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Public and private D&O buyers are facing increased competition fueled by a reduced number of US securities class actions, a slowdown in M&A activity and an influx of new entrants into the market. However, the risk landscape is ripe for more frequent and severe D&O claims in 2023, according to a report published by Allianz Global Corporate & Specialty (AGCS).
According to a recent report by insurance brokerage firm Gallagher, the directors and officers (D&O) insurance market continued to stabilize in the last quarter.
Walnut Insurance, a technology company that provides infrastructure for embedded insurance, announced their $4M seed round, with ATB Financial and NAventures, National Bank of Canada’s corporate venture capital arm, as the lead investors. Other investors include Harvest Venture Partners, Highline Beta, and N49P.
Which are the main factors driving the possibility that a company and its board of directors may be sued by investors or other stakeholder groups in 2023? A poor financial performance or even insolvency amid economic uncertainty and the prospect of a global recession, a lack of robust cyber security and governance processes, or an inadequate or non-compliant response to environmental, social and governance (ESG) issues are among the key risk trends in the Directors and Officers (D&O) insurance space, according to Allianz Global Corporate & Specialty (AGCS). Despite a downward trend in new filings, US class action securities litigation remains a key concern, particularly around mergers, while cryptocurrency companies and exchanges are subject to increasing activity, the insurer’s annual D&O report also notes.
Collecting and sharing data via the Internet of Things has become so common that some aspects, such as GPS navigation, are taken completely for granted. With a wealth of data at their disposal, insurers are exploring the multiple ways they can take advantage of IoT to advance their business.
In response to the European Commission’s proposal for an Insurance Recovery and Resolution Directive (IRRD), Insurance Europe has published a response saying that there is no real need to develop such a framework.
The magic word to bridge a widening gap between successful and underperforming InsurTechs in 2023 is ‘data,’ according to a group of InsurTech experts who spoke with Carrier Management about their predictions for the new year.
More than a quarter of InsurTechs will leave the insurance marketplace in 2023 — just a couple years after investments in the space were at an all-time high, according to predictions from research and consulting firm Forrester.
More than half of risk managers are significantly involved in their organization’s ESG efforts, but 77 percent believe they should take an active or more active role in ESG strategy and initiatives, according to the 2022 ESG Global Risk Managers Survey from WTW.
The bankruptcy of cryptocurrency exchange FTX is the latest example of a corporate collapse resulting from governance failures, and carries some tough lessons for insurers, according to AM Best.
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