Allianz Trade has launched its standalone business fraud insurance in Ireland to cover firms with more than 20 employees. The product covers internal employee fraud such as bribery, embezzlement and misappropriation or theft. It also covers external fraud including robbery, burglary, intercepted payments, payments made for a fake order and impersonation fraud.

Vikshay Vijai, head of business fraud in the UK and Ireland at Allianz Trade, said: “Fraud risks are accelerating in Ireland, not least because of the rise of remote working. We’re seeing a growing number of risks in supply chain fraud, buyer fraud and procurement fraud.

“The risks are particularly elevated in industries where there’s a high turnover of staff on flexible or zero-hour contracts, like food and beverage and wholesale/retail trade, but no industry is immune.”

The carrier said that 55% of Irish and UK businesses had suffered from fraud in the past two years and that 62% of Irish firms have not performed a full fraud risk assessment in the past year.