Airmic, the association of risk managers, has set up a task force to investigate ways of reducing the cost of Director's & Officers' (D&O) insurance
Airmic, the association of risk managers, has set up a task force to investigate ways of reducing the cost of Directors' & Officers' (D&O) insurance. The move comes in response to the rising cost of D&O premiums.
Paul Hopkin, director of risk management at the Rank Group, will chair the task force.
Hopkin said: "We want to talk to insurers and brokers about a best practice guide so that underwriters can differentiate between firms that manage their D&O effectively and those that do not."
He added that he had not ruled out the possibility of looking outside the traditional insurance cover for some D&O cover.
Airmic executive director David Gamble said the problem of rising D&O premiums was especially bad for companies operating in the US.
"Typically, their insurance has risen six-fold in the past two years, even for companies with low claims experience."
