According to a survey published by Allianz Global Corporate & Specialty, the spectrum of risks faced by corporate executives, or directors and officers (D&Os), has expanded dramatically in recent years, as have the resulting insurance claims (AGCS).
The paper, titled "Directors and Officers Insurance Insights 2020," identifies five megatrends that will have major risk consequences for senior management in the future:
More litigation is on the way as a result of "bad news." AGCS continues to witness an increase in lawsuits against directors and officers stemming from "bad news" that isn't always tied to financial reports. Product difficulties, man-made disasters, natural disasters, corruption, and cyber-attacks are examples of scenarios. After unfavorable news causes a share price drop or a regulatory probe, these types of "event-driven litigation" instances frequently result in major securities or derivative claims from shareholders.
According to the report, insurers are facing higher legal costs as plaintiffs' attorney activity necessitates more claims handling, as well as more settlements and claims. "Another concern has been that event-driven litigation causes aggregation problems, as numerous regulations may be activated by an event. For example, a single event could give rise to D&O claims as well as claims relating to aviation, environmental, construction, product recall, or cyber security "it was added Flood Insurance in Boca Raton from Innovative Insurance.
Allianz Global Corporate & Specialty Insurance (AGCS)
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