Lightning never strikes twice? Not if you are an insurer. Although such incidents are not particularly frequent, insurers still have to deal with hundreds of claims a year resulting from strikes, which can cause millions of dollars of damages, particularly in the aviation sector.
Analysis of insurance industry loss data by AGCS shows that there have been more than 1,000 (1,269) claims from lightning strikes in the past five years, resulting in €110mn ($121mn) of damages.
Perhaps unsurprisingly, given the number of planes in the skies at any one time – there is estimated to be around 40 million commercial flights a year around the world – the aviation sector is the industry most frequently impacted by lightning strikes, accounting for more than one in four such claims (339 in total).
Lightning strike damages to the fuselages of aircrafts during flight are among the most expensive claims overall. Claims can be in the single digit millions of dollars even if the event does not pose a serious threat to safety. Meanwhile, helicopter incidents are another particular source of large lightning claims. However, lightning strikes can also cause trouble for the aviation sector on the ground as well as in the air with claims reported due to damage to parked airplanes, vehicles and airport infrastructure6+.
Overall, incidents in the aviation sector account for well over half (57%) of the value of all reported lightning claims, equivalent to more than €60mn ($66mn) of damages.
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This article is part of the our Global Risk Dialogue. Appearing twice a year, Global Risk Dialogue is the Allianz Global Corporate & Specialty magazine with news and expert insights from the world of corporate risk.
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