Mihir Pandya, Fraud Manager at Allianz, responds to new research which suggests UK family debts are increasing by revealing that the insurer saw a 24% rise in household insurance fraud during 2011.
"Research released today highlights that families are increasingly struggling with meeting the cost of living. During 2011 we detected an increase in household insurance fraud - now at 24%. Within an environment of rising costs and unemployment this is a trend that we only feel will get worse before it gets better.
"Those tempted to commit insurance fraud should be aware that the industry is gearing up its fraud capabilities using a multi-agency approach so it is important for individuals or businesses to seek professional financial help should they face difficulties, rather than take an illegal route of committing insurance fraud."
Mihir Pandya, Fraud Manager, Allianz Insurance (pictured above)
Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide. Reassuringly in these uncertain financial times, in July 2011 the Standard and Poor's rating for Allianz Insurance was reaffirmed as AA- with a stable outlook. As of December 2011, the rating of Allianz SE is also AA- with a stable outlook.