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D&O Insurance in Switzerland

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

D&O Insurance in Switzerland is about the market for directors' and officers' liability cover in Switzerland. 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 Switzerland 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 Switzerland. 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 Switzerland
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
Exchange rates 6
Finaccord 6
2.0 MARKET ANALYSIS 7
Introduction 7
Regulatory background 7
Swiss stock corporations do not have to be structured with a two-tier board model 7
In certain circumstances, both directors and other managers may be held personally liable… 7
… and they cannot contractually limit their liability towards their company 8
There are no provisions under Swiss law dealing specifically with DandO insurance 8
Number of insurable entities 8
The number of publicly listed companies in Switzerland has fallen slightly since 2010… 8
… although unlisted enterprises with an annual turnover above EUR 10 million have grown in number 8
Market value, growth and segmentation 9
The Swiss DandO insurance market is well-developed but delivering little growth… 9
… having previously risen in value in the wake of the bankruptcy of Swissair in 2001 10
Stagnation has come about in part through sharply falling premium rates 10
Publicly listed companies account for slightly over a half of the total Swiss market value… 11
… with around 30% due to the manufacturing and primary sectors 12
Lloyd's of London has significant representation in the Swiss market 15
Penetration levels 16
A rising proportion of unlisted entities with annual revenues above EUR 10 million is buying DandO cover… 16
… meaning that there are around 2,800 insured firms in this category 16
Underwriter market shares and specialisms 17
Four underwriters are regularly used for DandO insurance by more than a half of brokers surveyed… 17
… and nine are believed to hold a market share of 5% or more 17
Zurich is likely to be the market leader in Switzerland by a narrow margin 18
AXA is strong among SMEs while ACE is mainly focused on large corporate customers 19
As in other countries, Allianz is active through both AGCS and its local insurance business 19
Several indigenous underwriters are known to reinsure most or all of their DandO portfolio 19
Key brokers and broker specialisms 19
Brokers account for the lion's share of distribution of DandO insurance… 19
… with Kessler, Aon and Funk Gruppe likely to be the most influential 20
Trends in claims and key risks 20
Switzerland is characterised by comparatively low claims ratios for DandO insurance… 20
… partly because claims notifications tend to be settled at an early stage 20
Future outlook 21
Market growth may be driven by achieving higher penetration among uninsured SMEs 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 Switzerland 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Number of entities by legal structure and sector in Switzerland, 2014 9
Premiums for DandO insurance and the percentage of the total general liability insurance market that this
represents in Switzerland, 2010 and 2014 11
Segmentation of DandO insurance premiums in Switzerland between publicly listed corporate enterprises,
unlisted corporate enterprises and other organisations, 2014 12
Segmentation of DandO insurance premiums in Switzerland 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 Switzerland, 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 Switzerland, 2014 14
Segmentation of DandO insurance premiums in Switzerland between underwriters based in Switzerland
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 Switzerland, 2014 16
Frequency of usage of specific insurance underwriters by major brokers of DandO insurance in Switzerland,
2014 17
Estimated market shares of DandO insurance premiums of underwriters in Switzerland, 2014 18
Segmentation of claims costs between defence costs and other claims costs in Switzerland in a typical
year 21
Forecast premiums for DandO insurance in Switzerland, 2018 22
3.0 APPENDIX 23

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