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Survey Report

Directors' and Officers' Liability Survey 2023

By Angus Duncan and James Cooper | March 30, 2023

In this volatile economic environment, it is more important than ever to consider where your fellow directors and risk managers see the pressure points and what liabilities are concerning them the most.
Climate|Cyber Risk Management|Financial, Executive and Professional Risks (FINEX)

Welcome to the 2023 Global Directors’ Liability Survey Report from WTW in collaboration with Clyde & Co LLP. We have continued the international scope of our report, with responses from directors and risk managers in 40 countries around the world. As with last year, this report contains sections on risks for businesses, risks for directors, and various directors and officers liability insurance coverage points.

We will be taking a new approach with reporting on the survey results this year.

Our initial report will present the survey results. Following on from this, we will release a series of separate articles, on various topics, inspired by the survey responses and will explore some of the results in more detail.

We added a few new topics to the survey this year and removed some that we thought were no longer so relevant. Cyber continues to dominate the responses, with cyber crime and having sufficient cyber expertise appearing as top risks in several regions and across several industries.

The importance of climate change as a director risk continues to fluctuate, going down in importance in some regions and industries and significantly up in others. It is now the number one risk for directors in the energy and utilities sector. We also added a question about the importance of having ESG coverage under a D&O policy to our survey for the first time, to try and reflect the increasing public discussion around this topic. However, only in Australasia did respondents consider this was in the top 7 of coverage issues.

We hope this gives you an interesting taster of the results from the survey and whets your appetite to find out more. If you have any questions about the results or the topics we asked about, or if you have any suggestions for questions we could cover next year, please do contact any of the people shown in the contact pages at the end of this report.

Download the report here:

Title File Type File Size
Directors' and officers' liability survey 2023 PDF 2 MB

About the survey

Response by country

Breakdown of participation by region.
Africa 1%, Asia 12%, Australasia 4%, Europe 37%, Great Britain 24%, Latin America 13%, North America 9%
Response by country

Associated articles

  1. 01

    Top 7 risks - Directors' and Officers' Liability Survey 2022/2023

    March 28, 2023

    Cyber, data loss and cyber extortion (the latter new last year) continue to be the highest ranked and in percentage terms are all significantly above other risks.

  2. 02

    Regulatory exposures - Directors' and Officers' Liability Insurance Survey 2023

    May 2, 2023

    Regulatory risk continues to be a top risk for directors and officers (D&Os). What does this look like from an ESG and crypto perspective?


Executive Director
Coverage Specialist, FINEX

Clyde & Co Partner

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