Aon PLC customers saw lower interest rate hikes for their board and service liability policies during the third quarter, according to a report released on Monday.
The average price per million increased by 4.3% for the quarter from last year's third quarter. This compares with year-on-year increases of 7.7% for the second quarter, 30% for the first quarter and 46.6% for the fourth quarter of last year.
increased by 2.6%.
A total of 81% of primary insurances renewed with the same limit and deductible had a price increase and 2% had a decrease.
The total price change for primary insurances renewed with the same limit and deductible increased by 7 , 3%.
A total of 95.8% of primary insurances were renewed with the same limit; 78.8% are renewed with the same deductible; 75.4% is renewed with the same limit and deductible; and 93.2% renewed with the same insurance company.
Aon said in his comment that this year's increase for the third quarter represented the 1