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It has been revealed that the Chancellor Alistair Darling held talks with some of the UK largest banks yesterday in a bid to try and avert a banking crisis in the UK. The meeting was attended by...
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Friday 19th October 2007
People who may be tempted to inflate their insurance claims have been warned that the industry is getting better at catching insurance fraudsters.
The Association of British Insurers (ABI) has revealed that the insurance industry is uncovering £1.3 million worth of fraudulent claims every day, which is three times as much as in 2003.
And the ABI believes that much of this is down to improved detection techniques and a greater emphasis on tackling the problem from the industry, meaning anyone considering fraudulent activity should think again.
According to the ABI's figures, insurance fraud costs the industry £1.6 billion every year, as well as adding £40 to the average premium.
As many as one in 11 claims have some element of fraud involved, with 85 per cent of fraudulent claims being down to inflating the value of an actual loss.
Nick Starling, director of general insurance and health at the ABI, warned: "The industry is fighting back. Insurance cheats are more likely to be caught than ever before. And cheats will pay a high price as future insurance and credit will be more expensive and harder to obtain."
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