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Year in Review

Financial results explained

graph going up

 Net premiums: $115.8 million LawPRO net earned premiums in 2016 were $115.8 million. Premiums from the mandatory insurance program were lower than in 2015, though still higher than budgeted. The E&O Fund did not make a premium contribution to LawPRO in 2016 as it did in 2015. And although the number of practising lawyer full-time-equivalents… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Year in Review

E&O Program: Claims report

Administrative dismissal of actions: Was 2016 the calm before the storm? Claims trends in 2016 seemed to follow now-familiar patterns – certain types of claims increased, others abated, and overall claims costs continue to hover around the $100 million mark. However, in the final months of the year, LawPRO claims personnel saw an increase in… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Year in Review

Coverage: Premium remains stable in 2016

The year 2016 marked the sixth year in which most insured lawyers paid a base premium of $3,350 for their professional indemnity insurance. As rents and property values continue to climb, and as technology becomes obsolete at an ever-increasing rate, we were proud to be among the few practice expenses NOT growing in 2016. LawPRO… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Errors & Omissions, Year in Review

Repairing errors to head off claims

Timely efforts by LawPRO to “repair” errors committed by lawyers save the Ontario bar millions of dollars every year. To preserve these repair opportunities, lawyers should contact us as soon as it becomes clear that a mistake may have been made on a file. LawPRO successfully argues for rectification of a will provision A multi-million… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Civil Litigation, Errors & Omissions, Wills & Estates, Year in Review

Standing up for lawyers

knight

The great majority of claims reported to LawPRO are either abandoned, settled, or resolved through mediation or arbitration. But if we hope to preserve reasonable and fair limits on the scope of lawyers’ responsibilities, we must occasionally go to court. Our litigation track record is proof of our sound judgment about when to go to… Read More »

Categories: 2017 May - 2016 Annual Review, Articles, Year in Review

2015 financial results explained

graph going up

Net premiums: $120.7 million Net LawPRO revenues in 2015 were $120.7 million. Premiums from the mandatory insurance program were $5.8 million higher than in 2014, with the increase driven in part by the net increase in the number of insured lawyers purchasing insurance coverage in 2015. Net claims: $80.7 million Incurred claims and adjustment expenses… Read More »

Categories: 2016 May - Year in Review 2015, Articles, Year in Review

Claims report: Projected claims costs for 2015 lower than expected, but time management challenges loom

Between 2010 and 2014, annual claims costs were verging on a worrisome $100 million plateau. as claims costs for 2015 come into focus, there are indications that we retreated slightly down the side of that $100 million mountaintop, perhaps as far down as the $81 million mark. Claim numbers have also decreased − a development… Read More »

Categories: 2016 May - Year in Review 2015, Articles, Year in Review

LAWPRO coverage subject to continual review

lawpro logo

Experiencing a little déja vu when renewing your professional indemnity insurance in recent years? You’re not mistaken – LawPRO’s base premium for the Law Society’s mandatory insurance program has not changed since 2011. But the stability of the premium belies a continual effort, on the part of LawPRO underwriters, to stay ahead of developments in… Read More »

Categories: 2016 May - Year in Review 2015, Articles, Errors & Omissions, Year in Review

Service: Streamlined and responsive

lego men around a phone

LAWPRO’s Customer Service and Underwriting department makes or receives over 40,000 customer phone calls each year. The subject matter of these calls is varied and challenging. Professional indemnity insurance is a complex product, and we offer a wide range of coverage options from which lawyers can choose. To improve our capacity for supporting lawyers in… Read More »

Categories: 2016 May - Year in Review 2015, Articles, Errors & Omissions, Year in Review

LAWPRO repairs in 2015: Resuscitating dismissed actions

In the past few years, LAWPRO’s claims repair program has been increasingly occupied with the work of attempting to restore actions to the trial list. Rule 48, which permits the administrative dismissal of actions for delay, has been responsible for over $10 million in claims costs over the past three years. LAWPRO in-house and defence… Read More »

Categories: 2016 May - Year in Review 2015, Admin dismissals/Rule 48, Articles, Casebook, Civil Litigation, Limitation Periods, Year in Review
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