Insurers have settled more business crime claims in 2007
The latest findings from the AXA Business Crime Index reveal the number of business crime claims settled between July and September 2007 is 20 per cent higher than the same period in 2006. Incidences of theft have increased dramatically, with claims up 27% on the same period in 2006 and up 45% on quarter two of this year.
The average crime claim settlement now totals £3,998. With the festive period leaving many businesses closed and premises unoccupied, the insurer is warning owners and managers to be particularly vigilant.
Commenting on the findings of the AXA Business Crime Index, Doug Barnett, risk manager at AXA said: “Crime related claims have been consistently higher this year compared to 2006. This is particularly worrying as we approach the Christmas period which is traditionally one of the busiest periods for business crime.
With many people taking holidays and some businesses closing entirely, premises will be left empty and under-staffed. Retailers are also vulnerable as stores carry increased levels of stock and as customer traffic affords more opportunity for thieves.
“We are urging business owners of all types of business to review their security precautions ahead of the festive period so they don’t give criminals a Christmas present this year”.
Gareth Elliott, policy adviser at the British Chambers of Commerce, said: “Sadly, business crime continues to rise and in this the festive season the police need to be extremely vigilant. Despite the increase in criminal incidents, with no clear police statistics available to illustrate the problem there is growing concern amongst company owners and employers that business crime will remain a sidelined issue.”
According to AXA's third quarter 2007 findings from its business crime index, theft related crime claims remain the most common cause, accounting for nearly two-thirds (62%) of the total. Malicious damage, which includes acts of vandalism such as graffiti and deliberately smashed windows, accounted for 33 per cent of crime claims in the third quarter of this year.
Cases of arson remain relatively rare but account for nearly half (40%) of the total settlement amount.
The average crime claim settlement amount was £3,998 (up from £3,524 at the same time last year).
