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May 2019

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Australia: Aviation crashes are top cause of loss over past five years

Source: Asia Insurance Review | Jan 2019

Aviation collision/crash incidents rank as the top cause of loss in Australia over a five-year period, accounting for almost a third of the total value of all claims in the country, according to Allianz Global Corporate & Specialty (AGCS) in its latest Global Claims Review.
 
The findings also show that Australia has experienced a sharp rise in activity against company directors and officers in recent years, driven by more litigation. When hailstorm incidents occur they can be costly, accounting for 9% of the value of all claims.
 
The review, which covers the period July 2013 to July 2018, shows that the top causes of loss for businesses in Australia are:
 
top causes of loss for businesses in Australia
 
The findings for Australia were based on analysis of 3,608 insurance industry claims worth approximately EUR1.6bn ($1.8bn) between July 2013 and July 2018.
 
Globally, AGCS’s review shows that the top five causes of loss for insurers are: Fire/explosion (accounting for 24% of all claims), aviation collision/crash (14%), faulty workmanship/maintenance (8%), storm (7%) and defective goods (6%). The global findings are based on an analysis of 470,000 claims from over 200 countries over the past five years with an approximate value of EUR58bn ($66.5bn). A 
 
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