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Howden France publishes the D&O Report 2026 "Fair Winds", a comprehensive and comparative analysis of the directors' liability insurance market.
In a market context where D&O insurance terms and conditions are currently more favorable, the report highlights a contrasting reality: relaxed underwriting conditions, but an increasingly complex risk environment for directors and officers, both in France and internationally.
Global trends: a more flexible market, but evolving risks
On a global scale, the D&O market remains marked by strong competitive pressure. Premiums continued to decrease in 2025, with renewals often being concluded at the same or slightly lower rates. However, this rate relaxation masks several underlying trends that are concerning for executives:
- A return of claims related to governance and financial communication;
- The emergence of disputes related to AI, cyber, and strategic choices;
- Less frequent but increasingly severe losses;
Tightening of the regulatory framework.
International panorama: contrasting dynamics, a common trend
The report highlights significant differences between geographical areas:
- United States: resurgence of class actions (with a new trend on class actions related to data breaches) and derivative actions, especially on technology, AI, and capital allocation topics;
- Australia: significant decrease in financial disputes, but a rise in disputes related to greenwashing, ESG compliance, and corporate bankruptcies;
- Germany: increase in bankruptcies to unprecedented levels in two decades, leading to higher D&O claims and increased requirements for cybersecurity (NIS2, DORA);
- Israel: technological and financial market, with significant D&O claims related to investor disputes and non-bank credit;
- Brazil and some emerging markets: paradoxical environment, characterized by low recent claims despite a history of major claims, fueling a highly competitive market.
Common point across all these markets: even when claims decrease in the short term, the demands on leaders for control, anticipation, and governance continue to intensify.
Focus France: an attractive market, but leaders are increasingly exposed.
In France, the D&O insurance market remains marked by strong competitive intensity. The report highlights an increase in available capacities in 2024-2025, driven by the arrival of new insurers and MGAs, which increases competitive pressure. This dynamic results in:
- Decreasing premiums, with an average of 3% that can go up to 5% for companies with a healthy financial situation and low claims history;
- Decreasing deductibles, especially for coverage related to securities.
This favorable trend, however, remains contrasted. Companies exposed to complex litigation, high ESG risks, or sensitive jurisdictions may experience more pronounced pricing adjustments, or even more constrained access to capacity. Behind this apparent market comfort, the report highlights an increasing exposure of executives, specific to the French context. Several tension factors converge:
- A historical increase in collective procedures, with record levels of insolvency in 2024-2025, mechanically increasing the risks of holding directors accountable;
- A persistent debate on the deductibles applicable to directors: some insurers, in the context of claims against an insured individual, try to apply a deductible borne by the legal entity, arguing that the burden of defense costs and any financial consequences by the latter does not go against the company's best interests;
- Enhanced controls and administrative sanctions, particularly in governance and compliance, with growing concerns about the insurability of certain civil penalties;
- Increased pressures on directors of Leveraged Buy-Out (LBO) groups, illustrated by the Finadvance case law, which continues to fuel a specific risk for funds and their representatives within the governance bodies of their portfolio companies.
The responsibility of leaders is becoming more legal, technical, and strategic, well beyond just financial considerations.
If the French D&O market currently offers favorable conditions, the risks facing directors are increasing. The question is no longer just the price of insurance, but the actual ability of D&O programs to protect directors in increasingly technical and complex scenarios of accountability.
Beyond the price: a governance issue
Through this report, Howden invites to move beyond a strictly price-based approach to D&O insurance. The priorities now lie in anticipating real scenarios of liability and structuring clear and sustainable programs, capable of evolving with risks.
