General Insurance Article - Allianz Commercial detects record fraud volumes


Allianz Commercial detected £70.7m worth of insurance fraud in 2022, up from the £63.6m in 2021. This amounts to a £7.1m or 11.2% uptick.

 Property and casualty (P&C) saw the greatest increase in fraud savings against the prior year. This trend may indicate a move away from traditional types of motor fraud such as crash-for-cash scams. However, the industry continues to see vastly exaggerated motor claims. Across property and casualty, while the number of fraud cases declined last year, the value of each case increased to record levels.

 Application fraud, where a customer provides false information to purchase a policy, has grown significantly, suggesting front-end controls are detecting these lies and fabrications more effectively.

 Regarding fraud at claims stage, machine learning has been increasingly helpful in detecting dishonest attempts.
 Overall, a major factor in this fraud-busting success has been the excellent collaboration across Allianz’s internal teams, suppliers and the insurance industry.

 James Burge, head of counter fraud at Allianz Commercial, commented: “At each economic downturn, insurers usually see fraud escalate. In the midst of a cost-of-living crisis, we didn't want our honest customers to bear any additional costs from fraudsters, which is why we were determined to detect and defeat fraud in order to protect them.”
  

Back to Index


Similar News to this Story

Call for simplification of EU cybersecurity regulation
Insurance Europe has welcomed the European Commission’s review of the Cybersecurity Act (CSA) and the forthcoming digital omnibus initiative, supporti
7 California wildfire lessons learnt for European insurers
The devastating January 2025 wildfires in Los Angeles, which destroyed over 16 000 structures and caused insured losses of approximately USD 40 billio
Do not be left high and dry this summer
Aviva is urging caution as data reveals a correlation between warm weather and fire claims. Number of garden fire claims is already significantly high

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.