ABI – insurance fraud costing industry billions
by Kay Murchie
A spokesperson for The Association of British Insurers (ABI) has said that the insurance industry is making a loss of roughly £1.6 billion a year through fraud. The spokesperson added that such claims may be for relatively small amounts of money but when added together, it represents a significant loss.
As well as causing a serious problem for the insurance industry, consumers may be finding that fraudulent claims are affecting them too.
ABI Added that insurance fraud adds approximately 5% to all premiums which is then paid for by sincere consumers.
Data produced by the North West Forum states that 10% of adults have confessed to making a fraudulent insurance claim. The Forum established that nearly 50% of all false claims come under home contents or buildings insurance policies.
Discuss this in the Finance Markets forums
Story link: ABI – insurance fraud costing industry billions
Add to Bookmarks:
Related financial stories to: ABI – insurance fraud costing industry billions
- Survey: One in ten admit to insurance fraud
- Insurance industry facing claims of £1 billion
- New measures from insurance industry re climate change
- Increase in fraudulent insurance claims
- Fraudulent motor insurance claims worth £5 million every week
- Survey: 8 percent admit to filing fraudulent insurance claims
- Vet bills costing £1.5 million a year
- Massive fraud hits French bank Societe Generale
- Thousands of pounds wasted on insurance policies
- UK credit, debit card fraud down in 2006
Previous: « Britons relying on property to provide pension
Next: Asia-Pacific markets up on credit market hopes »
Visited 907 times, 2 so far today
