Fraud makes policies more expensive, says AA Car Insurance
www.moneynews.co.uk > Insurance > Fraud makes policies more expensive, says AA Car Insurance
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Fraud makes policies more expensive, says AA Car Insurance
Tue 20th Jul 2010
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President of the AA Edmund King explained that the cost of meeting claims was 22 per cent more than the money received by insurers, meaning there is a financial "chasm" that needs to be filled.
The firm noted that insurance premiums rose by 11 per cent during the quarter ending June 30th and Mr King puts this down to fraudulent activity.
He remarked: "Insurers are increasingly charging higher prices to these people to cover the increased fraud risk."
AA Car Insurance revealed that the speed at which the cost of a premium is going up currently is the fastest on record.
Last month, the firm's pet insurance division claimed that there is currently a trend for people to name their animals after famous footballers, such as David Beckham, Eric Cantona and George Best.
Click here for more insurance news
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Related News : AA |
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