Fires account for almost a quarter of all claims and are responsible for more than half of the 20 largest non-natural catastrophe events analyzed for the AGCS study. (Photo: Shutterstock)
Businesses are facing increasingly complex risks created by both man-made and natural hazards. In their Global Claims Review 2018, Allianz Global Corporate & Specialty (AGCS) analyzed more than 470,000 insurance claims to identify the 10 leading causes of loss around the globe. Among those having the greatest impact are fire/explosions and faulty workmanship or maintenance.
Liability claims increase
The study found that there is an increasing potential for larger liability claims going forward due to the complexity and international focus of them, as well as higher legal costs. Approximately one-third of corporate liability claims involve litigation, compared to less than 1% of property insurance claims.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
