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FEATURE: European liability insurers braced for claims
12 October 2009
D&O and E&O insurers in Europe expect to fare better than their American counterparts in the financial crisis. But the threat of increasing claims still looms.
more than a year of plummeting share prices, widely-publicised
defaults and international fraud scandals, liability insurers
across Europe have plenty of reasons to worry. They may not
expect to be hit as badly as their North American peers, but
the same question will be on their minds: how much is it all
going to cost?
So far, the much-anticipated surge of liability claims from
the financial crisis has not materialised. But insurers across
Europe have reported an increase in notifications, many of
which are related to the crisis.
"There are figures being suggested by some insurers that
they’re seeing up to three times the number of
notifications," says Adam Codrington, executive director in
Aon’s directors’ and
officers’ liability (D&O) team. "We are
certainly seeing more notifications to D&O contracts on
commercial accounts, but it’s an increase in
frequency rather than severity at the moment."
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