Employee theft cases top 4,500 in the past year – Zurich UK

Research from Zurich UK found 4,562 cases of employee theft were reported to 39 police forces across England and Wales. 

Each theft cost businesses up to £35,728.

The Metropolitan Police recorded the most cases with 794 incidents in London. 

Gloucestershire saw the biggest decline, dropping 46% from 93 thefts in 2023 to 50 last year. 

Zurich’s claims included a £249,229 loss at a high-end jeweller, £63,439 at a furniture company, and £50,000 at a medical centre.

Robert Higgs, senior speciality lines claims expert at Zurich, said: “Employee theft takes on many forms, from petty theft of stationary to fraud and embezzlement, which can cost hundreds of thousands of pounds and be devastating to businesses.

“The decline in such thefts could be attributed to various factors including a rise in companies investing in advanced AI fraud detection systems, better security measures and cashless payment models. 

“By helping businesses address weak spots, such as enhancing digital security, it’s possible to prevent theft and reduce claims.”