Insurance fraud at an all time high

Fri, 30 Jul 2010

Insurance providers are discovering more than 2,300 fraudulent claims every week, which is the highest figure on record, according to the Association of British Insurers (ABI).

The most recent figures on insurance fraud from the ABI reveal an increase on last year, when 122,000 fraudulent claims were identified each week, worth a total value of £840million and a 14 per cent rise on 2008 figures.

Of the record high number of insurance claims, worth over £16million, car insurance fraud accounted for the highest value at around £140million. The most prevalent were false home insurance claims, which totalled 62,000 bogus or exaggerated claims. False personal injury claims also made up a significant proportion of the 8,500 dishonest liability claims that were detected by insurance companies .

Nick Starling, director of general insurance and health at the ABI, said: "Reducing fraud remains an ongoing battle for the insurance industry. Our honest customers rightly object to having to pay higher premiums to subsidise the fraudulent minority, which is why insurers continue to up their game in the war on the cheats."
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