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“Companies may want to take advantage of the moment and right-size their insurance after under-buying during the hard market,” Priya Huskins, senior vice president, management liability, at Woodruff Sawyer, said. “When doing so, however, remember that it can be very uncomfortable for boards if companies change coverage year-over-year based only on pricing.” Credit: pressmaster/Adobe StockCarriers are expected to continue competing on not only price but also coverage in the D&O space, which will result in soft market conditions continuing into 2024, according to market research from Woodruff Sawyer.
D&O underwriters support this projection, with 63% predicting rates will stay flat in 2024, while 30% believe rates will continue falling, according to the insurance brokerage and consulting firm.
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Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].
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