A year after weathering a significant rise in the number of malpractice claims submitted by law firms, insurers that cater to the legal industry are seeing the volume of such claims level off through the first six months of 2012. At the same time, the number of large claims is on the rise, according to a new survey of insurers that specialize in legal malpractice coverage.
Insurance broker Ames & Gough conducted the survey, which was released June 13 and covers the first six months of 2012. Four of the six insurers surveyed by Ames & Gough saw the number of large claims described as those of at least $500,000 submitted this year top last year’s figure. The same number of insurers reported having paid out claims of at least $100 million already this year. (Ames & Gough did not identify which of the surveyed insurers fell into which category and did not analyze the merits of any claims.)
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