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AGCS identified the top causes of loss and emerging trends from more than 11,000 major business claims in 148 countries in its "Global Claims Review 2014." The data reflects claims in which AGCS has been involved between 2009 and 2013 and that were above €100,000 ($136,455). According to the report, using industrywide data, the 20 largest losses reported across the insurance industry in 2013 totaled approximately €5.9 billion ($8.1 billion), excluding those caused by natural catastrophes. Oil and gas industry incidents accounted for 40 percent of the 2013 major losses, while fire and/or explosion was responsible for eight of the top 20 losses or, at approximately €2.9 billion ($4 billion) — nearly half of the total loss bill. So far in 2014, AGCS noted that 80 percent of the major reported losses came from aviation incidents or fires, particularly in the energy sector with the largest loss — a fire at a Siberian refinery complex in June — reported to be around €586 million ($800 million).
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10. Machinery breakdown

Machinery breakdown claims accounted for 14 percent of all energy sector claims between 2009 and 2013.
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9. Product defects

Product defect claims, including defects that cover property damage and financial loss, accounted for 46 percent of all liability claims between 2009 and 2013.
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8. Professional indemnity

Professional indemnity claims accounted for 74 percent of all financial lines claims between 2009 and 2013.
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7. Flood

Flood-related claims accounted for and 7 percent of all engineering claims, and 11 percent of the total property claims value between 2009 and 2013.
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6. Bodily injury (including fatalities)

Bodily injury claims, including fatalities, accounted for 8 percent of all liability claims between 2009 and 2013.
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5. Storm

Storm-related claims accounted for 74 percent of all financial lines claims between 2009 and 2013.
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4. Earthquake

Earthquake-related claims accounted for 24 percent of all engineering claims and 14 percent of all property loss claims between 2009 and 2013.
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3. Aviation crash

Plane crash claims accounted for 23 percent of all aviation claims between 2009 and 2013.
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2. Fire

Fire-related claims accounted for 45 percent of all energy sector claims, 26 percent all property-related claims, 16 percent all marine claims and 14 percent of all engineering claims between 2009 and 2013.
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1. Grounding

Ship grounding claims accounted for 50 percent of the total marine claims value between 2009 and 2013.
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Click here to view the full Global Claims Review 2014.