West Midlands business crime on the decline - but still well above average
Business crime claims fell in the West Midlands by nine per cent over the past year.
The fall was less than the average decline across the UK of 31 per cent between mid 2013 and mid 2014.
AXA Business Insurance said that its annual claims data showed there had been dramatic drops in business crime rates across the country, but the average cost of crime to businesses was going up.
Dudley was one of the few places in the country to buck the trend and register a slight rise in its business crime rate after several years of falling crime claims.
AXA said there had been a decrease across all types of business crime, including thefts, arson and vandalism, across the majority of postcode areas.
See also: Crime spree sees Hednesford firms vandalised.
Almost one in 20 businesses experienced a crime serious enough to launch a claim, but theft – the most common business crime at 75 per cent – became less costly with the average claim falling by 10 per cent from £3,840 to £3,450.
The 33 per cent rise in the overall cost of business crime was entirely connected to the higher cost of arson and vandalism claims with the trend towards fewer, but more serious incidents
Arson was down 40 per cent and vandalism 23 per cent but the average claim was up from £4,456 to £5,919.
"Our figures suggest that the average business is now at lower risk of getting a brick through the window, being burnt to the ground by hooligans or facing a break-in," said Darrell Sansom, managing director at AXA Business Insurance.
Average cost of claims for vandalism were up from £1,838 to £2,675 and arson from £40,560 to £82,802.
"We seem to be seeing a trend towards costlier crime claims, and that spells heavier financial losses for the many businesses that operate without the insurance they need for their premises, business equipment, tools or vehicles," said Mr Sansom.
