Fraud costs insurers '£4m a day'
Insurance fraud costs UK insurers some £4 million a day, new research has indicated.A survey by the Association of British Insurers (ABI) found that one in ten adults had admitted to filing a fraudulent insurance claim.The trade body said that their dishonesty was adding an average of almost £40 to the annual premiums of other policyholders and costing the industry £1.6 billion a year.Policyholders were most likely to lie about insurance claims related to their properties, the ABI survey of almost 7,000 people found.About half the total cost of dishonest claims each year relate to home contents and building insurance, the association confirmed.Meanwhile opportunistic fraud, where a claimant increases the true price of an item that has been damaged, is estimated to cost insurers more than £800 million annually.Commenting on the research, ABI's director of general insurance and health, Nick Starling, said: "Honest customers should not have to pay for the cheats."These figures highlight that greater deterrents, such as criminal prosecutions, are needed to discourage fraud. This is why we are calling for police forces to be given more resources so that fraud can be treated with the seriousness it deserves," he added, stressing that the recently established Insurance Fraud Bureau (IFB) was already having a "significant impact" on tackling organised insurance fraud.The IFB, launched by the insurance industry in July 2006, welcomed the government's response to the Fraud Review in March, but warned that greater police resources were needed on a national scale to maximise its own impact through a collaboration with law enforcement authorities.
Barclays bank shares in freefall
Barclays bank shares fell again for the ninth straight day amid concerns that the bank is running short of capital and will need a fund-raising exercise in the short to medium term. Despite chief executive John Varley stepping into the breach and suggesting the bank does not need a fund-raising exercise, investors appear to think otherwise. So what exactly is going on?
The 8p fall h...
Tesco’s profits fall by 92%
23/10/2014 Tesco have suffered a 92% fall in pre tax profits this year, resulting in Tesco chairman Sir Richard Broadbent stepping down from his role in the firm. Tesco have also announced that they overstated their profits by £263 million, more than the £250 million originally thought. Britain’s biggest retailer have also reported a sharp fall in sales and profits for the first half of...Read More
Have you considered your pension fund arrangements?
As the controversy regarding the UK budget continues to die down many people are now looking towards the future and their pension fund arrangements. However, there are a growing number of people in the UK who have either ditched their short-term pension arrangements or not even considered them. These are the people who will suffer severely as the value of the UK state pension continues to fall in...Read More
Sir Stuart Rose and his £2.8 million leaving present
Sir Stuart Rose, who many believe was the brains behind the recovery in Marks & Spencer, will see his salary boosted to £4.3 million after he received a £2.8 million bonus made up of shares and additional payments. It seems as though Marks & Spencer is waving goodbye to a whole host of directors who came in under the stewardship of Sir Stuart Rose as Marc Bolland seems intent on clearing the dec...Read More
Aldi and Lidl attracting attention from middle-class shoppers
While there is no doubt that the cheaper end of the food retail market has enjoyed something of an Indian summer throughout 2008 who would have thought that so-called middle-class shoppers would be attracted to the likes of Aldi and Lidl?
However, this appears to be the case with the likes of Waitrose apparently missing out on increased business because of the UK consumer's decision...