction. Figures exclude insurance premium tax at 12%.

This calculator is not a quote and is not an offer of insurance or advice. Your actual premium depends on full underwriting of your business, including your activities, claims record and insurer appetite at the time.