US industrial giant General Electric (GE) has revealed it is paying four times as much to insure its directors and officers than it did last year.
GE revealed yesterday that it now spends $22.1m (£13.7m) on directors' and officers' (D&O) liability insurance, compared with $5.8m (£3.6m) last year.
GE's announcement falls against a backdrop of soaring premiums, triggered by litigation in the wake of corporate scandals such as Enron.
Xerox recently revealed it is now paying 10 times more to insure its directors and officers.
The increase in its D&O insurance follows a switch in insurers by GE. The main underwriters are now ACE, XL and Berkshire Hathaway.
