Financial and professional rates decline on increased insurer competition
Financial and professional lines rates declined 7%.
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For directors and officers (D&O) liability insurance, capacity and insurer competition increased.
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Many large D&O programs renewed with LTAs, some with a slight premium decrease factored in for the second year.
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Some clients reinvested premium savings to increase limits on other programs, such as crime.
Cyber insurance rates decrease for second consecutive quarter
Cyber insurance rates decreased 7%.
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Insureds with higher revenues (>€250 million) and effective cybersecurity controls typically experienced greater rate decreases.
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The downward movement in rates was observed primarily in excess layers, although some larger companies also found savings at the primary and first excess program layers.
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Many clients adjusted program structures, for example, increasing limits or reducing retentions.
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The awareness of cyber risks has also led to an increase in new clients entering the market.
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Underwriters paid particular attention to digital supply chain management.