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Analysis: Estimate of liability losses from financial crisis rises to $9.6bn
06 November 2008
A number of insurance firms are set to be "clobbered" by directors' and officers' liability (D&O) and errors and omissions (E&O) pay-outs, with losses related to the financial crisis potentially reaching $9.6bn.
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A number of insurance firms are set to be "clobbered" by directors' and officers' liability (D&O) and errors and omissions (E&O) pay-outs, with losses related to the financial crisis potentially reaching $9.6bn, according to David Bradford, executive vice-president of Advisen.
Advisen and ratings agency Standard & Poor's (S&P) this week published reports warning that the subprime mortgage meltdown and the global financial crisis will spark a large rise in such liability insurance losses as the number of legal cases goes up.
In February, Advisen forecast $3.6bn of insured D&O losses but it has revised its outlook and increased that figure to $5.9bn because of an increase in securities class action suits,...
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