CESKA Pojistovna (CP), the largest insurance company in the Czech Republic, reported insurance frauds amounting to almost CZK 422 million (close to EUR 17 million) last year.

"This is the highest volume of detected frauds in the history of CESKA Pojistovna and it is about 25% more than in 2011, when detectives saved around CZK 338 million", the company announced.

Compared with previous years, CESKA Pojistovna recorded a 52% increase as compared with 2010, and even a 76% increase in comparison with 2009. "The most problematic region still remains the capital city, Prague, where detectives saved about CZK 40 million more than in 2011", CP's officials said.

CESKA Pojistovna is part of GENERALI PPF Holding (active in fourteen CEE countries), a joint venture of the Italian insurance and financial group Assicurazioni GENERALI (with a 51% stake) and the Czech PPF Financial Group (49%). In early January, Assicurazioni GENERALI announced it will purchase PPF's 49% share for EUR 2.5 billion thus taking full control over the joint venture.