AS THE MARKET TURNS by ProQuest

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It's no joke for property and casualty insurers that, while the market remains soft, there are signs of a turnaround, but that turn is coming slowly-state by state and line by line. A recent pricing index released by Aon Corp's Financial Services Group said that D&O liability insurance costs for the S&P Financials Sector increased 50% in the fourth quarter of 2008 compared to that of 2007. The Aon Index showed that the average price for $1 million in coverage limits increased 3.15% from fourth quarter 2008 compared to fourth quarter 2007. A report by the American Banker also suggests that D&O premiums, depending on the coverage type, increased between 15% and 40% since last year. But whatever the reasons, the D&O insurance market for financial firms is no longer soft -- probably won't be for some time -- and will likely get harder.

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