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Aon PLC clients are still facing directors and officers liability price increases but at a slower pace, according to a report released Monday.
Average price per million, when adjusted for certain items, increased 7.7% in the second quarter, according to the report. This compares with the 30% increase the broker reported for the first quarter, and the 46.6% fourth-quarter increase.
The price per million in the second quarter for clients that renewed in both 2021 and 2020’s second quarters increased 9%.
A total of 93% of primary policies that renewed with the same limit and deductible had a price increase, and just 3% had a reduction, according to the report.
The overall price increase for primary policies renewing with the same limit and deductible was 14.2%.
A total of 92.5% of primary policies renewed with the same limit; 65.3% renewed with the same deductible; 61.2% renewed with the same limits and deductibles; and 92.5% renewed with the same insurer.
The report said the second-quarter increase represented the 14th consecutive quarter of year-over-year price increases, which followed 18 quarterly pricing decreases over the prior four years.
D&O liability insurance rates continued to rise at July 1 but in smaller increments than in recent renewals, and many experts predict rates may be flat by the middle of next year.