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D&O Insurance in Italy

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

D&O Insurance in Italy is about the market for directors' and officers' liability cover in Italy. 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 Italy 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 Italy. 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 Italy
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 (‘societa per azioni') can opt for either a one-tier or two-tier board structure 7
Directors' civil liability cannot generally be restricted or limited through contractual agreements 7
Minority shareholders can bring an action against the directors on behalf of the company 8
Shareholder class actions introduced in 2007 have not had a major impact on the DandO market 8
Number of insurable entities 8
The number of publicly listed firms in Italy moved up quite substantially between 2010 and 2014… 8
… but the much higher number of large unlisted companies significantly less so 8
Market value, growth and segmentation 9
DandO insurance is becoming an increasingly important component of the general liability sector… 9
. driven by higher awareness of liability risks among Italian managers 10
Many smaller DandO accounts are perceived to be exposed to insolvency-related risks 10
Unlisted corporate enterprises account for a majority of the market value, albeit a narrow one… 10
… and financial institutions for a sizeable proportion of the total 11
Overseas underwriting capacity is quite important to the Italian DandO insurance market 14
Penetration levels 14
There is substantial scope to increase penetration rates, even among listed companies 14
Underwriter market shares and specialisms 15
The great majority of brokers work with AIG, ACE and Chubb on a regular basis for DandO insurance… 15
… although these competitors are not all in the top three by market share 16
Zurich benefits from its strong position in the wider commercial lines market in Italy 17
Considered as a single entity, Lloyd's of London is probably ranked sixth in the Italian DandO market 18
Key brokers and broker specialisms 18
Brokers are dominant as distributors although there is some competition from other channels 18
A number of indigenous brokers are important in the SME market… 18
… and wholesale brokers (such as AEC Master Broker) are also significant in this arena 18
Trends in claims and key risks 18
Claims frequency has risen in recent years, in part as a result of insolvencies among SMEs… 18
… and some financial institutions continue to cause concern 19
Defence costs account for close to two thirds of all DandO claims paid out in Italy 20
Future outlook 20
Growth in DandO insurance premiums will easily exceed that of the wider commercial lines market in Italy… 20
… even if premium rates remain broadly stable for the majority of non-financial accounts 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 Italy 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Number of insurable entities segmented by legal structure, size and sector in Italy, 2014 9
Premiums for DandO insurance and the percentage of the total general liability insurance market that this
represents in Italy, 2010 and 2014 10
Segmentation of DandO insurance premiums in Italy between publicly listed corporate enterprises, unlisted
corporate enterprises and other organisations, 2014. 11
Segmentation of DandO insurance premiums in Italy between the financial services sector, the non-financial
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 Italy, 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 Italy, 2014 13
Segmentation of DandO insurance premiums in Italy between underwriters based in Italy 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 Italy, 2014 15
Frequency of usage of specific insurance underwriters by major brokers of DandO insurance in Italy, 2014
. 16
Estimated market shares of DandO insurance premiums of underwriters in Italy, 2014 17
Segmentation of claims costs between defence costs and other claims costs in Italy in a typical year 19
Forecast premiums for DandO insurance in Italy, 2018 20
3.0 APPENDIX 22

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