WTW have published their 2023 Directors Liability Survey Report, in partnership with Clyde & Co LLP. The annual Directors’ Liability Survey explores the full landscape of risks facing directors and officers. As directors and officers continue to be the subject of ever-increasing accountability, the report provides a global view of their perceptions of risk – over 40 countries are covered. From climate change to cyber-attacks, the market’s temperature remains hot in a volatile geopolitical and global economic environment.
WTW have taken a new approach with reporting on the survey results this year.
The initial report will present the survey results and then a series of separate articles on various topics inspired by the survey results will be released, looking at some of the survey results in more detail. Please check the WTW website for the latest articles - the first on the ‘Top 7 risks’ highlighted in the report can be found here:
https://www.wtwco.com/en-GB/insights/2023/03/top-7-risks-directors-and-officers-liability-survey-2022-2023
A few new topics have been added to the survey this year and other have been removed which were thought to be no longer so relevant. Cyber continues to dominate the responses, with cyber-crime and having sufficient cyber expertise appearing as top risks in several regions and across several industries.
The importance of climate change as a director risk continues to fluctuate, going down in importance in some regions and industries and significantly up in others. It is now the number one risk for directors in the Energy and Utilities sector. A question about the importance of having ESG coverage under a D&O policy has been added to the survey for the first time, to try and reflect the increasing public discussion around this topic. However, only in Australasia did respondents consider that this was in the top 7 of coverage issues.
To download the full report, click on the link.