Daily Insurance Industry News
Daily Insurance Industry News
Thursday 22nd of March 2018
March 30, 2009

AXA finds recession has fuelled business crime

by Richard Kilner

Story link: AXA finds recession has fuelled business crime

AXA finds recession has fuelled business crime

AXA has released the results of its latest Business Crime Index, which reveals that for the second six monthly period in a row, anti-business crime has surged by 10%.

Although businesses are more likely to be victims of crime, the Index shows that the overall cost has remained almost flat, declining by a marginal 0.04% on an annual comparison.

Around 7% of businesses have been hit by criminals, and with the recession continuing this figure is forecast to rise.

Particularly worrying is the arson rate, which has soared by 23%, and the rate of malicious damage which is up 14%.

Breaking and entering rose by 13%, but non-forcible theft fell, the only type of crime to do so.

The insurer has sent its findings to the Home Office, who have recently published guidelines on how to combat crime aimed at businesses.

AXA’s Property chief Gregor Elrick has expressed his lack of surprise, citing the recession as a cause for people turning to crime to make ends meet.

The increased arson rate he ascribed to failed businesses leaving empty buildings as soft targets, and desperate businessmen attempting to make fraudulent claims.

AXA caters to a quarter of the UK SME market, and has set up a website dedicated to its SME customers.

It offers discounts for sprinkler and security systems, together with a thorough risk assessment and specialist teams to support victimised businesses get back on their feet.

AXA’s concern over crime echo those of Towergate, who advised homeowners to be particularly careful of a spike in opportunistic crime during summertime, exacerbated by the current economic difficulties.

In February the prospect of a recession-fuelled theft and burglary surge prompted motorboat and yacht insurer Navigators & General to urge boat-owners to ensure they comply fully with any security requirements on their insurance policies.


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