Directors and Officers (D&O) insurance protects company managers and supervisory bodies against financial losses as a result of their strict personal liability if they are held liable in writing by partners, shareholders, creditors and clients. It primarily provides cover against liability claims under civil law. Management and supervisory bodies of a company are liable vis-à-vis their own company (internal liability) and to third parties (external liability).
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Understanding Your Risks
Stricter laws and jurisdiction, changing economic conditions, increasing awareness of the public and the media, the growing importance of “shareholder value”: the risk for managers to be called to the cash register is no longer new. They are liable with their assets for “mistakes”. However, hard economic times and corporate failures – such as the recent effects of the Covid-19 crisis – have an additional influence on the attitude of partners, shareholders, creditors and customers towards claims.
Providing Tailored Solutions
The Covid-19 crisis is causing essential changes for many companies, such as a drop in turnover and profits or an increased risk of insolvency. These effects influence the underwriting principles of D&O insurers such as increasing premium costs and sometimes coverage restrictions. GrECo’s financial lines experts continue to act proactively and with foresight in the hardening market situation. We are in ongoing discussions with all insurers, to anticipate underwriting decisions and set the course for new business and policy renewals in time.
Creating Added Value
In July, Adam was recruited in a newly created executive leadership role, to run, build and develop GrECo’s specialist Health & Benefits business across its 17 countries.
Ante Banovac shares his thoughts about future risks facing the insurance industry and the state of the insurance market in Serbia, Slovenia and Croatia
How bad was drought this year in your region and how much insurance would help to protect against losses?
Such a big drought leads to many negative consequences in many industries, especially in agriculture, energy, logistics, and forestry.
Group Practice Leader Financial Lines
T +43 664 962 40 60