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Crime and Fraud
Monday, November 23, 2015 - 03:16
Shedding light

As one of the custodians of the insurance industry, the SA Insurance Crime Bureau (SAICB) has highlighted some key crime trends which have had a direct impact on insurance claims costs and frequency, ahead of the release of the annual crime statistics.

These statistics, which have been gathered by a selection of the SAICB’s member companies, cannot form a complete picture of the challenges faced in South Africa, however, they paint a picture of how crime has shifted as a result of changing behaviours and the cost implications that this has had particularly on the insurance industry.
Most notably, the data collected showed a decrease in vehicle theft of 13.8% from last year and an increase of 29% in vehicle hijackings, the decrease in theft cannot be viewed as a win for the country.
In the same way, house robberies have decreased by 12% while business robberies have risen by 24%, together indicated by R1 641 295 793 worth of claims costs.
Subsequently, these trends are reflected in the official national crime statistics release. Residential burglary incidents recorded by the police decreased by 2.3% to a total 253,716 incidents between 2013/14 and 2014/15 and vehicle theft decreased by 2.7% in the same period when compared to 2013/14.

Copyright © Insurance Times and Investments® Vol:28.11 1st November, 2015
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