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Shipwrecks and fires top business loss chart

Ship groundings, fires and plane crashes are the three leading causes of business loss, according to Allianz Global Corporate & Specialty.

The insurer’s first Global Claims Review examines 11,427 claims worth €21.5 billion ($30.4 billion) between 2009 and last year.

The Costa Concordia shipwreck, with total claims of almost €1.47 billion ($2.08 billion), pushes grounding to the top of the list, despite it being relatively infrequent.

Crew negligence and the high cost of wreck removal have contributed to a worrying rise in the cost of marine claims, the report says.

Fire is the leading cause of losses in the energy sector, where claims costs are rising as higher values combine with ever more complex risks. It is also the leading cause of property losses.

While plane crashes have dominated this year’s activity, improvements in airline safety are leading to fewer catastrophic losses.

However, claims costs are still rising, driven by the use of new materials, more demanding regulation and liability-based litigation.

Completing the top 10 causes of business loss for the period are earthquakes, storms, bodily injuries, floods, professional indemnity, product defects and machinery breakdowns.