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Hard market conditions persist in the commercial insurance sector but appear to be moderating on some fronts as rate increases decelerate across some lines and capacity enters the market, according to a report released Tuesday by Aon PLC.
Underwriting discipline also continues, including rising deductibles, sublimits and policy language exclusions, the report said.
“Pricing remains up to varying degrees; however, increases are decelerating,” Aon said. “Capacity is tight but sufficient for all but the largest and most complex placements, especially D&O.”
The exclusions and mandated clarifications are appearing in silent cyber, infectious disease and contingent business interruption, Aon said.
Insurers, meanwhile, are applying sublimits to cap their overall exposure, and deductibles are trending upward to shift some of the risk and help offset pricing increases.
Although rate increases are decelerating overall, some lines remain challenged, such as directors and officers liability, cyber, catastrophe-driven property placements and those with contingent business interruption exposures, Aon said.
Those looking to secure large limit capacity will be “far more challenged” than lower limit placements, according to the report.
Despite the continuing challenges and remaining hard market conditions, insurers have begun to look for areas to grow, Aon said.
“The market is less stressed,” the broker said. “Insurers continue to shift from portfolio remediation toward growth, with an emphasis on profitable growth.”