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 government details loans under RBS insurance scheme
The UK government has today issued details of the Royal Bank of Scotland's participation in the asset protection scheme and there is some concern about the make-up of the loans in question. More than half of the £280 billion of loans in the scheme have been agreed with foreign entities, something which is causing concern within the UK government. In reality, the UK taxpayer is paying to ensure lo...Read More
Insurance fraudsters find understanding with general public
Insurance fraud is not taken as a serious offence by many Britons, a new poll reveals.According to ITV, who conducted the survey for its new Fiddles, Cheats & Scams series, only one in four people would report such a scam if they came to find out about it.Moreover, a similar number expressed "sympathy" for some of these fraudsters, while 56 per cent said that they "could understand" why some peopl...Read More
Britons 'don't think they need' travel insurance, poll finds
More than 13 million Britons will go on holiday this summer without first taking out travel insurance, Sainsbury's Finance said today.According to the firm, one in five people believe that they "can't afford" the cover - while a further third feel that they "do not need" it.Surprisingly, youngsters were found to be showing a more responsible attitude to their summer holidays than their elders.Whil...Read More
Why Is Car Insurance Fraud On The Increase?
If ever there was a self fulfilling prophecy then the car insurance market may well be it!
A recent report by the Association of British Insurers (ABI) claims that car insurance fraud in the UK has increased by 70% over the last 3 years. As the cost of running a car continues to spiral upwards many drivers are being left with very few ways of paying off their debts. The fact that...
Car insurance market set for overhaul
24/09/2014 The car insurance market is set for an overhaul, following an investigation by the Competition and Markets Authority (CMA). One the major changes will be a ban on exclusive pricing deals between insurers and price comparison websites. The CMA said that these exclusive pricing deals meant that insurers could not make their products cheaper through other channels, such as alterna...Read More