Bermuda-headquartered Allied World Assurance Company Holdings is among a number of firms set to take advantage of an explosion in lawyer liability insurance, according to a market intelligence report.

According to HTF Market Intelligence, the global lawyer liability insurance market was valued at $6 billion in 2023 and is estimated to reach a revenue of $12 billion by 2030, with a compound annual growth rate of 9 per cent from 2023 to 2030.

HTF’s report outlines how legal malpractice protects attorneys against financial losses caused by allegations of negligence, errors, or omissions in their professional work.

The insurance covers legal bills, settlements, and damages when a client sues the lawyer for errors that harm the case or the client’s interests.

A synopsis of lawyer liability insurance scope said: “It is essential for attorneys to reduce risks, because even little mistakes results in costly litigation.

“The coverage allows legal practitioners to practice with confidence, understanding they are protected from potential financial loss caused by professional oversights or accidental errors.“

HTF said several companies are implementing strategies to sustain and enhance their global presence in the lawyer liability insurance market.

Companies are focusing on innovation and product development to meet the evolving needs of their clients. Insurers seeking more of this business include Chubb, AIG and Axa.

Newstrail.com cites HTF Market Report as a next-generation service for organisations with a deep focus on market intelligence, data analytics, and social intelligence.

Newstrail is a website covering the latest in tech, business, travel, entertainment, global affairs and economy.