Business insurance risk from rising crime
Commercial insurance
31st March 2009
Crime against businesses increased by ten per cent in the last six months of 2008, new research has revealed.
AXA Insurance recently published its latest Business Crime Index which has shown more and more businesses are falling victim to crime.
While the cost to businesses of crime has remained largely the same, the chance of it happening to an individual business has increased with one in 14 being targeted last year.
The company blames the latest increase on the recession and has submitted the survey to the Home Office for consideration.
Gregor Elrick, head of property at AXA said: "Both malicious damage and arson tend to go up in a recession as premises are left unoccupied and unprotected by failed businesses, making them easier targets for vandals.
"Additionally, arson committed by business owners looking to claim on their insurance can rise in recessionary times."
A recent survey by Lloyds TSB revealed 12 per cent of people under the age of 34 are concerned that the economic downturn will result in an increase in crime.
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