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Allianz celebrates fraud saving success for 2019

Posted: 06 February 2020

As in 2018, Motor continued to be the most common type of fraudulent claim received by Allianz, accounting for 44% of the total. The Casualty area closely followed Motor, with 39% of fraudulent claims. This has been a strong space for Allianz and continues to be a focus for the IFB this year.

The dramatic weather events in 2019 provided the backdrop for the highest individual fraud saving amounted to just over £2m on a flood claim submitted on behalf of a commercial property. The claim was then found to include fabricated circumstances and misrepresentation of the business.

Allianz’s fraud manager, James Burge commented:

Fraud detection and prevention remains a priority and this was demonstrated when we brought Application Fraud together with Claims Fraud last year. The team has gone from strength to strength and I am delighted that we reached a significant amount in fraud detections and savings. In addition, we also saved an impressive £2.5m in Application Fraud which is a testament to the teams. Their continued commitment to protecting our genuine customers has led to Allianz’s savings being increased from £64.75m in 2018, to £65.2m in 2019.

For 2020 we are hopeful that the Whiplash Reforms will go ahead this year, which will be a positive move for the industry, but we must also not become complacent. We will continue to be on the front foot and adapt and streamline our processes where necessary to keep up with the new methods fraudsters are adopting. It is essential that data is shared so that insurance companies can flag up patterns and anomalies when appropriate”. 


The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.

About Allianz Holdings plc

Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below. 

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
*Including non-consolidated entities with Allianz customers.

Charlotte Stretton
Media Relations Officer
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