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Aon PLC’s clients saw a 14.7% adjusted decrease in the average price per million for their directors and officers liability policies in the third quarter compared with the prior-year period, according to a report released Monday.
These results exclude a very large client that purchased a multiyear program in last year’s third quarter. When this client is included, the average price per million decreased 19.9%, according to the report.
The price per million for clients that renewed in the third quarter of both 2021 and 2022 decreased 15.3%.
Forty-six percent of primary policies renewing with the same limit and deductible saw a price decrease in this year’s third quarter, while 16% had an increase.
The overall price change for primary policies renewing with the same limit and deductible was a decline of 4%.
The report said 98.4% of primary policies renewed with the same limit; 89.8% renewed with the same deductible; 89.8% renewed with the same limit and deductible; and 98.4% renewed with the same insurer.