AIG Europe (UK) has claimed that business losses from fraud and occupational crime cost 10 times more than losses arising from property damage through fire. According to its research, fraud is estimated to cost £32bn in the UK and is rising at 8% per annum.
While nearly all companies insure for property damage, the majority are still not insured against fraud, despite the fact that over half of companies with more than 1,000 employees report losses - the average being in the region of £1.2m.
- Towergate owners post £261m loss for 2017
- Ex-Das CEO Paul Asplin stands trial for fraud
- Ex-AA boss Bob Mackenzie seeking up to £225m in damages
- Ardonagh looking at deals worth £500m
- Das v Asplin: Prosecution outlines arguments on fraud charges
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