Liability concerns over product recalls, shareholder suits, the fallout from financial market woes and other emerging risks have stifled innovation and monopolized the focus of company boards, Lloyd's of London warned in a new report.
The report, released last month, “Directors In The Dock–Is Business Facing A Liability Crisis?” said board directors are spending about 13 percent of their time dealing with liability risk. It urged risk managers to better anticipate and prepare for future liability exposures.
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 for which boards should be preparing.
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