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Primary D&O pricing rises 0.6% in Q2 after 16-quarter decline streak

Aon found that 47% of U.S. public-company primary D&O policies renewed flat, while 28% increased, even as the overall index edged down to 1.04.

Reported · Written up by our desk · Industry & Deals

Pricing for primary directors’ and officers’ liability policies renewing with the same limit and deductible turned upward in the second quarter of 2026, ending a 16-quarter streak of declines, according to an analysis by Aon’s Financial Services Group.

Aon reported that the average price change for such primary policies rose 0.6% in the second quarter of 2026 versus the same period a year earlier. By contrast, the median and mode price change were zero, and the overall D&O Pricing Index still fell to 1.04 from 1.06 over the year, with the average price per million of coverage down 1.9%.

Aon said the divergence reflects how changes in client and limit mix can move the broader index differently than like-for-like comparisons in the primary layer. Within the quarter, 25% of policies saw price decreases, 47% renewed flat, and 28% had increases, with the average decrease of 5.7% and average increase of 7.4%.

Aon also highlighted volatility month to month, with average primary pricing up 2.1% in April, down 0.9% in May, and up 0.8% in June. For D&O programs renewing with the same total limit, Aon reported an average price increase of 0.5% versus the year-earlier quarter, and said the market was in transition.

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