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Allianz Engineering, Construction & Power predicts 2018 will hit a new high for plant theft claims

Press release   •   Nov 30, 2018 15:00 GMT

Chris Little, director of engineering, construction & power

Allianz Engineering, Construction & Power, is reporting a significant increase in plant theft – year on year and predicts a new high will be hit for this year.

Up 55% since 2013, Allianz Engineering, Construction & Power’s own data shows the business dealt with 428 cases of plant theft in 2013 and the latest figures have increased year on year to 665.

Larger items such as excavators and JCBs proved to be the most expensive claims with one example costing £650,000 where a number of items of plant were stolen during the Christmas period at a quarry site. Theft of tools continues to be the most frequently stolen items accounting for a third of the number of claims with the cost usually falling between £1,000-£5,000. One of three claims that fell within the £100,000-£250,000 bracket involved a fraudulent hirer stealing 13 items of plant over four separate deliveries.

Allianz’s director of engineering, construction & power Chris Little, said:

“Our data reveals that by the end of 2018 thefts could rise by a further 9%, which should be extremely concerning for construction firms. Whilst some plant theft remains opportunistic, there are reports of more organised professional criminals making a good living out of stealing plant items".

A number of security measures can be implemented by construction companies to help prevent plant theft:

  • Install controlled entry and exit systems at construction sites
  • Remove tools from vans where possible and lock them securely away securely
  • Use a variety of security measures such as plant tagging or GPS so that the items can be traced and immobilised remotely.

For further information, please download Allianz’s Insight paper on construction plant theft.

ENDS

Notes to editors:

Allianz’s plant theft data:

Year Number of claims
2013 428 claims
2014 507 claims
2015 564 claims
2016 619 claims
2017 665 claims
2018 732 (projected claims)

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.

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