Financial and professional lines decrease, led by D&O
Financial and professional lines rates declined 9%.
- Directors and officers (D&O) rates continued to decrease, typically in the 10% to 15% range.
- Financial institutions rates decreased in the high single digits.
- The commercial crime market saw some insurers increase their appetite and capacity.
Cyber insurance rates decline as competition increases
Cyber insurance rates decreased 7%.
- The current decrease in cyber rates can be attributed in part to conditions during the challenging market period, which was characterized by frequent and severe losses and concerns regarding cybersecurity controls.
- Since the second half of 2022, competition has increased, driving improved rates and coverage.