’Insurance fraud is a serious problem that pushes up the cost of policies for honest consumers and adds to insurers’ costs,’ says director of fraud

Allianz UK detected 157.24m in fraudulent claims during 2024, an increase of 10% from 142.38m in 2023.

Read: Shift from ‘greed to need’ drives fraud surge across personal and commercial lines – Allianz’s Burge

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The insurer said the latest figure was equivalent to 90 frauds worth 430,000 a day.

Incidents were detected across personal, commercial and specialty lines, with fraudsters inflating or inventing bogus claims worth more than 141m.

Meanwhile, application fraud, which is deliberately providing false information when buying an insurance policy, topped more than 15m.

Ben Fletcher, director of fraud at Allianz UK, said: “Insurance fraud is a serious problem that pushes up the cost of policies for honest consumers and adds to insurers’ costs.

“The vast majority of claims are genuine and our focus as a business is to ensure we settle those promptly, but the sad reality is that some people will go to enormous lengths to make fraudulent claims.

“The increase in the amount of fraud can be attributed to several factors. The ongoing cost of living challenge and financial struggles people are facing is driving some people to commit insurance fraud.”

Trends

The insurer also noted several trends...

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