U.S. Directors and Officers (D&O) Insurance Market Global Outlook 2021 - American International Group Inc., The Traveler Companies, Great American Insurance Group

The U.S. Directors and Officers (D&O) Insurance Market size was valued at USD 8.81 billion in 2020 and is predicted to reach USD 22.65 billion by 2030 with a CAGR of 10.0% from 2021-2030.

U.S. D&O liability insurance provides protection to the personal liabilities of corporate directors, officers and their spouses, in case if there are any charges pressed against them due to their culpable acts while working in an organization. Charges pressed can be due to various reasons such as misuse of company funds, frauds etc. This insurance covers legal fees, defense fees, settlements and other costs to provide financial protection to firms so that firms do not suffer any losses which can be caused due to malpractices, errors etc. This type of insurance shields the organization from financial uncertainties and provide protection to liabilities of directors and officers, in case they are sued by employees, competitors etc.

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Top Companies: American International Group Inc., The Traveler Companies, Great American Insurance Group, CNA Financial Corp., HCC Insurance Holdings, Allianz Global Corporate and Speciality SE, General Re, Nationwide Mutual Insurance Company, Marsh LNC, and Chubb Limited. and others.

Market Dynamics and Trends

In the U.S., D&O insurance market has generated considerable traction due to excessive losses occurring due to major corporate events and allegations such as accounting violations, provision of indemnity during bankruptcies, reorganizations, mergers and acquisitions, or management embezzlement. Also, the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) have renewed their efforts to hold individual directors and executives accountable for alleged corporate misconduct. The Yates Memorandum is one such example of this reinforcement. According to this memorandum, the company must identify all persons suspected of misconduct in any aspect, regardless of their status or seniority, in order to gain some honour for its cooperation with the government (also known as cooperation credit). Moreover, the #MeToo campaign began at the end of 2017, highlighting the prevalence of sexual harassment in the U.S. workplace, has led to increased number of employee practice liability insurance (EPL) claims. Historically, D&O and EPL insurances have been offered as part of a single policy, with combination limits or some restrictions. This approach of providing D&O coverage allowed aggressive discounts, with most of the premium allocated to EPL exposures.

However, D&O does not cover expenses arising due to any kind of criminal activities, punitive damages and intentional wrong doings, which restrains the growth of D&O insurance market to some extent. On the other hand, risk professionals are optimizing their current insurance plans to use capital more efficiently. By working with the right broker, private company risk experts can gain predictive modelling capabilities as their publicly traded counterparts. These consultants can use company-specific indicators in their analysis to estimate the potential and severity of D&O litigations within five years. Such predictions can help to make key decisions about how to structure an insurance plan in the coming years.

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Market Segmentations and Scope of the Study:

The U.S. Directors and Officers (D&O) Insurance market share has been analyzed based on coverage, end user, and region. Based on coverage, the market is segmented into employment practice litigations, regulatory investigations, customer suits, accounting irregularities and other stakeholder claims. Based on end user, the market is classified into public organizations, private organizations, and non-profit organizations.

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