« Back to Blog

The Risks of Fire and Explosion

Posted on June 3, 2024

Risk management experts worldwide have weighed in on the top business risks for 2024, according to the Allianz Risk Barometer. Fires and explosions rank as the number six risk, up from a previous ranking of number nine. 

The Allianz Risk Barometer is an annual ranking by 3,069 risk management experts from 92 countries and territories. While fires and explosions ranked sixth, Allianz survey respondents said they were among their top three concerns, which also included cyber incidents and natural catastrophes. An analysis of 1,000+ business claims over the past five years showed that fires and explosions accounted for over a third, at 36%. 

A fire or explosion can cause far more damage than other risks, noted the report. From extensive property damage to injuries and deaths, fires and explosions can wreak havoc. Such disasters have lasting consequences on a business, interrupting operations and disrupting supply chains. When plants are damaged by fires and explosions, it can take years to rebuild.

While any industry can be impacted by a fire, some have inherent risks. These include the pharmaceutical and chemical sectors which regularly deal with highly flammable materials. There also are elevated risks of fire and explosions with the mishandling of lithium-ion batteries across a range of industries.

If you or someone you love was hurt in an explosion at work, and you are looking for a top Philadelphia injury attorney to represent you, we are here to help. Contact us today to meet and discuss your legal options.