D&O rate decline moderates
Financial and professional lines rates decreased 10%.
- Directors and officers (D&O) liability insurance continued to decline.
- The number of new market entrants slowed.
- LTAs were offered to some companies.
- The first class-action lawsuit related to artificial intelligence has been commenced, leading to increased scrutiny on clients' disclosures and use of AI.
Cybersecurity controls remain a key to rates
Cyber insurance rates declined 2%.
- Greater competition among insurers led to more coverage and retention options.
- Underwriters focused on supply chain risk, dynamic privacy regulations, and the continued threat of ransomware.
- Clients showed interest in exploring cyber property damage cover.
- Underwriters continued to scrutinize risk management and cybersecurity controls, especially regarding the mitigation of ransomware threats.