BERLIN, Nov. 19, 2019 /PRNewswire/ -- Chubb today published a new report on emerging directors and officers (D&O) risks and multinational insurance, created in collaboration with global law firm Clyde & Co.
The report, Emerging Multinational Management Liability Risks, was launched at the FERMA Forum 2019 in Berlin, Germany. It analyses the current international management liability risk landscape and considers some of the issues which are impacting both businesses and individuals in different parts of the world.
Since the 2008 global financial crisis, increased legislation and greater regulatory scrutiny has prompted a sharp increase in litigation against companies and their directors and officers.
Significant regulatory reform, tougher law enforcement, the growing willingness of courts and regulators to hold individuals accountable, an increasingly active and engaged shareholder pool and a heightened compensation culture, have all led to D&Os facing a constantly evolving set of exposures. These include regulatory fines, criminal sanctions, civil liabilities and collective and shareholder claims.
The report examines new D&O risk trends arising from climate change and technological developments - and it identifies hot spots for regulatory activity as D&O threats evolve. It also looks at individual countries where some of the risks are emerging and assesses what risk professionals working for multinational companies need to consider when dealing with these challenges.
The report is available here
Kyle Bryant, Head of Financial Lines for Chubb in Continental Europe and co-author of the report said: "Companies and their directors and officers are under scrutiny wherever in the world they operate. This report demonstrates how important it is for global businesses to work with a multidisciplinary team of experts which can analyse the evolving threat landscape and regulatory regimes. This is also the starting point for building an effective multinational management liability insurance programme."
Laura Cooke, Partner, Clyde & Co LLP and co-author of the report said: "The increasing scrutiny of directors and officers by regulators emboldened by strengthened regulatory frameworks, is a global trend resulting in increased exposures for directors and officers. No longer is the US set apart; in our experience, exposures are evolving and there is a sense that many jurisdictions are catching up with the US in terms of the levels of regulatory activity and related claims. Coupling this with other developing trends identified in the report means it is vital, therefore, for multinational firms to have an understanding of the developing exposures across the globe, whilst appreciating the local challenges which each jurisdiction brings."
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: chubb.com/uk
About Clyde & Co
Clyde & Co is major international law firm specialising in the provision of advisory and dispute resolution services to insurers and their clients, with 440 partners, 1800 lawyers, 2500 legal professionals and 4000 staff in over 50 offices and associated offices worldwide. The firm's insurance teams handle claims across every line of insurance and reinsurance business, from the smallest claim to the largest and most complex loss. Insurance is at the core of their growth strategy and will continue to be for the foreseeable future, due to their in-depth market understanding, unique case experience and strong client base.
Additional information can be found at: www.clydeco.com
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