Allianz Trade launches Business Fraud Insurance in Ireland as more than half of all firms fight fraud in last two years.

Allianz Trade, the world’s leading trade credit insurer, today announced the launch of its standalone Business Fraud Insurance in Ireland, to help firms with more than 20 employees combat the growing threat of employee and third-party fraud.

The product covers internal fraud by employees, such as bribery, embezzlement and misappropriation or theft. It also covers external fraud including robbery, burglary, intercepted payments, payments made on the basis of a forged ‘order’, and impersonation fraud. The product also covers a range of business continuation costs.

Vikshay Vijai, Head of Business Fraud in the UK & Ireland, Allianz Trade, will work 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.

Allianz Trade’s product comes at a critical time for businesses in Ireland, with more than half (55%) of Irish and UK businesses having suffered from fraud in the past 24 months^[1]. The value and frequency of fraud is rising, too – the total value of fraudulent payments in Ireland increased to EUR126mn in 2023^[2], up 26% from 2022, and the number of fraud, deception and related offences is 43% higher than in 2020^[3].

Peace of mind protection

Despite the growing risks, almost two thirds (62%) of Irish firms have not performed a full fraud risk assessment in the last year^[4]. In addition to an insurance policy, Allianz Trade’s offering includes a thorough assessment of a business’ fraud risks and bespoke fraud mitigation advice, quickly strengthening an 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,” said Vikshay Vijai, Head of Business Fraud in the UK & Ireland, Allianz Trade.

“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,” he added.

“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,” said Dean O’Brien, Country Manager – Ireland, Allianz Trade.

What the Allianz Trade fraud insurance covers:

• Cover for losses caused by your own employees, including external workers, temporary staff as well as lawyers, tax consultants and auditors working for your company, through theft, fraud, embezzlement, trade secret infringement or damage to property;
• Cover against losses due to certain types of social engineering, i.e. fraud committed by assuming a false identity, such as fake president fraud;
• Cover for certain losses caused by third parties through acts of robbery, burglary, fake buyers or suppliers, payment diversion and forged invoices;
• We cover costs for the continuation of business operations up to 6 months after the occurrence of the event of loss.

Allianz Trade’s fraud insurance product encapsulates a wide definition of ‘employee’, including full-time, part-time, temporary and contractual workers. Social engineering is covered as standard, while there is unlimited retroactive cover for losses incurred prior to inception. Allianz Trade will also offer customers a dedicated team of fraud specialists to assess claims and provide support in the aftermath of a fraud loss.

ENDS

Notes to editors:

The launch of Business Fraud Insurance in Ireland follows the launch of Business Fraud Insurance in the UK in 2023. More information here:  Allianz Trade launches Business Fraud Insurance in the UK

References:

^{[1] – Global Economic Crime Survey — Report | PwC Ireland}

^{[2] – Central Bank of Ireland publishes new data on Irish payment fraud}

^{[3] – Key Findings Recorded Crime Q1 2024 - Central Statistics Office}

^{[4] – Global Economic Crime Survey — Report | PwC Ireland}

About Allianz Trade

We predict trade and credit risk today, so companies can have confidence in tomorrow.

Allianz Trade is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in +83 million corporates solvency. We give companies the confidence to trade by securing their payments. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Allianz Trade is present in over 50 countries with 5,700 employees. In 2023, our consolidated turnover was € 3.7 billion and insured global business transactions represented € 1,131 billion in exposure.