Allianz launches new standalone fraud cover for businesses

Allianz Trade, the trade credit insurance arm of  Allianz Group, has launched a standalone fraud insurance product to help businesses combat the post-pandemic rise in employee fraud and external scams in the UK.

The new product covers internal fraud by employees, such as bribery, embezzlement and misappropriation or theft. It also covers external fraud including robbery, burglary, intercepted payments, payments made on the basis of a forged ‘order’, and impersonation fraud.

Impersonation fraud occurs when a criminal accesses a business’ email system or uses spoofing software to email employees with what appears to be a genuine email from the ‘CEO’ with urgent requests for payment, it explained. New figures show CEO impersonation fraud rose by 6% to £13.4m last year, Allianz said.

Additionally, £2.5bn was lost by UK residents and businesses due to fraud and crime in 2021, with 62,976 reports made by British businesses, it said, noting that 50% of UK businesses have been victims of fraud in the past two years.

Sarah Murrow (pictured up), CEO of Allianz Trade in the UK and Ireland, said: “The time is right to launch this new standalone cover in the UK in response to economic changes and growing interest in the market. Post pandemic economic uncertainty and increases in the cost of living mean that businesses face a heightened risk of internal and external fraud.”

Steve Stennett (pictured bottom), commercial director, Allianz Trade in the UK & Ireland, added: “Allianz Trade is already a key fraud insurer in Europe with more than 60 years' experience in this market. Our comprehensive UK offering, built on our proven track-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.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.