Nearly 2,700 water damage claims were registered in North America last year, mostly as a result of a bursting or leaking water pipe. (Photo: Steve Cukrov/Shutterstock)
First comes the frost, then the burst pipe. Despite preventive measures, tap water continues to pose high risks for companies. North American insurers had losses totaling more than $2 billion over the past ten years, according to a study of tap water claims since 2010 in which Allianz Global Corporate & Specialty (AGCS) has been involved. On average, water damage costs around $24,000. In 2020 alone, nearly 2,700 water damage claims were registered in North America, mostly as a result of a bursting or leaking water pipe. The highest individual damage amounts to almost $5 million.
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