Insurance fraud peaks at 2300 claims a week
The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising?
While there's no doubt that insurance fraud has been ongoing for ever and a day in the UK, even though monitoring systems have been approved, it is the onset of the recession which has brought home just how difficult the financial situation is in the UK. As a consequence, more and more people are now willing to take the chance that they could be prosecuted for fraudulent insurance claims in the knowledge that many insurance companies will look to avoid expensive legal fees.
However, that is not to say that insurance companies will sit by and let insurance fraudsters rule the roost because this would encourage more people to step forward with "borderline" insurance claims in the future. Unfortunately, in the short term it will yet again be law-abiding citizens in the UK who are left to foot the bill for an ever-increasing problem.
UK insurance trap could hit 7 million people
It has been revealed that a number of UK insurance companies have small print built into their contracts, one of which demands that those acquiring policies need to reveal any past convictions or minor offences against their name. A recent case regarding a property which was the subject of an arson attack brought the small print to light when a £241,000 payment was paid back to Aviva after the co...Read More
Insurance industry hovering over Royal Bank of Scotland
After last week's announcement that the EU commission will look to force Royal Bank of Scotland to dispose of its insurance interests, namely Churchill, Direct Line and Green Flag, many in the insurance industry are now rubbing their hands with glee waiting for the bargain of a lifetime. Despite the fact that the three well-known brands in the UK will probably go for around £5 billion to £6 bill...Read More
Life insurers 'important in improving health levels'
It has been claimed that life insurance companies are beginning to play an important role in helping the UK population to become healthier.As concerns surrounding obesity continue to rise, life insurance companies that offer people discounts for maintaining a healthy lifestyle or offer free gym membership can be a useful way to encourage people to remain healthy, the Association of British Insurer...Read More
Level term life assurance is seen as a ‘safe’ option. When you take out the policy you agree a term length with the insurance provider, as well as an amount you wish to have paid to your estate in the event that you die during the agreed term. In a sense it is a type of insurance you never want a payout from, but it also an extremely useful and simple way of providing your family with future f...Read More
Most competitive car insurance providers named by site
A price comparison site has named the UK's most consistently competitive car insurance providers. According to research conducted by moneysupermarket.com's car insurance channel, the cheapest car insurers are Kwik Fit and Swiftcover with an average premium of £276.74. Meanwhile, Quinn-Direct and the RAC were named third and fourth best with average premiums of £282.80 and £289.59 respectively.H...Read More