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