Daily events and reports prove that, in today's world, a global economy binds us all -- for better or worse. Therefore, when broker firm Aon recently released list of emerging claim issues in the UK, it was not hard to draw parallels to the U.S. "2008 was characterized by the rapid onset of a major global recession and the impact is spreading in terms of claims trends in 2009," said John Bell, head of claims for Aon's commercial insurance team. "There is a growing possibility that any financial loss may be pursued against directors who are considered to be at fault and individuals are less well off so may be tempted to make fraudulent claims. However, this comes at a time when insurers are less inclined to take a sympathetic view to paying even legitimate claims."

Below are five claim "hotspots" as designated by Aon. The company said that these issues will test the adequacy of policy coverage and the willingness of UK insurers to pay claims for the emerging and potentially costly issues. U.S. companies would do well to heed the predictions, too.

Higher claims costs due to legal fees, credit hire, and referral fees driving premium increases.

Increased fraud as the recession takes hold, leading to delayed claim settlements and greater bureaucracy.

New sources of liability from unexpected exposures such as emerging and unproven technologies including nanotechnology, more product contamination issues, and liabilities from financial derivatives.

More extensive environmental pollution claims as environmental awareness increases.

Terrorist/piracy attacks affecting commerce worldwide and possibly stifling trade.

"The increased costs of resources needed to respond to more claims, plus the cost of payments, will be transferred back to businesses through increased premiums," said Bell. "Companies need to keep risk awareness at the top of their agenda so brokers can show insurers that their clients have identified risks and have plans in place to reduce or manage them. This means insurers will be more likely to respond positively in terms of pricing."

Bell concluded by saying, "Companies need to garner independent claim advice to make sure that valid claims are paid swiftly. Struggling businesses should not have claims delayed by insurers switching to investigate every claim as fraudulent and introducing added complications to this crucial process."

Interested in more risk management news and in-depth articles? Head over to Claims' risk management channel for more information.

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