《2022年董事责任险调查报告》（英文）-58页_3mb

Global FINEX - Directors and Officers Insurance (D&O) Survey 2022 Summary

Core Content

The Directors' Liability Survey 2022 is a collaborative report between Willis Towers Watson (WTW) and Clyde & Co LLP, providing insights into the risks and concerns of directors and officers across more than 40 countries. The survey highlights the evolving landscape of D&O liabilities, including the increasing prominence of cyber risks, regulatory exposures, and ESG-related issues. It also explores the use of alternative risk transfer methods such as captives and the regional variations in risk perception and insurance coverage.

Main Points and Key Findings

Top 5 Risks to Directors and Officers

• Cyber attack – Consistently ranked as the top risk.
• Data loss – Maintains its position as the second most significant risk.
• Cyber extortion – A new entrant to the top five, rising sharply due to the evolution of cyber attacks into "triple extortion" tactics.
• Regulatory risk (including fines and penalties) – A major concern, especially in Asia and Latin America.
• Risk of health and safety/environmental prosecutions – Moves up in prominence, particularly in the UK and Europe.

Regional Risk Rankings

Cyber Risk Trends

• Cyber attacks and data loss continue to be the most significant risks globally.
• Cyber extortion, involving attacks that seek to extract money from third parties, has become a major concern, especially in North America.
• Cyber risks are multi-faceted, with potential consequences including regulatory investigations, fines, and class actions.
• The UK and Europe show a lower level of concern for cyber extortion compared to other regions, with health and safety/environmental risks taking precedence.

Regulatory Exposures

• Regulatory risk remains high, particularly in Asia and Latin America.
• The financial sector is most exposed to regulatory scrutiny, including money laundering and market abuse.
• The EU Whistleblower Protection Directive and increased focus on ESG compliance are shaping regulatory expectations.
• Regulatory enforcement is expected to increase post-pandemic, with potential consequences for directors and officers.

Climate Change and ESG

• Climate change is a growing concern, particularly in Asia and Australasia, and is now ranked as the sixth risk in the UK.
• It is included in the top five for finance, insurance, and energy & utilities sectors.
• Physical, transition, and reporting risks are all part of the broader ESG landscape.
• Environmental and health and safety prosecutions are on the rise, with significant financial and reputational consequences.

Insolvency and Financial Risks

• Insolvency, bankruptcy, and corporate collapse are rising concerns, especially in North America and Asia.
• The UK shows a relatively low concern for these risks compared to other regions.

Alternative Risk Transfer Methods

• Up to 20% of respondents are considering or have implemented alternative risk transfer solutions.
• The most common alternative is the personal guarantee of directors' liabilities from a CEO, major shareholder, or other source.
• The use of captives is on the rise, but still relatively limited in scope.

Insurance Coverage and Market Trends

• D&O insurance limits are higher in North America and Europe, with 28% and 31% of respondents purchasing coverage of $100M+.
• In Latin America, 19% of respondents have no D&O insurance, which is significantly lower than other regions.
• Cyber insurance is increasingly sought after, especially in the UK and Europe, due to the heightened risk and regulatory scrutiny.
• The cost and availability of cyber insurance are major challenges, raising concerns about potential coverage gaps and increased claims.

Key Contributors

• James Cooper – Top 5 risks analysis (Clyde & Co)
• Henning Schaloske – Regional overview for Europe (Clyde & Co)
• Eve Richards – Regional overview for G.B. (WTW)
• Namit Mahajan – Regional overview for Asia (WTW)
• Lawrence Fine – Regional overview for North America (WTW)
• Marcela Visbal Acuña – Regional overview for Latin America (WTW)
• Jill Stewart and Robert Weaver – Regional overview for Australasia (WTW)
• Angus Duncan – D&O coverage and alternative risk transfer (WTW)
• Joann Nilsson – Employment practices liability (WTW)
• Jon Vocking – Commentary on cyber risks and D&O insurance (WTW)

Conclusion

The 2022 Directors' Liability Survey underscores the increasing complexity of D&O risks in a global and digital environment. Cyber threats, regulatory scrutiny, and ESG-related liabilities are at the forefront of directors' concerns. While cyber risks have become more prominent, particularly in North America, the UK and Europe remain focused on health and safety/environmental issues. The survey also highlights the growing interest in alternative risk transfer solutions, as well as the challenges in the D&O insurance market, especially with regard to cyber coverage.