What’s Dominating North America Business Claims?

Insurance claims for businesses in North America have become more severe over the past five years due to factors like higher property and asset values, more complex supply chains, and the growing concentration of exposures in natural catastrophe-prone locations.

‘The future does not look brighter anytime soon,’ said Thomas Sepp, chief claims officer and board member at Allianz Global Corporate & Specialty (AGCS).

‘Companies and their insurers have shown resilience to weather the loss impact of the pandemic, but the ongoing war in Ukraine, a spike in the cost and frequency of business interruption losses and the sustained elevated level of cyber claims are creating new challenges. […] Last but not least, the impact of soaring inflation around the world will bring further pressure on claims costs.’

According to the AGCS Global Claims Review 2022, built on analysis of more than 530,000 insurance claims from 2017 to 2021, with a total value of €88.7bn (approx. $90.4 billion), the leading causes of loss in North America over the past five years were natural catastrophes and fire/explosion.