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US Renewals Panel (L to R), David Thomas, Specialist Risk International, Sarah Morgan, Ariel Re and Gary Lill, IQUW
It was relief at last for D&O insurance buyers at the mid-year renewals. After years of rising premiums, a flood of competition saw rates slashed by up to 20 percent for some risks. Is it sustainable? asks Intelligent Insurer.
Few saw it coming. Going into 2022, most expected rate increases of perhaps 5 to 15 percent in D&O during the year, according to David Thomas (pictured, left), director of financial lines at broker Specialist Risk International. What has happened instead is rates slashed by up to 20 percent at the mid-year renewals, with only a handful seeing modest rises. It has, he said, been a boon to buyers.
“The premium relief, and in some cases retention relief, have been extremely welcomed by our clients, especially after two to three years of significant corrections,” he remarked.
He was joined on Intelligent Insurer’s online hub by Gary Lill (pictured, right), head of professional lines at re/insurer IQUW. As Lill put it, “It’s a very different landscape this year from what it was in 2021.”
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Ariel Re, Specialist Risk International, IQUW, US Renewals, June 1, David Thomas, Sarah Morgan, Gary Lill, Florida, North America, Insurance, Reinsurance
