Plant theft claims on the rise as insurer reports 55% increase since 2013

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Exclusive: Plant theft claims are to hit an all-time year high in 2018, Allianz has predicted.

A recent survey by the company reports a year-on-year increase in plant thefts.

The insurer warns of a further 9% increase in plant theft by the end of 2018, with 732 projected claims compared to 665 in 2017. Allianz’s engineering arm has seen plant theft claims shoot up by 55% since 2013.

 

Year

Number of plant theft claims reported by Allianz

2018

732 (projected)

2017

665

2016

619

2015

564

2014

507

2013

428


One in three claims between £100,000 to £250,000 was as a result of fraudulent hirers stealing plant items. A third of the claims were related to the theft of tools costing £1000 to £5000. 

Between January to June 2018, the South East ranked the highest for vehicle theft, with 451 incidents. It was followed by Yorkshire and the North East at 170, then the Midlands at 140, according to the Plant and Agricultural National Intelligence Unit.

Insurers RSA, Zurich, Allianz, QBE, NFU Mutual and HSB Engineering Insurance work alongside PANIU to tackle plant theft.

Chris Little, director of engineering, construction and power, Allianz said: “Our data reveals that by the end of 2018 thefts could rise by a further 9%, which should be extremely concerning for construction firms. Whilst some plant theft remains opportunistic, there are reports of more organised professional criminals making a good living out of stealing plant items.”

An Association of British Insurers spokesperson said: “With the theft of industrial plant an ever-present threat, all businesses must do all they can to reduce the risk.”

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