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D&O Insurance in France

  • December 2014
  • -
  • Finaccord
  • -
  • 23 pages

D&O Insurance in France is about the market for directors' and officers' liability cover in France. 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 France 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 France. 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 France
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 in France can be set up using either of two formats 7
Rules concerning directors' duties apply to all types of company in broadly similar ways 7
The burden of proof in management liability lawsuits lies with the claimant 8
Shareholders can bring lawsuits on behalf of the company… 8
… and may also find it attractive to initiate criminal proceedings against directors. 8
Number of insurable entities 9
The core target market for DandO insurance in France is composed of close to 30,000 corporate enterprises 9
As in some other countries, the number of publicly listed firms has declined somewhat in recent years 9
Market value, growth and segmentation 10
The French DandO insurance market rose in value by around EUR 40 million between 2010 and 2014… 10
… easily outpacing both the French economy and the wider general liability insurance sector 10
Trends in premium rates have been uneven among financial institutions, depending upon perceived risk 10
Around one third of the French market value is due to unlisted corporate enterprises… 11
… and a not dissimilar proportion to the manufacturing and primary sectors 12
Most business underwritten outside of France is dealt with at Lloyd's of London 15
Penetration levels 15
A small minority of publicly listed companies still lacks DandO cover 15
Underwriter market shares and specialisms 16
One underwriter is used frequently for DandO cover by all brokers interviewed… 16
… which means that it is also a very clear leader in terms of market share 17
ACE has begun to target SMEs and not-for-profit entities as customers for DandO policies 18
AXA serves larger corporate accounts through AXA Corporate Solutions, a separate division… 18
… as does Allianz 19
Chubb and Liberty International Underwriters are long-established competitors in the French market 19
Key brokers and specialisms 19
Most DandO cover is bought via brokers although a small amount goes through both agents and banks 19
Marsh is likely to be the largest broker for DandO insurance in France, followed by Aon and Gras Savoye 19
Trends in claims and key risks 20
DandO insurance in France is likely to have been a profitable activity in recent years… 20
… although some financial institutions are causing concern… 20
… as are selected other sectors including agro-food companies, co-operatives and hospitals 20
Future outlook 21
The forecast market growth rate for 2014 to 2018 is very similar to that for 2010 to 2014… 21
… with rising penetration rates offset by softening or stagnating premiums 21
3.0 APPENDIX 23
Brokers and insurers participating in the survey 23

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for DandO insurance in France 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Number of insurable entities segmented by legal structure, size and sector in France, 2014 9
Premiums for DandO insurance and the percentage of the total general liability insurance market that this
represents in France, 2010 and 2014 11
Segmentation of DandO insurance premiums in France between publicly listed corporate enterprises,
unlisted corporate enterprises and other organisations, 2014 12
Segmentation of DandO insurance premiums in France between the financial services sector, the nonfinancial
services sector and the manufacturing / primary sector, 2014 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 France, 2014 (table) 14
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 France, 2014 14
Segmentation of DandO insurance premiums in France between underwriters based in France and
underwriters based abroad, 2014 15
Proportion of publicly listed corporate enterprises and unlisted corporate enterprises with revenues above
EUR 10 million with DandO insurance in France, 2014 16
Frequency of usage of specific insurance underwriters by major brokers of DandO insurance in France,
2014 17
Estimated market shares of DandO insurance premiums of underwriters in France, 2014 18
Segmentation of claims costs between defence costs and other claims costs in France in a typical year 21
Forecast premiums for DandO insurance in France, 2018 22
3.0 APPENDIX 23

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