Allianz Releases Top 10 Causes Of Insurance Claims At Christmas

Allianz Global Corporate & Specialty (AGCS) has released the list of top ten causes of insurance claims during Christmas celebrations.

Allianz noted that the holiday season should be a time of peace and goodwill for all but for businesses there are many perils and pitfalls which can disrupt this harmony.

Over the past five years, Allianz Global Corporate & Specialty (AGCS) said it has received more than 400 claims from companies on Christmas Day (December 25) alone.

The top causes of loss on Christmas Day according to the number of all claims received (by %) include machinery breakdown (including engine failure) with 3% in 10^th position e.g. damage to industrial machinery, factory hardware, ship aircraft/vehicle engine, etc.

In 9^th position with 3% are Natural catastrophes, e.g. damage or disruption caused by hurricanes, tornados, storms, floods, wildfires, extreme weather, etc.

According to Allianz, defective products occupied the 8^th position with 4% e.g. large product recall; cost of fixing defective automotive parts; lost business income due to premises closing; food contamination, etc.

Fire/explosion e.g. building/factory fire; electrical fire; gas explosion; vehicle fire etc was 5% in the 7^th position.

In 6^th position was bodily injury e.g. workplace injury; slips and falls at airports etc with 6%.

Willful acts (crime) such as theft and burglary, vandalism, rioting, looting etc, was 7% and occupied 5^th position.

On 4^th position was faulty workmanship/maintenance comprising collapse of building/structure/subsidence due to faulty work; faulty manufacturing of products/components; inadequate maintenance etc 8%.

Water damage e.g boiler leakage; flooding in the basement; flooding due to burst pipes; general escape of water in commercial premises; failure of primary heating, ventilation, and air conditioning system, etc was number 3 with 8%.

On 2^nd position was shipping incidents (sinking, collision, etc.), comprising collision with harbor wall; hull damage at sea; ship grounding; ship foundering; collision with another vessel, etc 9%

The highest cause of Christmas Claims is damaged goods (including handling/storage)  e.g. goods/technical equipment damaged; vehicles damaged in transit; equipment lost on premises; contents of a container damaged etc with 10%.

In order to overcome the situation, the firm charged those involved to “make sure any goods or cargo that are being transported are packed and stored correctly!”