Allianz stops fake insurance claims worth RM5.6mil

Flags with the logo of German insurer Allianz SE flutter prior to the company's annual general meeting in Munich, southern Germany, on May 3, 2017. / AFP PHOTO / Christof STACHE

KUALA LUMPUR: Allianz General Insurance Co (M) Bhd has stopped bogus insurance claims worth RM5.6mil between 2014 and 2016.

Head of claims Jayapragash Amblavanar said insurance fraud was a growing concern in Malaysia and the company reported an average of at least six fraud cases per month between 2014 and 2016.

“Single digit cases being reported in a month may not seem like a big problem to some, but it shows that insurance fraud is very real in Malaysia.

“So our commitment towards fraud control means being proactive and willing to take the necessary steps and put in place better controls to nip the problem in the bud,” he said in a statement on Tuesday.

Fighting off fraud enables better financial freedom and flexibility for Allianz to offer far better priced products to customers, he said, adding that it would also cement the company’s reputation as insurer that customers could trust to do the right thing. - Bernama