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CLYDE&CoWtW
GLOBALFINEX
Directors1andOfficers1
LiabilitySurvey
2023
Welcometothe2023GlobalDirectors*andOfficers'LiabilityTABLEOFCONTENTS(CLICKONTITLETONAVIGATETOPAGE)
SurveyReportfromWTWincollaborationwithClyde&CoLLP.
Introduction02
Wehavecontinuedtheinternationalscopeofourreport,with
responsesfromdirectorsandriskmanagersin40countriesAbouttheSurvey03
aroundtheworld.Aswithlastyear,thisreportcontains
sectionsonrisksforbusinesses,risksfordirectors,andvariousResponsebyCountry04
directors'andofficers'liability(D&O)insurancecoverage
points.BusinessOperationRisks05
Historicalcomparison06
Wewillbetakinganewapproachwithreportingonthesurveyresultsthisyear.
OurinitialreportwillpresentthesurveyresultsandthenwewillbereleasingaByrevenue07
seriesofseparatearticlesonvarioustopicsinspiredbythesurveyresultsandByregion08
lookingatsomeofthesurveyresultsinmoredetail.PleasecheckourwebsiteWhicheconcomicjisksareimportant?09
forthelatestarticles.
WeaddedafewnewtopicstothesurveythisyearandremovedsomethatRisksforDirectorsandOfficers10
wethoughtwerenolongersorelevant.CybercontinuestodominatetheHistoricalcomparison11
responses,withcybercrimeandhavingsufficientcyberexpertiseappearingTop7risksforDirectorsandOfficers-byregion1
astoprisksinseveralregionsandacrossseveralindustries.Theimportance
ofclimatechangeasadirectorriskcontinuestofluctuate,goingdowninTop7risksforDirectorsandOfficers-byrevenue1
importanceinsomeregionsandindustriesandsignificantlyupinothers.ItisTop7risksforDirectorsandOfficers-byindustry14
nowthenumberoneriskfordirectorsintheEnergyandUtilitiessector.Wealso
addedaquestionabouttheimportanceofhavingESGcoverageunderaD&O
policytooursurveyforthefirsttime,totryandreflecttheincreasingpublicDirectors'andOfficers,insurancecoverage15
discussionaroundthistopic.However,onlyinAustralasiadidrespondentsTop7D&Oinsurancecoverageareas-byregion16
considerthiswasinthetop7ofcoverageissues.Indemnification17
WehopethisgivesyouaninterestingtasteroftheresultsfromthesurveyInsurancepolicy-limits,retentionsandpremiums18
andwhetsyourappetitetofindoutmore.IfyouhaveanyquestionsaboutAlternativeRiskTransferoptions19-20
theresultsorthetopicsweaskedabout,orifyouhaveanysuggestionsfor
questionswecouldcovernextyear,pleasedocontactanyofthepeopleshown
inthecontactpagesattheendofthisreport.Appendix-DetailedResults21
AngusDuncanDirectorsandOfficersriskrankingoverview22
GlobalD&OCoverageSpecialist(exNA)Historicalcomparison23
+442031248386Byregion24
VIangus.duncan@
Byrevenue25
/JamesCooperByindustry26
▲Partner,London
一7+442078766388
符iames.cooDer@Contributors27
Directors'and
ResponsesBusinessRisksforDirectorsAppendix-2
IntroductionAbouttheSurveyOfficers,insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
AbouttheSurvey
Globalresponses
Revenue(USD)
■IndustrialEnergy&Utilities
■ServicesHealthcare
■Transportation&Retail■Other
FinanceandInsurance
Note：RevenuesinEUR,GBP,JPYandCNYwereconvertedtoUSDwithratesasofNovember8,2022.Percentagesmaynotaddupto100%duetorounding.'Don11know'responseshavebeenexcluded.
Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey
Directors'and
ResponsesBusinessRisksforDirectorsAppendix-3
IntroductionAbouttheSurveyOfficers*insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Responsebycountry
(Hoveroverthemaptoseepercentagebreakdown)
Note：Percentagesmaynotaddupto100%duetorounding
Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey
Directors*and
ResponsesBusinessRisksforDirectorsAppendix-4
IntroductionAbouttheSurveyOfficers*insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Businessoperation
risks
Directors'and
ResponsesBusinessRisksforDirectorsAppendix-
IntroductionAbouttheSurveyOfficers*insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Businessoperationrisks
Historicalcomparison
Howsignificantdoyouthinkthefollowingissuesareforyourorganisation'sbusinessoperations?
Whilstitisnotsurprising202320222021
thateconomicrisksremain
theno.1risk,thefactthatEconomicrisks67%
significantlyfewerdirectors
seethemassignificantis.
Cyberrisks62%67%
Intermsofemergingrisks,
regulatory/legislative
changecomesstraightinatRegulatory/legislativechange61%
number3foritsfirstyear,
whilstgeopoliticalriskshave
increasedinimportanceGeopoliticalrisks46%44%38%
(upto4thplacefrom6th
lastyear)althoughperhaps
COVID-19andlockdown
lessthanmighthave42%76%
measures
beenexpectedgiventhe
Ukraineconflictandother
Technologicaladvances42%
internationaltensions.(artificialincelltgenceandmachinolea10x19}52%
COVID-19andBrexitrisks,
whilestillinthetop5
continuetodecreasein
importance.
Despitesignificantpublic
andregulatoryattention
climatechangehasfallen
inbothpositionand
percentage.Anotherhigh
profileriskESG,Diversity,
EquityandInclusion(DE&I)
isstillnothighlyranked.
Sample：Allsurveyparticipants.Notethatthe2021surveyhadamorelimitedgeographicscope.
Source：2021-2023Directors'andOfficers'LiabilityInsuranceSurvey(%ofvery*or,extremelysignificant1)
Directors*and
ResponsesBusinessRisksforDirectorsAppendix-6
IntroductionAbouttheSurveyOfficers,insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Businessoperationrisks
Byregion
Howsignificantdoyouthinkthefollowingissuesareforyourorganisation*sbusinessoperations?
TurningtoregionalEuropeGBAsiaNorthAmericaLatAmAustralasia
differences,climate
changeriskisdown|55%|I|35%
acrosstheboardEconom(crisks70%43%69%89%
exceptintheUS
whereitwasflat,
withthemostCyberrisks64%43%[75%][78%]|65囚
significantdrops
beinginEuropeand|61%||60%||58%]
Regulatory/legislativechange69%34%85%
Asia.
Economicrisks
Geopoliticalrisks66%「2%
arenowseenas
lesssignificantby
GBdirectors(aCOVID-19andlockdown
51%30%60%卜9%
largefall).Thereismeasures
asimilarposition
Technologicaladvances
inNorthAmerica40%42%30%56%
andLatAmbut(artificialintelligenceandmachinelearning)
Europeandirectors
|38%[
havetakenaClimatechange42%22%
differentview.
Geopoliticalriskis
ahighrisk(4)for
Europe,Asiaand
LatAmdirectors
whilstdirectorsin
NorthAmericaare
lessconcerned.
Sample：Allsurveyparticipants
Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey
(%of'very,or'extremelysignificant')
Directors,and
ResponsesBusinessRisksforDirectorsAppendix-
IntroductionAbouttheSurveyOfficers*insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Businessoperationrisks
Byrevenue
Howsignificantdoyouthinkthefollowingissuesareforyourorganisation*businessoperations?
TherearemarkedLessthan$50million$50milliontoless$1billiontolessthan$5billionormore
differencesthan$1billion$5billion
betweenhow
directorsandEconomicrisks70%52%71%
riskmanagersat
smallcompanies
areratingrisk
comparedtothose
atlargeenterprises.
Regulatory/
legislativechange
isconsideredmore
ofariskatsmall
companiesthan
cyber.
Othernotablerisks,
Technologicaladvances
whicharemore-43%34%35%49%
highlyratedatthe(artificialintelligenceandmadiinelearning)
largestcompanies,
includeclimateClimatechange34%34%56%
changeand
geopoliticalrisks.
