Articles from Allianz Commercial

Allianz Commercial announces the upcoming launch of its Miami Latin America Hub, set to open in February 2026. The office will support business development across Latin America, leveraging Miami´s position as a leading center and talent pool for the Latin American and Caribbean (re)insurance sector. It will centralize resources and expertise to better engage with brokers, clients, and other partners throughout the region, as well as creating an additional presence in the Americas.

Climate change is having a severe impact on economies around the world, all businesses are affected. In 2024, the overall losses from climate-related natural catastrophes such as flood, windstorm, or hail summed up to US$327 billion, while insured losses reached US$138 billion. To address these growing challenges, Allianz Commercial today launched its Climate Adaptation & Resilience Services (CAReS). The data-driven platform has been developed together with Allianz clients and allows them to directly identify potential high-risk areas and how climate risks from 12 perils will affect their locations from present day up to the year 2080.

The fast-changing geopolitical landscape is creating new risks and challenges for a shipping industry already juggling the energy transition and the legacy of the Covid-19 pandemic, according to Allianz Commercial’s Safety and Shipping Review. The industry faces an increasingly volatile and complex operating environment, marked by attacks against shipping, vessel detentions, sanctions, as well as the fall-out from incidents involving damage to critical sub-sea cables. Furthermore, the ripple effect of increasing protectionism and tariffs threatens to remake supply chains and shake up established trade relations.

Businesses have ranked political risks and violence as a top 10 global risk for the past three years, according to the Allianz Risk Barometer 2025 demonstrating that it has become a key concern for companies of all sizes. According to a new report from Allianz Commercial, civil unrest ranks as the biggest concern for more than 50% of company respondents globally, reflecting the fact that incidents are increasing and lasting longer.

Cyber incidents such as data breaches or ransomware attacks, and IT disruptions, like the CrowdStrike incident, are the biggest worry for companies globally in 2025, according to the Allianz Risk Barometer. Once again, Business interruption is also a main concern for companies of all sizes, ranking #2. After another heavy year of natural catastrophes activity in 2024 this peril remains #3, while the impact of a super election year, rising geopolitical tensions and the potential for trade wars mean Changes in legislation and regulation is a top five risk at #4. The biggest riser in this year’s Allianz Risk Barometer is Climate change, from #7 to #5, achieving its highest-ever position in 14 years of the survey.

Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents, Allianz Commercial warns in its annual cyber risk outlook. The frequency of large cyber claims (>€1mn) in the first six months of 2024 was up 14% while severity increased by 17%, according to the insurer’s claims analysis, following just a 1% increase in severity during 2023. Data and privacy breach-related elements are present in two thirds of these large losses. Overall, the total number of cyber claims in 2024 is expected to stabilize, following a 30% increase in frequency during 2023, which resulted in 700+ claims.

Covid-19, the energy crisis, Russia’s war - to say that the aviation industry, and its insurers, have had to face significant challenges in recent years is an understatement. However, aviation has rebounded well with several 2023 parameters showing “best ever” safety results. This year, the volume of global air passengers is expected to hit an all-time high (+10.4% year-on-year), driven by Asia-Pacific and North America. While the general outlook for the industry is positive, there are still lots of challenges to tackle, according to Allianz Commercial’s Aviation Risk, Claims and Insurance Outlook.

Given as much as 90% of international trade is transported across oceans, maritime safety is critical. Thirty years ago, the global shipping fleet lost around 200 large vessels a year. This total fell to a record low of 26 in 2023, a decline of more than one third year-on-year and by 70% over the past decade. However, the fact that shipping is increasingly subject to growing volatility and uncertainties from war and geopolitical events, the consequences of climate change, as well as ongoing risks resulting from the trend for larger vessels means the sector will have its work cut out to maintain this status quo in future, according to marine insurer Allianz Commercial’s Safety and Shipping Review 2024.

With an unprecedented ‘super-cycle’ of elections in 2024, almost half the world’s populations will go to the polls before the year is out. According to a new report from Allianz Commercial, security is a concern in many territories, not only from the threat of localized unrest but because of the wider-reaching consequences of electoral outcomes on foreign policy, trade relations, and supply chains.

Cyber incidents such as ransomware attacks, data breaches, and IT disruptions are the biggest worry for companies globally in 2024, according to the Allianz Risk Barometer. The closely interlinked peril of Business interruption ranks second. Natural catastrophes (up from #6 to #3 year-on-year), Fire, explosion (up from #9 to #6), and Political risks and violence (up from #10 to #8) are the biggest risers in the latest compilation of the top global business risks, based on the insights of more than 3,000 risk management professionals.

The potential of offshore wind as a viable source of clean power for the energy transition is indisputable. Investment in the sector is growing rapidly around the world, the power capacity of installations is ramping up, and technological innovations are proliferating – from multi-purpose windfarms and floating installations to next-generation connectivity and drone-based maintenance. Developers and their insurers need to manage a range of risks to successfully scale offshore wind globally, among them prototypical technology, economic pressures, more extreme weather conditions, cable damage, and collision perils, as well as environmental concerns.