Liability insurance rates for board members and salaried employees increased 74.4% during the second quarter for Aon PLC customers, which was a small increase compared to the percentage reported for the first quarter.
The prices of D&O liability insurance had increased 73% during the first quarter when adjusting for certain items.
The price per million for customers renewed in both the second quarter of 2020 and 2019 increased by 61.2%, compared to the 82.9% reported in the first quarter.
Primary policies that were renewed with the same limit and deductible experienced a price increase, while 96% reported a price increase, according to the report. During the first quarter, all primary policies were renewed with the same limit and deductible.
The total price change for primary policies renewed with the same limit and deductible increased by 23.4%, compared to the 26.2% increase reported during the first quarter.
A total of 87.4% of the primary policy reported with the same limit during the second quarter; 54.5% is renewed with the same deductible; 48.3% renew with the same limit and deductible; and 93.7% were renewed with the same insurer, according to the report. During the first quarter, all primary policies were renewed with the same limit and deductible.
The differences with the first quarter were not significant.