(AOF) – According to the RCMS 2023 insurance report from Allianz commercial : “Corporate officers may see their civil liability engaged in increasingly diverse situations. Inadequate responses to economic pressures, geopolitical tensions, the implementation of innovative technologies such as generative AI, as well as environmental issues, social and governance (ESG) will be the main risk factors for companies and their corporate officers to be the subject of legal action in 2024.”
“Subscribers of RCMS insurance with public and private companies benefited from favorable pricing and extended coverage in 2023. Several factors contributed to this, such as the arrival of new players on the market and the stability of the trend of stock market class actions in the United States”, explains Vanessa Maxwell, global director of financial lines at Allianz commercial.
“The risks to which corporate officers and their insurers are exposed nevertheless remain significant. Always on the rise, inflation influences the evolution of claims by increasing the amounts of compensation, to the highest in ten years, and the costs of defense. The increase in the cost of refinancing the debt is a real shock”, she continues.
“Corporate failures are increasing, geopolitical uncertainty is considerable, cyber risks are high, and ESG-related legal actions are a persistent and complex phenomenon. Directors and executives must prepare for these challenges by developing a strategy that can be adapted when presented as a whole. The diversity of the board of directors allows different approaches to be taken to these problems”, souligne Vanessa Maxwell.
2023-12-15 21:25:48
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