Cyber and E&O insurance market may continue to soften: AonPosted On: May. 26, 2023 10:07 AM CST
U.K.-based Aon PLC said that the global cyber and errors and omissions insurance market will continue to soften due to substantial new capacity and improved loss ratios, Reinsurance News reported. The company added that the market has transitioned into a buyer-friendly environment in the initial part of the year, after a period of significant rate increases. The influx of fresh capital has resulted in a higher global premium pool, mainly in the excess markets, making premiums rates for the year more competitive than the past 24 months.