Recent corporate crime cases in Spain could have significant implications for the local D&O insurance market

On November 12, 2009 the National Competition Commission (NCC) imposed fines amounting to €120.72m on insurance companies Asefa, Caser and Mapfre Global Risk (formerly Mapfre Empresas) and on reinsurance companies Mapfre Re, Scor Global, Swiss Re and Munich Re, for alleged participation in a cartel to fix minimum prices for premiums of 10-year building damage insurance from 2002 to 2007

In Spain, the financial crisis has triggered and will continue to trigger an increase in several types of claims that essentially fall within the scope of directors’ and officers’ (D&O) coverage.