Allianz Global Corporate & Specialty’s Global Claims Review 2022 says that fires and explosions (excluding wildfires) are the single largest identified cause of corporate insurance losses, accounting for 21% of the value of all claims.
According to the firm, the past five years such incidents have caused in excess of €18bn worth of insurance losses from over 12,000 claims and are responsible for 13 of the 20 largest non-natural catastrophe loss events analysed. It said that the average claim loss from such incidents stands at €1.5m.
