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Insurance premium rates for directors and officers' cover have increased 400% over the past two years amid a surge in class action lawsuits, Asia Insurance Review reported citing The Australian Financial Review. Class action settlements exceeded $1 billion in 2017. Andrew Porter, president of The Group of 100 Inc., representing Australia's chief financial officers, said that insurance fees will continue to skyrocket due to increase in class action lawsuits out-of-court settlements.