Recently, JLT Specialty published their second quarterly energy newsletter for this year. This edition contains information about the general state of the energy market, new products and market developments, major energy losses, pertinent court decisions and many other interesting details.
The main feature of the newsletter focuses on international exposures for directors and officers in the energy industry.
According to the information on the JLT International Financial Lines database – a repository of publicly reported company losses around the globe – 56% of the global financial lines losses are claims that involve allegations against directors and officers solely or coupled with other allegations.
In recent years, there also has been a deliberate shift by regulators to focus on individual accountability of those running large companies. Some of the most recent headlines of regulatory action against directors and officers have been seen in countries that would have been considered low risk for directors and officers – China (corruption crackdown), Brazil (car wash scandal), South Korea (bribery/donation scandal), UK (major accounting scandal) and Germany (emissions scandal). These are just a few examples from a long and growing list.
To read the newsletter containing the full feature article and other interesting information about the energy sector, please visit the JLT Specialty Limited website.