SAMPLE: HazMat Guide for flammables - South Africa

1 GENERAL INFORMATION AND INTRODUCTION 1. GENERAL INFORMATION AND INTRODUCTION Storing flammable liquids incorrectly can have huge and lasting consequences on a company. In an article addressing business interruption from a global perspective, published on the FA News website (www.fanews. the impact of fires and explosion on business interruptions was discussed. In 2015 the Global Claims Review report from Allianz Global Corporate & Specialty (AGCS), analysed more than 1 800 large business interruptions (BI) claims from 68 countries and risk managers con- cluded that the impact of BI can be the top risk that companies can face. It is reported that approximately one in five businesses can suffer major business interruption each year. While it is not possible to avoid all risks, unfortunate events can hinder and affect an organisa- tions operational capacity. During the years 2010 through to 2014, AGCS found that the majority of BI claims originated from technical or human factors (88% of BI losses) and the top ten causes of these BI losses account for over 90% of such claims by value, with fire and explosion being the top cause of BI account- ing for 59% of all BI insurance claims globally. Each fire and explosion incident analysed aver- aged €1.7 million (R25 million) in BI costs alone and non-natural hazard events account for 88% of BI losses. Business interruptions that are due to fire and explosions when working with and storing flammable liquids can be reduced by taking the necessary precautionary actions to ensure your organisation and employees are protected from any unforeseen accidents. SAMPLE E