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Top causes of corporate insurance losses

Cyber risks and the impact of new technologies will have an increasing influence on the corporate loss landscape in years to come. However, it is fire and explosion incidents that cause the largest claims for insurers and the businesses they cover, according to new research from Allianz Global Corporate & Specialty (AGCS).

The report "Global Claims Review" examines global developments in corporate insurance claims, highlighting the top causes of loss, and other trends that will impact the claims landscape in future.

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The full Global Claims report
The Global Claims Review focuses on global developments in corporate insurance claims over five years, identifying the top causes of loss and other trends across a number of different business sectors, regions and countries.
Aviation claims trends
Unsurprisingly, collision/crash is the top cause of loss, accounting for over half of the value of claims (59%). What are the latest claims trends in the aviation sector?
Energy claims trends
Claims frequency in the oil and gas sector has been relatively consistent. However, a number of large fire incidents, the changing price of oil and growing potential for cyber incidents occupy companies’ thoughts.
Financial Lines claims trends
Financial claims notifications continue to rise globally, while claims are increasingly larger, more complex and international in scope. Professional indemnity claims account for 61% of financial lines claims by value.
Liability claims trends
Defective products are the top cause of liability losses accounting for 45% of the value of all claims. Together, defective products and faulty workmanship/maintenance account for almost 60% of the value of all claims.
Marine claims trends
The frequency of major hull claims remains low, yet natural catastrophes and fires have resulted in some large hull and cargo losses in recent years. Attritional claims are becoming more material.
Property claims trends
Changes in corporate risk and demand for broader coverage to support the impact of innovative technologies are driving a trend towards increasing volatility in property claims, while fire accounts for 51% of all losses.
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