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News Tag: insurance fraud

November 24, 2012

Crash for Cash fraudsters adding £400m to premiums

by Jan Harris
Crash for Cash fraudsters adding £400m to premiums
The growing problem of ‘Crash for Cash’ schemes is highlighted in a new report by the Insurance Fraud Bureau (IFB). This type of fraud, in which organised gangs deliberately cause traffic accidents in order to make fraudulent insurance claims, is costing UK policyholders around £400 million every year. The IFB is working with the police across the UK to combat the ...




September 13, 2012

Insurance fraud register launched

by Jan Harris
Insurance fraud register launched
The Association of British Insurers (ABI) has launched the Insurance Fraud Register in an effort to cut the number of fraudulent insurance claims. Around 400 fraudulent insurance claims are made each day, according to an ABI report. This adds up to £1 billion a year and means that insurance premiums cost an average of £50 more than they need to. It is hoped that reducing ...




November 17, 2011

Pet Insurance Fraud Soars

by Jan Harris
Pet Insurance Fraud Soars
Pet insurance fraud almost quadrupled last year according to the Association of British Insurers (ABI). In 2010 pet insurance fraud totalled £1.9 million, while in 2009 it was just £420,000 according to the ABI’s figures, although the true scale is believed to be even higher. Policy holders are trying to cheat the system in a number of ways including getting rid of their ...




July 27, 2009

Insurance fraud costs £1.9bn per year

by David Masters
Insurance fraud costs £1.9bn per year
Undetected insurance fraud has increased 24% in the past two years, the Association of British Insurers (ABI) said this week. Insurance fraud has soared to an estimated £1.9 billion per year, the ABI said, equivalent to £5.2 million per day. Detected insurance fraud has also increased, with £730 million worth of claims rejected in 2008, a 30% increase compared to 2007. As insurers have ...




May 1, 2009

Premium hikes to ‘infuriate’ motorists

by David Masters
Premium hikes to 'infuriate' motorists
Premium hikes on car insurance will leave motorists 'infuriated', a price comparison site claimed this week. Gocompare.com said insurers are raising premiums by record amounts due to soaring claims costs and increased insurance fraud. Hayley Parsons, Gocompare.com chief executive, said: "These increases are likely to infuriate drivers when they are passed on via their renewal quote." She added: "Those drivers who simply accept their renewal ...




March 10, 2009

AA warns against car insurance fraud

by David Masters
”AA
Being 'economical with the truth' when buying car insurance is false economy, motor insurer the AA has warned. Failing to admit to previous claims or convictions is insurance fraud, the AA said, and will result in insurance being voided if the cover-up is discovered. "Not telling the whole truth amounts to fraud and can result in your cover being voided, possible prosecution and ...