Press release -
Fraud saving success for Allianz in 2018
Allianz is celebrating another record year for fraud success, reaching a total saving of £64.75m in 2018.
The total savings have increased by £2.75m since 2017, with an increased performance against an indemnity spend up 10% from the previous year.
Motor claims were the most common type of fraud detected by Allianz in 2018, amounting to 41% of fraudulent claims but Allianz’s data reveals that fraud is increasing significantly in the Casualty space with detection up 61%. This follows significant investment by Allianz in this area.
In Commercial property Allianz detected 25% more fraudulent claims in 2018 than 2017.
The highest customer fraud saving amounted to just over £2m on a fire claim submitted on behalf of a commercial property. The claim included severe underinsurance, several undisclosed liquidations and previous dissolved companies. Allianz is seeing a consistent increase in fraud being detected in larger losses year on year.
Allianz’s fraud manager, Nick Kelsall commented:
“I am extremely proud of the result our highly skilled fraud team has achieved. Their continued commitment to protecting our customers by fighting fraud, has led to Allianz’s savings being increased from £62m in 2017, to £64.75m in 2018.
“Our data highlights that there has been a rise in fraudulent activity in the Casualty space, where claims are historically higher in value and therefore more lucrative.
“Fraud detection and prevention remains a priority and our team continually undergoes rigorous training, as well as an investment in digital solutions, to ensure that genuine policyholders are protected against spurious claims.
“Whilst this is a great result, we must not be complacent in 2019. Ahead of the legal reforms and technological advances, with a vastly changing landscape, we need to be vigilant and agile to defeat new types of behaviours and ensure that these criminals are identified and dealt with accordingly”.
ENDS
Topics
Regions
The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
The Allianz Group is one of the world's leading insurers and asset managers with more than 88 million retail and corporate customers. Allianz Group customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz Group is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including 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 including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
No duty to update
The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.
.
