Allianz Trade, a leader in trade credit insurance, has announced the launch of its standalone Business Fraud Insurance in Ireland. This new product is designed to help businesses with more than 20 employees protect themselves against the rising threat of fraud.
The insurance covers both internal and external fraud. Internal fraud includes offenses such as bribery, embezzlement, and theft by employees. External fraud covers a range of threats, including robbery, burglary, payment interception, payments made based on forged orders, and impersonation fraud. Furthermore, the product also offers coverage for business continuation costs.
Vikshay Vijai, Head of Business Fraud in the UK & Ireland, Allianz Trade, will collaborate with Dean O’Brien, Country Manager – Ireland at Allianz Trade, and Michael Murtagh, Sales Manager – Dublin at Allianz Trade, to grow Allianz Trade’s Business Fraud book in Ireland. Plans are already underway to expand the dedicated fraud team based in Dublin.
Heightened Fraud Risks in Ireland
This product launch comes at a crucial time for Irish businesses. Recent data indicates that over half (55%) of Irish and UK businesses have experienced fraud in the past 24 months. The financial impact and frequency of fraud are also increasing. In 2023, the total value of fraudulent payments in Ireland reached EUR126 million, representing a 26% increase from the previous year. The number of fraud, deception, and related offenses is 43% higher than in 2020.
Protection and Risk Assessment
Despite the growing risks, nearly two-thirds (62%) of Irish firms have not conducted a full fraud risk assessment in the last year. Allianz Trade’s offering includes a comprehensive assessment of a business’s fraud risks and provides bespoke fraud mitigation advice, further strengthening the insured’s operations.
“Fraud risks are accelerating in Ireland, not least because of the rise of remote working. We’re seeing a growing number of risks in supply chain fraud, buyer fraud and procurement fraud. The risks are particularly elevated in industries where there’s a high turnover of staff on flexible or zero-hour contracts, like food & beverage and wholesale/retail trade, but no industry is immune,” stated Vikshay Vijai.
Vikshay Vijai added, “It can cost businesses dearly if a chink in their armour is exploited, especially without the right specialist support. So, we’re launching our fraud insurance for businesses in Ireland now to help them meet these rising threats head-on.”
Dean O’Brien, Country Manager – Ireland, Allianz Trade, emphasized the company’s experience: “Allianz Trade has more than 60 years’ experience managing fraud risks across Europe. We’re combining this expertise with over two decades’ experience working with Irish businesses and a clear understanding of the cover they need to help them address the evolving fraud risks they face. With our fraud insurance, businesses can grow with confidence, knowing they’re protected.”
What the Allianz Trade fraud insurance covers:
The Allianz Trade fraud insurance provides comprehensive coverage:
- Cover for losses caused by employees, including external workers, temporary staff, and consultants (lawyers, tax consultants, and auditors).
- Coverage against losses due to certain types of social engineering, such as impersonation fraud.
- Cover for losses caused by third parties through robbery, burglary, fake buyers or suppliers, payment diversion, and forged invoices.
- Coverage for business operations continuation up to 6 months after the event.
The product defines ’employee’ broadly to include various employment types, and social engineering is covered as standard. There is also unlimited retroactive cover for losses incurred prior to policy inception. Allianz Trade will also provide customers with a dedicated team of fraud specialists to assess claims and offer support after a fraud loss.
