Businesses are seeing a rise in interruptions as a result of an ever more global economy, a new report by Allianz has found. Between 2010 and 2014, the average cost of a claim was over €1 million. During that period, there were 12 global incidents, which resulted in 149 claims worth a total of €1.34 billion.
Fires, floods and other disasters in one region, country or even factory can disrupt business globally by causing a ripple effect through supply chains and passing the disruption onto suppliers, the report found: “Rapid globalization has increased the interconnectedness of risks. Events that occur in one industry or country can now rapidly transmit to other industries around the globe.”
An analysis of over 1,600 claims valued at €20,000 or more showed that fire and explosions were responsible for nearly 60% of all disruption claims. Storms and floods made up only 9%, while other factors such as human error, faulty design and strike action all accounted for 5% or less.
The report also found that there were big regional differences. For example while strike action only accounts for 4% of total disruption, it was the main cause of business interruption in Asia during the 2010-14 period. Storms, meanwhile, were a key contributor to disruption in the Caribbean.
Author: Donald Armbrecht is a freelance writer and social media producer.
Image: Portable buildings lie piled together by flooding in a town in Weld County, Colorado. REUTERS/Rick Wilking
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