Directors & Officers Liability Insurance: Market Size & Forecast 2026

The global directors and officers liability insurance market sits at approximately USD 12.8 billion in 2025 (base year), held in a structurally buyer-favorable balance between expanded carrier capacity, four consecutive years of premium decline in the US public D&O segment, and rising claim severity driven by securities class action settlements, AI-related disclosure litigation, and tariff-linked shareholder suits. The market is stabilising in 2026 after a prolonged soft cycle, with new carriers unencumbered by prior-year loss development entering the line and pushing pricing toward flat territory for the first time since 2021. > **Analyst Take.** The consensus view that D&O is permanently buyer-favorable is wrong. The 2025 calendar-year loss ratio of 50% looks impressive, but adverse development on 2023 and 2024 accident years, combined with four consecutive years of premium decline, is

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