2021-10-20-Willis_Towers_Watson-2021年董事及高管责任保险调查报告（英）_44页_1mb

Global D&O Liability Survey 2021 Summary

Key Findings and Risks

1. Top 5 D&O Risks:

   • Cyber-attack and data loss remain the top two global risks for businesses, with cyber-attacks now the highest-ranked risk.
   • Regulatory risk (including fines and penalties) and data loss/breach rank second and third, respectively.
   • Litigation risk and shareholder actions/claims are lower on the list but remain significant.
   • Health & safety / environmental prosecutions and employment claims also top concerns, especially in the US and APAC regions.

2. Regional Differences:

   • North America & Europe: Focus on cyber threats, regulatory enforcement, and climate change reporting.
   • APAC: Lower concern for cyber risk compared to Western regions, but rising regulatory scrutiny and employment-related lawsuits.
   • Australia: Cyber risk ranking increases due to post-pandemic vulnerabilities; regulatory focus on corporate misconduct and data compliance.

3. Impact of COVID-19:

   • Pandemic amplified cyber threats as companies shifted to remote work.
   • Insolvency risks are underestimated; insurers anticipate resilience challenges post-support measures.
   • Employment claims rise due to workforce restructuring, but no significant spike in EPL lawsuits reported yet.

4. Regulatory & Legal Trends:

   • GDPR-inspired fines in Europe set precedents globally.
   • Climate change litigation gaining traction, especially in the UK and Australia.
   • Parent company liability remains a concern in cross-border cases.

5. Insurance Market:

   • "Hard market" characterized by higher premiums, reduced policy limits, and increased retentions.
   • Cyber-related coverage expands, with insurers mandating cybersecurity affirmations.
   • Limited uptake of large coverage limits among SMEs.

6. Other Topics:

   • Social media campaigns threaten reputational damage but are viewed critically in most regions.
   • Corporate culture and whistleblowing programs are seen as tools for mitigating risks, not substitutes for good governance.

Clout of the Report

The Willis Towers Watson D&O Liability Survey 2021 underscores that while D&O risk management is demanding, global regulators, insurers and boards are increasingly aligned on the need for proactive governance, particularly regarding cybersecurity, climate transparency, and employee protections. Insurers are tightening terms in response, urging directors to stay vigilant and invest in resilient frameworks.