Allianz Trade has introduced standalone business fraud insurance in Ireland to support firms with more than 20 employees in addressing employee and third-party fraud risks.
The launch comes amid increasing fraud risks in Ireland. Vikshay Vijai, head of business fraud in the UK and Ireland at Allianz Trade, will collaborate with Dean O’Brien, country manager – Ireland, and Michael Murtagh, sales manager – Dublin, to expand Allianz Trade’s business fraud portfolio in the region. Plans are in place to grow the fraud team in Dublin, according to the company.
“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,” Vijai said.
The insurance covers losses caused by employees, including external workers, temporary staff, and legal and financial professionals working for the company, due to theft, fraud, embezzlement, trade secret infringement, or property damage.
It also includes protection against losses from social engineering fraud, including impersonation fraud, such as fake president fraud. Losses due to third-party fraud, including robbery, burglary, fake buyers or suppliers, payment diversion, and forged invoices, are covered as well. In addition, the policy includes business continuation costs for up to six months following a fraud incident.
The policy defines "employee" broadly to include full-time, part-time, temporary, and contractual workers. Social engineering fraud is covered as standard, and retroactive cover is available for losses incurred before the policy's start date. Allianz Trade will also provide a team of fraud specialists to assess claims and support businesses following a fraud incident.
More than half of businesses in Ireland and the UK have experienced fraud in the past two years. The total value of fraudulent payments in Ireland reached €126 million in 2023, a 26% increase from 2022. The number of fraud, deception, and related offences is also 43% higher than in 2020.
Despite these risks, nearly two-thirds of Irish businesses have not conducted a full fraud risk assessment in the past year. Allianz Trade’s product includes an insurance policy alongside a fraud risk assessment and tailored fraud mitigation advice to strengthen a business’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,” Vijai said.
