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The average price per million of directors and officers liability insurance fell 9.2% for 2017’s fourth quarter, compared with the same period last year, according to an Aon Risk Solutions survey issued Thursday.
This compares with the 5.9% increase reported for the third quarter.
According to the brokerage’s quarterly D&O price index, Aon clients that renewed coverage in both the fourth quarter of 2017 and the fourth quarter of 2016 saw a 2.8% decrease in the price per million of D&O limits, which compares with a 3% decrease for the third quarter.
A total of 35% of primary policies renewing with the same limit and deductibles experienced a price decrease, while 22% reported an increase.
For the year, Aon clients experienced an 8.3% decrease in price per million compared to 2016, and the price per million for clients renewing in both 2017 and 2016 decreased 4.6%. About 40% of primary polices renewing with the same limit and deductibles saw a price decrease, while 24% had a price increase.
JLN Murthy, secretary of India-based International Centre for Alternative Dispute Resolution, has called on company executives to get directors and officers' liability insurance, The Hindu reported. V. Niranjan Rao, Telangana's law secretary, said that corporate liability rests with the directors whether done intentionally or otherwise and directors and officers need to be aware of their rights and the liabilities they might have to handle.