2023年董事和高级职员责任调查（英）.pdf

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1、CLYDE&Co W t WGLOBAL FINEXDirectors1 and Officers1Liability SWelcome to the 2023 Global Directors*and Officers LiabilitySurvey Report from WTW in collaboration with Clyde&Co LLP.We have continued the international scope of our report,withresponses from directors and risk managers in 40 countriesarou

2、nd the world.As with last year,this report containssections on risks for businesses,risks for directors,and variousdirectors and officers liability(D&O)insurance coveragepoints.We will be taking a new approach with reporting on the survey results this year.Our initial report will present the survey

3、results and then we will be releasing aseries of separate articles on various topics inspired by the survey results andlooking at some of the survey results in more detail.Please check our websitefor the latest articles.We added a few new topics to the survey this year and removed some thatwe though

4、t were no longer so relevant.Cyber continues to dominate theresponses,with cyber crime and having sufficient cyber expertise appearingas top risks in several regions and across several industries.The importanceof climate change as a director risk continues to fluctuate,going down inimportance in som

5、e regions and industries and significantly up in others.It isnow the number one risk for directors in the Energy and Utilities sector.We alsoadded a question about the importance of having ESG coverage under a D&Opolicy to our survey for the first time,to try and reflect the increasing publicdiscuss

6、ion around this topic.However,only in Australasia did respondentsconsider this was in the top 7 of coverage issues.We hope this gives you an interesting taster of the results from the surveyand whets your appetite to find out more.If you have any questions aboutthe results or the topics we asked abo

7、ut,or if you have any suggestions forquestions we could cover next year,please do contact any of the people shownin the contact pages at the end of this report.Angus DuncanGlobal D&O Coverage Specialist(ex NA)+44 20 3124 8386VI Cooper Partner,London一 7+44 20 7876 6388符 iames.cooDTABLE OF CO NTENTS(C

8、LICK ON TITLE TO NAVIGATE TO PAGE)Introduction 02About the Survey 03Response by Country 04Business Operation Risks 05Historical comparison 06By revenue 07By region 08Which econcomicjisks are important?09Risks for Directors and Officers 10Historical comparison 1 1Top 7 risks for Directors and Officer

9、s-by region 1Top 7 risks for Directors and Officers-by revenue 1Top 7 risks for Directors and Officers-by industry 14Directors and Officers,insurance coverage 15Top 7 D&O insurance coverage areas-by region 16Indemnification 1 7Insurance policy-limits,retentions and premiums 18Alternative Risk Transf

10、er options 19-20Appendix-Detailed Results 21Directors and Officers risk ranking overview 22Historical comparison 23By region 24By revenue 25By industry 26Contributors 27Introduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectorsandOfficers,insuranc

11、ecoverageAppendix-Detailed Results2About the SurveyGlobal responsesRevenue(USD)Industrial Services Transportation&RetailFinance and InsuranceEnergy&UtilitiesHealthcare OtherNote：Revenues in EUR,GBP,JPY and CNY were converted to USD with rates as of November 8,2022.Percentages may not add up to 100%d

12、ue to rounding.Don11 know responses have been excluded.Source：2022/2023 Directors and Officers Liability Insurance SurveyIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectorsandOfficers*insurancecoverageAppendix-3Detailed ResultsResponse by c

13、ountry(Hover over the map to see percentage breakdown)Note：Percentages may not add up to 100%due to roundingSource：2022/2023 Directors and Officers Liability Insurance SurveyIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors*andOfficers*in

14、surancecoverageAppendix-4Detailed ResultsBusiness operationrisksIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors andOfficers*insurancecoverageAppendix-Detailed ResultsBusiness operation risksHistorical comparisonHow significant do you th

15、ink the following issues are for your organisations business operations?Whilst it is not surprisingthat economic risks remainthe no.1 risk,the fact thatsignificantly fewer directorssee them as significant is.In terms of emerging risks,regulatory/legislativechange comes straight in atnumber 3 for its

16、 first year,whilst geopolitical risks haveincreased in importance(up to 4th place from 6thlast year)although perhapsless than might havebeen expected given theUkraine conflict and otherinternational tensions.COVID-19 and Brexit risks,while still in the top 5continue to decrease inimportance.Despite

17、significant publicand regulatory attentionclimate change has fallenin both position andpercentage.Another highprofile risk ESG,Diversity,Equity and Inclusion(DE&I)is still not highly ranked.Cyber risksRegulatory/legislative changeGeopolitical risksCOVID-19 and lockdownmeasures2023Economic risks46%42

18、%62%61%202244%67%52%38%202167%76%4 2%Technological advances(artificial incelltgence and machino lea 10 x19(%of very*or,extremely significant1)Sample：All survey participants.Note that the 2021 survey had a more limited geographic scope.Source：2021-2023 Directors and Officers Liability Insurance Surve

