Allianz detected fraud rockets to £50m

Allianz is detecting around £50m a year in fraud, three times as much as in 2007, says chief executive Andrew Torrance.

Torrance said the rise in fraud was largely due to the economic downturn.

However, the rise could also be attributed to Allianz’s improved performance in detecting claims. Allianz has a dedicated public and employers’ liability fraud team.

“That (£50m) is a huge impact on our bottom line. We seeing more and more each year,” Torrance said at an Allianz briefing with journalists.

“The industry is seeing this as an area where we need to work together.”