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Allianz Commercial's risk consulting team (ARC) has published a new report focusing on some of the potential risks posed by lithium-ion (Li-ion) batteries, the first in a new series of future publications that will highlight emerging risk topics, together with recommended risk mitigation and loss prevention measures.
"Emerging risks have unique characteristics that require specialist technical, management and organizational skills, "explains Michael Bruch, Global Head of Advisory Services, Risk Consulting at Allianz Commercial. "Our risk consulting expertise across different industries and lines of insurance business around the world is key to helping companies understand and mitigate these. In our new Emerging Risk Trend Talk series, we will address such topics, highlight loss events and look at targeted loss prevention measures."
The first report, now available for download, looks at Li-ion batteries, rechargeable batteries used to power a wide range of consumer and electronic goods, as well as electronic vehicles (EVs). They are also widely used in grid-scale energy storage and aerospace applications. It is estimated that the global Li-ion battery market will grow by over 30% annually from 2022 to 2030.[1]
If incorrectly handled, stored or transported, the potential hazards from Li-ion battery incidents can be fire, explosion, and 'thermal runaway', a rapid self-heating fire that can cause an explosion, as has been seen with a number of recent incidents on land and at sea. They can also produce irritating, corrosive or poisonous gases that can cause an explosion in a confined space.
The new Emerging Risk Trend Talk report features a series of real-life case studies involving these batteries that have caused losses across the Property, Natural Resources and Construction, Marine, MidCorp and Liability lines of insurance business/industries in recent years, as well as providing a range of tailored risk mitigation and loss prevention measures that can help to reduce the impact of similar events happening in the future.
The ARC team is made up of experienced engineers from a wide range of technical and scientific disciplines. The team provides a flexible range of risk consulting services, from natural hazards, fire safety, and human and organizational risk factors to in-depth analysis of industry operations, and financial exposures, across all industry sectors and risks. It also focuses on delivering bespoke training plans to help companies optimize risk management procedures in the long term.
Download the Emerging Risk Trend Talk 1: Lithium-ion batteries report and look out for further insights on emerging risk topics in future.
