Allianz Insurance is celebrating another record year for fraud success in 2019, with a total saving of £65.2m. This represents a £450,000 increase over the previous year and is 8% above target.
As in 2018, Motor continued to be the most common type of fraudulent claim received by Allianz, accounting for 44% of the total. The Casualty area closely followed Motor, with 39% of fraudulent claims. This has been a strong space for Allianz and continues to be a focus for the IFB this year.
The dramatic weather events in 2019 provided the backdrop for the highest individual fraud saving amounted to just over £2m on a flood claim submitted on behalf of a commercial property. The claim was then found to include fabricated circumstances and misrepresentation of the business.
Allianz’s fraud manager, James Burge commented:
“Fraud detection and prevention remains a priority and this was demonstrated when we brought Application Fraud together with Claims Fraud last year. The team has gone from strength to strength and I am delighted that we reached a significant amount in fraud detections and savings. In addition, we also saved an impressive £2.5m in Application Fraud which is a testament to the teams. Their continued commitment to protecting our genuine customers has led to Allianz’s savings being increased from £64.75m in 2018, to £65.2m in 2019.
“For 2020 we are hopeful that the Whiplash Reforms will go ahead this year, which will be a positive move for the industry, but we must also not become complacent. We will continue to be on the front foot and adapt and streamline our processes where necessary to keep up with the new methods fraudsters are adopting. It is essential that data is shared so that insurance companies can flag up patterns and anomalies when appropriate”.
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 92 million retail and corporate customers. Allianz 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 is one of the world’s largest investors, managing around 673 billion euros on behalf of its insurance customers. Furthermore our asset managers PIMCO and Allianz Global Investors manage more than 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 2018, over 142,000 employees in more than 80 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
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.
No duty to update
The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.