Some Victorian criminal barristers are likely to face professional indemnity (PI) increases of up to 50% if their peak body, the Victorian Bar, decides to obtain coverage through Munich Re subsidiary Great Lakes Reinsurance.

The Australian Financial Review reported last week that Great Lakes and IAG were the only companies to tender for the contract to supply the association’s member with PI cover for 2004/05.

The Victorian Bar has recommended Great Lakes as its preferred insurer, but needs to obtain the go-ahead from the Legal Practitioners Board before it can sign on the dotted line. Suncorp, Australia’s largest insurer of barristers, reportedly declined to join the tender process when the association refused to give it exclusive rights.

Great Lakes will reportedly need to lift premiums by 14% across the board to meet the cost of claims.