Experts offered insights on how high prices might rise when the directors and officers liability market hardens by referencing historical indexes of D&O prices by quarter.
“I don't see evidence to suggest that it would be any less than [the prior] peak in third-quarter 2002,” said Jennifer Fahey, Aon's national D&O practice director, referring to a point when prices were 163 percent higher than the first recorded date of Aon's pricing index in 2001.
That doesn't mean every firm will experience that kind of impact on the next renewal, she noted. “The reality is that it builds on a quarterly basis–changing from a soft market, to one of pricing stabilization, to small increases, to considerable increases. While it may hit an individual risk manager on a renewal as a spike, if history is a guide, the reality has not been one that would suggest that first-quarter 2009 would be a sharp upward spike.”
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