ABI: Insurance fraud on the rise
www.moneynews.co.uk > Insurance > ABI: Insurance fraud on the rise
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Money News |
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ABI: Insurance fraud on the rise
Thu 16th Apr 2009
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According to the ABI's figures, there were 107,000 fraudulent insurance claims filed in 2008, which represents an increase of 17 per cent on the previous year.
The total value of these claims rose by 30 per cent, to £730 million. Home insurance was the most common target of false or exaggerated claims, but in terms of total value, falsified motor car insurance claims came out on top.
Nick Starling, the ABI's director of general insurance and health, said: "Fraud thrives in a recession, so insurers are intensifying their crackdown on insurance cheats.
"Fraud adds an extra £40 a year to the average premium, which is why the harder we make it for the cheats, the more competitive premiums will be for honest customers."
The ABI is a representative body whose members account for 90 per cent of the UK's general insurance market.
Click here for more insurance news
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