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Financial Lines: Time to Build resilience

Companies across the globe continue to face high risk in the wake of the COVID-19 pandemic — and the impact is amplified by ongoing uncertainty.
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Companies across the globe continue to face high risk in the wake of the COVID-19 pandemic — and the impact is amplified by ongoing uncertainty.

Insurance market conditions remain challenging with claims increasing in severity and frequency.

This special Marsh report, Financial Lines: Time to build resilience​​, provides great and valuable insight into financial lines claims types and trends that have seen an increase in 27 countries across Europe. Here are a few highlights:

  • 74% Of claim notifications were PI and D&O related
  • Claims are expected to increase in severity due to the upwards trend of event-based litigation and the impact of ransomware on cyber security​​​​​​
  • It is essential for companies to put more emphasis on building business resilience — and look to continually re-visit their decision making around risk tolerance within their risk transfer solutions to optimise their insurance product solutions

The report provides insightful details on the latest trends and can be used as a tool to make more informed decisions. Being informed and proactive are two important steps towards building a more resilient organisation.

Frequency of D&O claims allegations

Breach

168

Regulatory/financial difficulties

124

Negligence

92

Criminal and regulatory proceedings

81

Civil dispute/allegations

71