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.
RBS in renewed talks to sell stake in insurance division
After the swings and roundabouts of the last few days it has now been revealed that not only will Royal Bank of Scotland (RBS) be receiving a massive cash injection from the government, but it is still in talks to sell off a stake in its insurance operation. Renewed talk in the markets is suggesting the RBS is on the verge of selling a 51% stake in the business (which includes the likes of Church...Read More
Home theft hotspots revealed by new study
BS7 in Bristol and DN7 in Doncaster are the two postcodes in which home theft is most common, moneysupermarket.com revealed today.The financial website also said that eight London districts were in the top 20 most burglary-heavy areas.Moneysupermarket.com derived its results from studying home insurance claims data.After Bristol and Doncaster, Canvey Island SS8, Nottingham NG8 and Birmingham B15 c...Read More
Has Gordon Brown made a big mistake with the national insurance increase?
Despite various attempts by the Labour Party to take the subject of national insurance off the headlines over the last few days there is no doubt this is becoming something of a major issue. The Conservative party is adamant that the increase in national insurance contributions is actually a tax on jobs and is hounding the UK government this weekend. It is also becoming evident that this is having...Read More
AIG bailout gives some relief to markets
News that insurance giant AIG has been bailed out by the US authorities at the final hour has given stock markets around the world a little bit of breathing space in the short term. The move, which many see as highly unusual, saw the US government affectively take control of the giant by injecting $85 billion into the company in return for a stake of nearly 80%. The two year loan allows the grou...Read More
Home Insurance Protecting your home is vitally important – after all it is probably your most financially valuable possession. There are generally two types of home insurance – buildings and contents. Buildings If you think of all the things you wouldn't take with you when you move house - then those are probably covered by buildings insurance. It's not j...Read More