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.
Prudential shares soar as financial position is strengthened
The Prudential has today announced a £1.1 billion cash injection to the company reserves via an asset sale in Taiwan and the receipt of future income from it's with profits fund. There had been severe fears in the market that companies such as Prudential would struggle to cope with any further downturns in the UK and worldwide stock markets but these fears seem to have been allayed, at least in t...Read More
Insurance premiums no longer varied according to gender
A European court of justice ruling, made in 2011, means insurance companies will no longer be able to vary premiums according to gender. The change will come into force on the 21st December 2012. Some insurers have not yet declared how much they plan to charge in the future but in most cases this will mean that women will be paying higher premiums than they currently do. Historically, femal...Read More
Conservative Party's national insurance claims thrown into doubt
A report by economists working for the shadow Chancellor George Osborne in 2007 has cast doubt on Conservative Party accusations regarding an increase in national insurance and the impact this would have on the employment market. The Conservatives are claiming that a 1% increase in national insurance would lead to 57,000 job losses in the UK although using the formula from the 2007 report this cou...Read More
Insurance warning regarding burglaries
While it will come as no surprise to the UK population to learn that crime, fraud and scams increase in frequency during difficult times, a forecast 50% increase in burglaries by the end of 2009 may surprise many. This is the figure being suggested by the insurance giant Norwich Union which is being used as a warning for those considering reducing their home insurance cover or those who have cance...Read More
What Is An Underwriter? (Part Two)
Following on from part one of our article on underwriters, we hereby enclose details of how insurance underwriters operate.
When you take out any insurance there is always a risk that you will use the insurance to claim for a loss of some kind, whether it is the cost of refurbishing a home after a fire, a car accident, or any other form of financ...