Prices for board members and liability insurance for Aon PLC customers increased by an average of 46.6% for the fourth quarter, adjusted for certain items, according to the report published on Monday.
The price per million for customers renewed during both the fourth quarter of 2020 and 2019 increased by 37.4%, compared to the 40% increase reported during the third quarter.
A total of 96% of the primary policies renewed with the same limit and deductible had a price increase, with only 3% experiencing a decrease, the report said.
Less than half of the customers, 49.1%, were renewed with the same limit and deductible, with 52.8% renewed with the same deductible and 93.8% renewed with the same limit. A total of 91
Policyholders for board members and executives face challenges such as diversity, climate change and special-purpose acquisitions, as well as the prospect of more enforcement measures under the Biden administration, which could affect their insurance coverage as they compete with a tough market.