Liability concerns over product recalls and other risks have stifled company innovation and monopolized the focus of boards, leaving them more vulnerable to future liability risks, Lloyd's warned in a new report.
The report, "Directors in the Dock–is business facing a liability crisis?" released yesterday, said boards are spending about 13 percent of their time dealing with liability risk. It urged businesses to anticipate and prepare for future liability risks.
Lloyd's said research reveals a growing concern among business leaders about the rise of a U.S.-style compensation culture in Europe and Asia as well as liability fallout from the current instability in the financial markets. It also highlights the future liability issues that boards should be preparing for.
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