ABI: Insurance fraud costs UK £1.9bn annually

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www.moneynews.co.uk > Insurance > ABI: Insurance fraud costs UK £1.9bn annually

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ABI: Insurance fraud costs UK £1.9bn annually

Insurance fraud is on the rise and is costing the UK around £1.9 billion every year, it has been claimed.

According to the ABI, £5.2 million worth of bogus claims are lodged daily – 24 per cent more than two years ago. Additionally, the organisation revealed that £730 million in claims were rejected last year due to their suspect nature.

There has also been an increase in the number of people lying to gain cheaper insurance cover, the ABI revealed.

"There is no hiding place for insurance cheats. Honest customers should not have to pay for the fraudsters," explained Nick Starling, director of general insurance and health for the association.

He added that closer inspection of insurance applications will ensure that more of these false claims are thwarted in the future.

Last week, the ABI assured travellers that if they catch swine flu while abroad, it will be treated the same as any other illness from an insurance perspective.

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