In the U.S., 24% of the total losses were due to natural catastrophes and of those claims, 40% originated from hurricanes and tornadoes. (Photo: ungavar/Adobe Stock)
Identifying emerging and evolving risks in the ever-changing insurance landscape is a little like looking into a crystal ball and trying to see into the future. However, the annual Global Claims Review 2022 from Allianz Global Corporate & Specialty (AGCS) provides a well-documented look at the top loss sources and emerging trends based on claims from more than 200 countries and provides insights on what risks insurers should be monitoring.
Assessing losses
AGCS examined over 530,000 insurance claims from 2017 to 2021 and estimates that insurers have paid an average of €88.7B ($90B) during that period or approximately €48M ($48.7M) per day. Their research also identified 10 specific causes that contributed to almost 75% of the financial losses, with the top three factors comprising 45% of the claims. These include:
- Fire/explosion
- Natural catastrophes
- Faulty workmanship/maintenance
- Aviation collisions & crashes
- Machinery breakdowns
- Defective products
- Shipping incidents
- Damaged goods
- Negligence/misadvice
- Water damage
Fire and explosion (which excludes wildfire damage) accounted for 21% of the losses with significant losses in several countries including: Canada (38%), the Netherlands (20%), the U.K. (24%), Germany (37%), Italy (50%), Spain (21%), Singapore (24%) and South Africa (65%).
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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]
