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D&O Insurance in Austria

  • December 2014
  • -
  • Finaccord
  • -
  • 22 pages

D&O Insurance in Austria is about the market for directors' and officers' liability cover in Austria. In addition to documenting the development of the market value from 2010 to 2014, the report also divides it for the most recent year for three key segmentations: between publicly listed corporate enterprises, unlisted corporate enterprises and other entities (e.g. non-incorporated businesses and the not-for-profit sector); between the financial services sector, the non-financial services sector and the manufacturing / primary sector; and between underwriters based in Austria itself and underwriters located outside of it.

These unique market splits are based in part on a survey of leading brokers and underwriters of D&O insurance in Austria. This same survey also identifies the underwriters of this type of cover used by brokers on a regular basis, gives an input into Finaccord's estimates for the market shares of underwriters of D&O insurance, provides a basis for commentary surrounding distribution channels used for this type of cover, informs observations concerning trends in claims by type of insured entity, and guides Finaccord's forecasts for the market value through to 2018.

Table Of Contents

DandO Insurance in Austria
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
Rationale 3
Several factors underpin the rationale for the production of a study about DandO insurance 3
Methodology 3
Research program 3
Market data analysis 3
Definitions 4
DandO insurance 4
Policies are usually taken out by companies rather than by company managers… 4
… and typically pay for both defence costs and the damages paid to the claimant 4
DandO insurance can be bought by a variety of different types of entity 4
In Europe, policies typically incorporate Side A and Side B cover but not always Side C cover 4
Stand-alone cover bought for certain specialised risks is excluded from the definition of DandO insurance 5
Premiums 5
Sectors 5
Abbreviations 5
Finaccord 6
2.0 MARKET ANALYSIS 7
Introduction 7
Regulatory background 7
Stock corporations (‘Aktiengesellschaft') in Austria have a two-tier board structure 7
Companies rather than their directors are usually the policyholders 7
Claims made against limited liability companies often result from bankruptcy proceedings 8
Number of insurable entities 8
The core audience is made up of around 4,200 enterprises with annual revenues above EUR 10 million… 8
… with DandO insurance rarely acquired outside of this constituency 8
Market value, growth and segmentation 9
The Austrian market is small but has been growing quite rapidly… 9
. mainly as a result of higher rates of penetration among SMEs… 10
… with premiums also having tended to fall for this type of customer 10
Unlisted corporate enterprises account for the majority of the Austrian market value… 11
… and financial services institutions for over 40% of it 11
A substantial proportion of the Austrian market is underwritten outside of Austria itself 14
Penetration levels 14
There is most scope to increase penetration rates among unlisted enterprises of a sufficient size 14
Underwriter market shares and specialisms 15
Chubb and AIG are the underwriters most regularly used by brokers of DandO cover in Austria… 15
… with six insurers likely to account for around 85% of a fairly concentrated market…. 16
… albeit the specific client focus of each is somewhat different 17
Some local insurers have created partnerships for DandO insurance with international specialists 18
Key brokers and broker specialisms 18
GrECo JLT is likely to be the leading broker of DandO insurance in Austria… 18
… with specialist competitors such as Infinco and Von Lauff und Bolz also present 19
Trends in claims and key risks 19
Both claims ratios and claims frequency are understood to have been increasing… 19
… especially among banking institutions 19
Defence costs account for an estimated 55% of all DandO claims paid out in Austria 19
Future outlook 20
Liability risks are rising and Austria could eventually reach levels of litigation already seen in Germany 20
3.0 APPENDIX 22
Brokers and insurers participating in the survey 22

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for DandO insurance in Austria 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Number of insurable entities segmented by legal structure, size and sector in Austria, 2014 9
Premiums for DandO insurance and the percentage of the total general liability insurance market that this
represents in Austria, 2010 and 2014 10
Segmentation of DandO insurance premiums in Austria between publicly listed corporate enterprises,
unlisted corporate enterprises and other organisations, 2014 11
Segmentation of DandO insurance premiums in Austria between the financial services sector, the nonfinancial
services sector and the manufacturing / primary sector, 2014 12
Ratio of DandO insurance premiums to gross value added in the financial services sector, the non-financial
services sector and the manufacturing / primary sector in Austria, 2014 (table) 13
Ratio of DandO insurance premiums to gross value added in the financial services sector, the non-financial
services sector and the manufacturing / primary sector in Austria, 2014 13
Segmentation of DandO insurance premiums in Austria between underwriters based in Austria and
underwriters based abroad, 2014 14
Proportion of publicly listed corporate enterprises and unlisted corporate enterprises with revenues above
EUR 10 million with DandO insurance in Austria, 2014 15
Frequency of usage of specific insurance underwriters by major brokers of DandO insurance in Austria,
2014 16
Estimated market shares of DandO insurance premiums of underwriters in Austria, 2014 17
Segmentation of claims costs between defence costs and other claims costs in Austria in a typical year 20
Forecast premiums for DandO insurance in Austria, 2018 21
3.0 APPENDIX 22

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