I31%|42%|
Diversity,equityandinclusion26%
]16%
Brexit7%11%口14%
Sample：Allsurveyparticipants
Source：2022-2023Directors'andOfficers'LiabilityInsuranceSurvey(%of*very*or'extremelysignificant')
Directors*and
ResponsesBusinessRisksforDirectorsAppendix-8
IntroductionAbouttheSurveyOfficers'insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Whicheconomicrisksareimportant?
Howsignificantdoyouthinkthefollowingeconomicrisksareforyourorganisation'sbusinessoperations?
Thisyearwesoughtmore
detailonwhicheconomicrisks
respondentsarefocussed
on.Thisshowedanequality
betweeninflationand
recession,withlessfocuson
thejobmarket.Havingsaid
that,thefiguresshowthatmore
than50%ofdirectorsfocussing
oneconomicrisksconsidered
theriskrelatingtothejob
marketisatleastsignificant.
Sample：Onlythosewhobelieveeconomicrisksareatleastsignificant
Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey(%ofvery'or,extremelysignificant*)
Directors*and
ResponsesBusinessRisksforDirectorsAppendix-9
IntroductionAbouttheSurveyOfficers*insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
RisksforDirectors
andOfficers
Director
ResponsesBusinessRisksforDirectorsAppendix-
IntroductionAbouttheSurveyOfficers*insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Top7risksforDirectorsandOfficers
Historiccomparison
201820192on20222023
Weaskeddirectors
about28risks(with['Cyberattack?Cyberattack?
supplementary
questionsonsome
oftheriskareas).#2Dataloss?Dataloss?
Detailedresults
fromthe28risks
Regulatoryrisk(includingRegulatoryrisk(including
canbefoundintheRegulatoryandother
#3threatoffinesandthreatoffinesandCyberextortion▲Cyberextortion
investigations▼
Appendix.penalties)▲penalties)?
OveralltheresultsRiskofahealthand
Regulatoryrisk(including
areveryconsistentHealthandsafetysafety/environmentalRegulatoryrisk(including
#4Litigationrisk▲threatoffinesandthreatoffinesand
；legislation▲prosecutionssafety
withlastyearpenalties)▼penalties)
cyberattack,datalegislation▲
lossandcyber
Riskofahealthand
extortion(thelatterRegulatoryrisk(including
FocusofasocialRiskofemploymentsafety/environmentalHealthandsafety
beinganewrisk#5threatoffinesand
penalties)▼mediacampaign▲claimsprosecutionssafetyprosecutions?
areaidentifiedlastlegislation▼
year)continuing
todominatetheClassactionlawsuits
YourorganisationbeingFocusofasocialmediaYourorganisationbeingaBriberyand
highestranks.In*6againstthecompanyand
avictimofacrime▲campafgn▼victimofacrime▲corruption▲
percentageterms,itsdirectors
cyberrisksareall
significantlyaboveRiskofahealthand
Employmentpracticessafety/environmentalYourorganisationbeingaBriberyandYourorganisationbeinga
otherrisks.#7
claimsprosecutionssafetyvictimofacrime▼corruptron▲victimofacrime▼
legislation▼
▲RiskrankinghasincreasedforD&O,S▼RiskrankinghasdecreasedforD&O's>Riskrankinghasremainedihesame(orD&O's
Sample：Allsurveyparticipants.Note：Rankedbasedonpercentage'very'or'extremelysignificant'foreachrisk
Source：2011-2023Directors'andOfficers*LiabilityInsuranceSurveys
Directors'and
ResponsesBusinessRisksforDirectorsAppendix-11.
IntroductionAbouttheSurveyOfficers*insurance
byCountryOperationRisksandOfficersDetailedResults
coverage
Top7risksforDirectorsandOfficers
Byregion
EuropeGBAsiaNorthAmericaLatAmAustralasia
Climatechange
Ckmate
isinthetop5for#1Cyberattack67%Cyberattack60%▲Cyberattack72%?Dataloss87%▲Cyberattack46%▲
GBandAustralia,change44%▲
havingnot
appearedinthe
Cyber
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