19、yIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors*andOfficers,insurancecoverageAppendix-6Detailed ResultsBusiness operation risksBy regionHow significant do you think the following issues are for your organisation*s business operations?T

20、urning to regionaldifferences,climatechange risk is downacross the boardexcept in the USwhere it was flat,with the mostsignificant dropsbeing in Europe andAsia.Economic risksare now seen asless significant byGB directors(alarge fall).There isa similar positionin North Americaand LatAm butEuropean di

21、rectorshave taken adifferent view.Geopolitical risk isa high risk(4)forEurope,Asia andLatAm directorswhilst directors inNorth America areless concerned.Econom(c risksCyber risksRegulatory/legislative changeIntroductionEurope70%64%69%Geopolitical risksCOVID-19 and lockdownmeasuresTechnological advanc

22、es(artificial intelligence and machine learning)40%43%43%GB Asia69%North America|55%|LatAm89%AustralasiaI|35%75%78%|65囚|61%|60%|85%|58%34%51%30%66%2%42%60%卜 9%42%30%56%22%Climate change|38%Sample：All survey participantsSource：2022/2023 Directors and Officers Liability Insurance SurveyAbout the Surve

23、yResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors,andOfficers*insurancecoverage(%of very,or extremely significant)Appendix-Detailed ResultsBusiness operation risksBy revenueHow significant do you think the following issues are for your organisation*business operatio

24、ns?There are markeddifferencesbetween howdirectorsandrisk managers atsmall companiesare rating riskcompared to thoseat large enterprises.Regulatory/legislative changeis considered moreof a risk at smallcompanies thancyber.Other notable risks,which are morehighly rated at thelargest companies,include

25、 climatechange andgeopolitical risks.Less than$50 million$50 million to lessthan$1 billion$1 billion to less than$5 billion$5 billion or more70%52%71%Economic risksTechnological advances(artificial intelligence and madiine learning)-43%34%35%49%Climate change 34%I 31%|56%BrexitDiversity,equity and i

26、nclusion34%7%26%11%口 14%16%42%|(%of*very*or extremely significant)Sample：All survey participantsSource：2022-2023 Directors and Officers Liability Insurance SurveyIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors*andOfficers insurancecover

27、ageAppendix-8Detailed ResultsWhich economic risks are important?How significant do you think the following economic risks are for your organisations business operations?This year we sought moredetail on which economic risksrespondents are focussedon.This showed an equalitybetween inflation andrecess

28、ion,with less focus onthe job market.Having saidthat,the figures show that morethan 50%of directors focussingon economic risks consideredthe risk relating to the jobmarket is at least significant.(%of very or,extremely significant*)Sample：Only those who believe economic risks are at least significan

29、tSource：2022/2023 Directors and Officers Liability Insurance SurveyIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors*andOfficers*insurancecoverageAppendix-9Detailed ResultsRisks for Directorsand OfficersIntroduction About the SurveyRespon

30、sesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectorOfficers*insurancecoverageAppendix-Detailed ResultsTop 7 risks for Directors and OfficersHistoric comparison2018 2019 2 o n2022 2023We asked directorsabout 28 risks(withsupplementaryquestions on someof the risk areas).Detaile

31、d resultsfrom the 28 riskscan be found in theAppendix.Overall the resultsare very consistentwith last year；cyber attack,dataloss and cyberextortion(the latterbeing a new riskarea identified lastyear)continuingto dominate thehighest ranks.Inpercentage terms,cyber risks are allsignificantly aboveother

32、 risks.#2#3#4#5*6#7Regulatory and otherinvestigations Health and safetylegislationRegulatory risk(includingthreat of fines andpenalties)Class action lawsuitsagainst the company andits directorsEmployment practicesclaims Risk ranking has increased for D&O,SRegulatory risk(includingthreat of fines and

33、penalties)Regulatory risk(includingthreat of fines andpenalties)Litigation riskFocus of a socialmedia campaignpenalties)Risk of a health andsafety/environmentalprosecutions safetylegislation Regulatory risk(includingthreat of fines andRisk of employmentclaims Cyberattack Cyber attack Data loss Data

34、loss Cyber extortion Cyber extortionRisk of a health andsafety/environmentalprosecutions safetylegislation Regulatory risk(includingthreat of fines andpenalties)Health and safetyprosecutions Your organisation being Focus of a social media Your organisation being a Bribery anda victim of a crime camp

35、afgn victimof a crime corruption Your organisation being aRisk of a health andsafety/environmentalprosecutions safetylegislation victim of a crime Risk ranking has decreased for D&OsBribery and Your organisation being acorruptron victim of a crime Risk ranking has remained ihe same(or D&Os Sample：Al

