Resources & Insights

Q1 2023 D&O Market Outlook

December 13, 2022

Similarly to the conditions we’re seeing in the E&O market, there is increased capacity due new carrier entrants, creating competition among carriers resulting in softening rates. Additionally, the cooling SPAC / IPO market reduced supply, forcing new entrants to target existing carriers’ businesses. As shown below, the D&O premium fell subsequently through H1 – 2022 and is expected to decrease even more moving forward.

Chart by Visualizer
Chart by Visualizer


Congruently, the aforementioned factors will most likely allow retention to fall. With the average retentions falling from ~$13M in Q1 – 21 to ~5M today, Woodruff-Sawyer notes: “Underwriters are reluctant to reduce SIRs [self-insured retentions], but competition may make it impossible for them to resist the downward pressure.”

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