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D&O Insurance in Belgium

  • December 2014
  • -
  • Finaccord
  • -
  • 21 pages

D&O Insurance in Belgium is about the market for directors' and officers' liability cover in Belgium. 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 Belgium 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 Belgium. 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 Belgium
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
Belgian ‘societes anonymes' have traditionally operated with a unitary board system 7
Even slight negligence is sufficient to trigger a director's liability 7
Minority shareholders' actions on behalf of a company are extremely rare 8
Number of insurable entities 8
Belgium's core target market for DandO cover has declined slightly in recent years… 8
Market value, growth and segmentation 9
… although the value of premiums written moved up by around EUR 10 million from 2010 to 2014… 9
. driven by higher penetration levels, especially among smaller and medium-sized companies 10
Around 6% of the total market value is due to enterprises outside of the core target market… 11
… and just over a third to companies in the manufacturing and primary sectors 11
A comparatively large percentage of business is underwritten by insurers based outside of Belgium 14
Penetration levels 14
Around 160 publicly listed companies in Belgium have taken out DandO insurance… 14
… and almost 3,000 unlisted ones with annual revenues of more than EUR 10 million 14
Underwriter market shares and specialisms 15
AIG is the only DandO underwriter used regularly by all of the brokers interviewed… 15
… and another four providers are likely to hold a market share in excess of 5%. 16
… with the second, third and fourth positions closely contested by competing underwriters 17
Two underwriters, including one indigenous Belgian player, focus on providing DandO cover to SMEs 18
Key brokers and broker specialisms 18
As well as Aon and Marsh, Van Breda Risk and Benefits is a leading broker of DandO insurance in Belgium 18
Trends in claims and key risks 18
Companies active in countries with more litigious cultures than Belgium cause most concern 18
Insolvency-linked claims in the construction sector have risen in recent years but may have peaked 18
Future outlook 19
Most market participants anticipate that premium rates will stagnate or even fall slightly 19
3.0 APPENDIX 21
Brokers and insurers participating in the survey 21

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for DandO insurance in Belgium 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Number of insurable entities segmented by legal structure, size and sector in Belgium, 2014 9
Premiums for DandO insurance and the percentage of the total general liability insurance market that this
represents in Belgium, 2010 and 2014 10
Segmentation of DandO insurance premiums in Belgium between publicly listed corporate enterprises,
unlisted corporate enterprises and other organisations, 2014 11
Segmentation of DandO insurance premiums in Belgium 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 Belgium, 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 Belgium, 2014 13
Segmentation of DandO insurance premiums in Belgium between underwriters based in Belgium 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 Belgium, 2014 15
Frequency of usage of specific insurance underwriters by major brokers of DandO insurance in Belgium,
2014 16
Estimated market shares of DandO insurance premiums of underwriters in Belgium, 2014 17
Segmentation of claims costs between defence costs and other claims costs in Belgium in a typical year
. 19
Forecast premiums for DandO insurance in Belgium, 2018 20
3.0 APPENDIX 21

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