Fortis Insurance chief speaks out about insurance fraud

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Fortis Insurance chief speaks out about insurance fraud

Tue 1st Nov 2005

As insurance fraud becomes almost acceptable in our society, the chief of Fortis Insurance has spoken out about what must be done to eradicate fraud from the industry.

Barry Smith, chief executive at Fortis, has said that the government must work together with the industry to tackle this problem.

He told the Institute of Economic Affairs fifth annual conference that "fraud and malpractice do exist" but that it was "down to us all to drive out fraud".

And with the total cost of fraudulent claims rising to £1.5 billion a year, it is feared that consumer confidence in the insurance industry could "erode".

Mr Smith concluded by saying that fraud had "the potential to become much worse" as technology developed and the number of customers making claims via the phone and online continues to rise.

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