Aon PLC clients saw a 14.7% drop in the average price per million for their directors and officers liability policies in the second quarter compared to a year earlier, according to a report released Monday.
The price per million for customers who renewed in both 2022 and 2021’s second quarter was down 7.6%, according to the report.
The report said second-quarter results were significantly impacted by two large customers who bought 18-month programs in last year’s second quarter and were not included in this year’s second-quarter results. Excluding these two customers, the price index declined 6.5%, the report said.
The overall price change for primary policies renewing with the same limit and excess decreased by 0.5%.
Twenty-five percent of primary policies that renewed with the same limit and deductible had a price decrease, while 37% had a price increase.
The report said 97.3% of primary policies were renewed with the same limit; 87.3% renew with the same deductible; 86% renew with the same limit and deductible; and 96.7% renewed with the same insurer.