Tag: Allianz

Insurance industry losses from Covid-19 are estimated at around $44bn, says Allianz in its recent Global Claims Review 2022.

Activity around environmental, social and governance (ESG) and sustainability issues is increasing as governments and citizens exert pressure on businesses to change their ways for the greater good, says Allianz says in its recent Global Claims Review 2022.

Cyber insurance claims remain at elevated levels, given the ongoing threats posed by ransomware and supply chain attacks but there are some encouraging signs, Allianz says in its recent Global Claims Review 2022.

Fire and explosion, natural catastrophes and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims.

Marine insurer Allianz Global Corporate & Specialty SE (AGCS) issued the Safety & Shipping Review 2022, explaining that the decarbonization of the industry will require big investments in green technology and alternative fuels. It is essential that the transition to low-carbon shipping does not create new risks with unintended consequences, says Allianz.

Marine insurer Allianz Global Corporate & Specialty SE (AGCS) issued the Safety & Shipping Review 2022, explaining that while the Covid-19 pandemic resulted in few direct claims for the marine insurance sector, the impact on the welfare of crews and the boom in shipping and port congestion, exacerbated by the Ukraine invasion, raises potential safety concerns.

Marine insurer Allianz Global Corporate & Specialty SE (AGCS) issued the Safety & Shipping Review 2022, explaining that large vessels continue to drive ever-higher exposures, with fires, container and carrier losses, hazardous cargo, costlier salvage operations and issues with port of refuge leading to oversized losses and general average becoming more frequent.

Russian-Ukrainian war has caused widespread disruption to global shipping, and is likely to exacerbate ongoing supply chain disruption, port congestion and crew crises caused by the pandemic.

Shipping continued its long-term positive safety trend over the past year but Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion challenges resulting from the shipping boom, and managing challenging decarbonization targets, means there is no room for complacency, according to marine insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2022.

Allianz published its risk barometer for 2022, noting that cyber perils outrank Covid-19 and broken supply chains as top global business risk.