Allianz Trade has launched a standalone fraud insurance product aimed at assisting UK businesses amid the increasing prevalence of employee fraud and external scams.
The new product is designed to provide coverage for a wide range of fraud-related incidents. These include internal fraud carried out by employees, such as bribery, embezzlement, and misappropriation of funds or property. It also covers external fraud, encompassing robbery, burglary, intercepted payments, payments based on forged orders, and impersonation fraud.
Impersonation fraud involves criminals gaining access to a company’s email system or utilising spoofing techniques to deceive employees with seemingly legitimate emails from high-ranking executives, demanding urgent payments. According to recent figures, CEO impersonation fraud rose by 6% last year in terms of value, reaching £13.4 million in losses.
The UK also lost a total of £2.5 billion due to fraud and cybercrime in 2021, with 62,976 fraud reports filed by British businesses.
“The time is right to launch this new standalone cover in the UK in response to economic changes and growing interest in the market,” said Sarah Murrow, CEO of Allianz Trade in the UK and Ireland. “Post-pandemic economic uncertainty and increases in the cost of living mean that businesses face a heightened risk of internal and external fraud.”
Key features of the Allianz Trade fraud insurance include:
Allianz Trade’s fraud insurance adopts a broad definition of “employee,” spanning full-time, part-time, temporary, and contract workers. Moreover, social engineering is covered as a standard feature, and businesses can benefit from unlimited retroactive coverage for losses incurred before policy inception.
The offering also provides businesses with access to dedicated teams of fraud specialists to assess claims and offer assistance in the aftermath of a fraud-related loss.
“Allianz Trade is already a key fraud insurer in Europe with more than 60 years’ experience in this market,” said Steve Stennett, commercial director, Allianz Trade in the UK & Ireland. “Our comprehensive UK offering, built on our proven trac -record in Germany, France, Belgium, and The Netherlands will provide businesses with peace of mind when it comes to fraud and to concentrate on what they do best.”
What are your thoughts on this story? Feel free to share your comments below.