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UK business arson claims up 20 percent

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by Elaine Frei

UK business arson claims up 20 percent

Arson claims account for more than half of the money insurance claims pay out to businesses in the UK, according to a new study from insurer Axa (Euronext: CS; NYSE: AXA). This is true even though arson claims are only about 1 percent of all claims made by businesses. The average claim for arson is around £40,000, the insurer says, compared to an average of a bit less than £4,000 for all payouts on crime-related claims.

Axa’s figures show that the biggest problem with arson is located in Glasgow. Arson claims there are more than double the average of the UK as a whole, at 10.6 percent of all claims there resulting from cases of arson.

Business crime as a whole is up in the UK, Axa found. Claims for all crimes aimed at businesses were up by 20 percent in 2006. Axa’s head of property said that the insurer is concerned about the rise in crime against businesses, which he said mostly escapes public awareness as concern about crimes against individuals garners more attention in the press. In one good bit of news from the report, malicious damage against businesses was down 2 percent last year.

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News posted: March 14, 2007

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