Continuing a downward trend, average premium levels dropped by 18 percent last year for directors and officers liability insurance, according to a new survey of 2,875 U.S. public and private companies.

"The D&O Liability 2006 Survey on Insurance Purchasing and Claims Trends" conducted by Towers Perrin--the 29th annual survey by the Stamford, Conn.-based firm--reported that the 18 percent drop in the 2006 average premium index followed a 9 percent drop in 2005 and a 10 percent drop in 2004.

The 18 percent drop relates to all survey participants. For only those participants who responded to the survey for two years running, the drop was 6.5 percent, Towers Perrin reported.

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