36、l survey participants.Note：Ranked based on percentage very or extremely significant for each riskSource：2011-2023 Directors and Officers*Liability Insurance SurveysIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors andOfficers*insurancecov

37、erageAppendix-1 1.Detailed ResultsTop 7 risks for Directors and OfficersBy regionClimate changeis in the top 5 forGB and Australia,having notappeared in thetop 5 for any regionlast year(althoughit was for someindustries and forlarger companies).The GB change#1#2#3EuropeCyber attack 67%Data loss 66%|

38、Cyber extortion 62%GBCkmatechange 44%Cyberextortion 43%Data loss 43%AsiaCyber attack 60%Regulatorybreach 60%Data loss 59%1North AmericaCyber attack 72%Data loss 68%Cyberextortion 60%LatAmData loss 87%Cyber attack 84%Cyber crime 83%AustralasiaCyber attack 46%Data loss 42%Cyberextortion 38%is remarkab

39、le,although it shouldbe noted that allof the top 7 risks in*4Health and safetyprosecutions 54%Cyber attack 42%Health and safetyprosecutions 58%Cyber crime 55%Insolvency/bankruptcy/financialdistress 78%Climatechange 31%GB are within 5%ofeach other.It is interestingto see insolvencymake its way intoth

40、e top 7 for GB andLatAm.#5Bribery andcorruption 53%Regulatorybreach 40%Bribery andcorruption 57%Sufficient cyberexpertise at boardlevel 38%Employeecrime 78%Health and safetyprosecutions 27%#6 Cyber crime 52%Cyber crime 40%Systems and controls55%Regulatorybreach 36%Cyberextortion 76%Cyber crime 23%No

41、table new risksinclude systemsand controls,sufficient cyberexpertise at boardlevel and employeecrime and cybercrime as a sub-setof crime risks.#7Regulatory breach52%Insolvency/bankruptcy/financialdistress 39%Cyberextortion 55%|_1Systems andcontrols 36%Regulatorybreach 76%Sufficient cyberexpertise at

42、 boardlevel 23%Risk ranking has increased for D&O,s Risk ranking has decreased for D&Os R ls k in k in g has removed same(or D&O sSample：All survey participants.Note：Ranked based on percentage very or extremely significant for each riskSource：2022-2023 Directors and Officers Liability Insurance Surv

43、eysIntroduction About the SurveyResponsesby CountryBusinessOperation RisksRisks for Directorsand OfficersDirectors andOfficers insurancecoverageAppendix-1 2Detailed ResultsTop 7 risks for Directors and OfficersBy revenueThe respondentdemographicshows a fairly evensplit across theserevenue categories

44、.We included cybercrime and sufficientcyber expertise atboard level as newrisks for the 2022-23 survey and theyhave immediatelymade their way intothe top 7 risks.While cyber-relatedissues make up thetop 3(and number4 or 5 for somerevenue categorieswhere cyber crimeis included)acrossthe board,it isin

45、teresting to seeclimate change asthe number 4 riskfor directors of thelargest companiesand to see thathealth&safety onlymakes it into thetop 7 for two of therevenue categories.Less than$50 million#4 Cyber crime 51%Risk ranking has increased for D&Os#5Insolvency/bankruptcy/financialdistress 51%*6IReg

46、ulatory breach 47%#7Sufficient cyber expertise at boardlevel 46%Risk ranking has decreased for D&O-s R is k inking has remained the some forO&O s$50 million to lessthan$1 billion$1 billion to less than$5 billion$5 billion or moreCyber attack 59%Cyber attack 53%Cyber attack 64%Data loss,57%Data loss

47、62%Data loss 63%Cyber extortion 55%Cyber extortion 49%Cyberextortion 60%Health and safetyprosecutions 48%Regulatory breach 48%Climate Change 53%Cyber crime 48%Cyber crime 45%Bribery andcorruption 52%Regulatory breach 43%Insolvency/bankruptcy/ffnancialdistress 43%Regulatory breach 52%Bribery and corr

48、uption 43%Focus of a social mediacampaign 42%Healthand safetyprosecutions 52%Sample：All survey participants.Note：Ranked based on percentage very or extremely significant for each riskSource：2011-2023 Directors and Officers liability Insurance SurveysIntroduction About the SurveyResponsesby CountryBu

49、sinessOperation RisksRisks for Directorsand OfficersDirectors*andOfficers*insurancecoverageAppendix-13Detailed ResultsTop 7 risks for Directors and OfficersBy industryClimate changeis now at the topof the risks fordirectors in theEnergy&Utilitiessector who havealso identifiedpollution as a keyrisk.I

50、nterestinglyother sectors havetaken a differentview with neitherrisk ranking in theTop 7.While we previouslyasked about legalrisks,we didntpreviously havea general civillitigation category,so it is interestingto see that in itsfirst year it hasmade it into thetop 7 risks for theHealthcare sector.Fin