2019-07-04T06:39:00 Make no mistake: the victim list from the D&O war will be long and distinguished. But how much more blood will be allowed to flow out of corporate Australia before something is done, our editor Lauren Gow questions.
The rise of litigation financing has led insurer Allianz to cease writing long-tail financial lines business in Australia and New Zealand. The firm said it will stop writing such business in Australia and pull out of New Zealand in 2019-07. In a statement, the firm noted the rise in legal funding has led to "extraordinary" claim levels, making it untenable for the firm to continue to operate this business line in the region. Lauren Gow, the editor of Strategic Risk, criticised the rise of litigation financing, saying it is likely to lead to less D&O coverage being offered.