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Fast Fast Forward

Show me the money! The impact of securities class actions on the Australian D&O Liability insurance market

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By Ewen McKay, Product Leader , Management Liability, International Financial Lines, Australia

Welcome to the second instalment in the XL Catlin/ Wotton + Kearney white paper series on securities class actions and their impact on the Australian Directors’ & Officers’ Liability (D&O) insurance market.

The objective of this series of white papers is to assist in establishing a foundation of common knowledge for a market-wide discussion on how a sustainable future for D&O insurance in Australia can be assured.

The first white paper “How did we get here? – The history and development of securities class actions in Australia”, can be found here. This second white paper will examine the impact of securities class action claims on the Australian D&O insurance market, both in a historical context and looking forward having regard to the current “pipeline” of active claims. This impact will be considered with reference to the size (i.e. premium pool) and profitability of the D&O insurance market.

The third and final paper in this series, to be released in the near future, will canvass a range of potential strategies to restore underwriting profitability and longer term sustainability to this important class of insurance.

XL Catlin and Wotton + Kearney would welcome any constructive feedback on this white paper series and look forward to an ongoing discussion about the future of the D&O insurance market in Australia.

XL Catlin and Wotton + Kearney extend their thanks to Finity Consulting for allowing the use of some of the data from their NCPD Market Analytics report in this white paper.

Click here to access the full report.

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AXA XL is the P&C and specialty risk division of AXA.