Press release -
Allianz brings repeat insurance fraudster to justice
A fraudster has been found guilty of a total of four charges relating to fraud by false representation and sentenced to a 12 month community order following a string of fraudulent claims against Allianz and LV=.
The UK fraud teams across Allianz and LV= worked closely together after spotting the fraudulent claims across a range of their polices held by the claimant – for claims of stolen items, property damage and the mis-representation on making previous claims. The resulting findings were reported to the Insurance Fraud Bureau (IFB) for criminal investigation which then led to prosecution.
Following a lengthy process which started in December 2021 the claimant was finally brought to court in July 2023 at Newport city magistrates court where they were sentenced to a 12 month community order and 150 hours of community service. They were also ordered to cover costs.
James Burge, head of counter fraud at Allianz Commercial commented: “The case emphasises the close and continued working of the fraud teams across all aspects of Allianz and our proactive approach in highlighting cases to the IFB which result in criminal charges.
“Despite no prison sentence being passed the work across all teams highlights the zero tolerance approach that Allianz takes to all cases no matter how large or small.”
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Regions
About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance
About Allianz
**As of March 31, 2023
***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
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