Mid-year results show leap in UK casualty fraud & application fraud cases....
- laura5379
- Dec 5, 2023
- 1 min read
Allianz Commercial UK has seen a marked increase in casualty fraud in the first six months of 2023.
The claims teams at Allianz have successfully prevented £38.4m worth of Commercial insurance fraud since the start of 2023 with over half of that being related to casualty fraud, particularly fraudulent major loss claims.
Overall Allianz has seen a £2m increase in fraud savings against the prior year. This highlights the improvements the business has made with early detection, through the analysis of data from machine learning, which assists in finding suspect claims.
Commercial Property fraud has surpassed expectations at the half year point, with savings of £1m recorded above plan, and a further £1m saving in detected application fraud, which is down to the hard work and dedication of the team focussed on front end fraud prevention.
Exaggeration within claims is still a key trend that Allianz is seeing, as well as increasing fraudulent behaviours around claims farming. In the application fraud space, there is a higher prevalence of phoenix companies and an increased level of false No Claims
Discounts (NCDs) and Confirmed Claims Experiences (CCEs), ghost broking is also showing signs of growth.
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