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Directors and officers liability insurance pricing for Aon PLC clients increased on average 46.6% for the fourth quarter when adjusted for certain items, according to the report issued Monday.
This compares with the 67.9% increase reported in the third quarter.
The price per million for clients that renewed in both the 2020 and 2019 fourth quarters increased 37.4%, which compared with the 40% increase reported in the third quarter.
A total of 96% of primary policies that renewed with the same limit and deductible had a price increase, with only 3% experiencing a decrease, the report said.
Less than half of the clients, 49.1%, renewed with the same limit and deductible, with 52.8% renewing with the same deductible and 93.8% renewing with the same limit. A total of 91.3% renewed with the same insurer.
Directors and officers liability insurance policyholders face challenges on issues including diversity, climate change and special purpose acquisition companies, as well as the prospect of more enforcement actions under the Biden administration, which could affect their insurance coverage as they contend with a tough market.
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.