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Directors and officers liability insurance pricing increased 74.4% in the second quarter for Aon PLC clients, which was a slight increase over the percentage reported for the first quarter.
D&O liability insurance pricing had increased 73% in the first quarter when adjusted for certain items.
The price per million for clients that renewed in both the 2020 and 2019 second quarters increased 61.2%, compared with the 82.9% reported in the first quarter.
No primary policies renewing with the same limit and deductible experienced a price increase, while 96% renewed with a price increase, according to the report.
The overall price change for primary policies renewing with the same limit and deductible was up 23.4%, compared with the 26.2% increase reported in the first quarter.
A total of 87.4% of primary policies renewed with the same limit in the second quarter; 54.5% renewed with the same deductible; 48.3% renewed with the same limit and deductible; and 93.7% renewed with the same insurer, according to the report. During the first quarter, all primary policies renewed with the same limit and deductible.
Differences with the first quarter were not significant.
Directors and officers liability insurance rates will likely more than double in the wake of the COVID-19 pandemic as insurers respond to increased shareholder litigation over the past three years and future litigation over coronavirus-related exposures, according to a report by A.M. Best Co. Inc.