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Bank expected to hold fire on rates

Almost one-tenth of the population has made fraudulent claims on their insurance, a new study has shown. Research by information solutions provider Experian highlights that the UK's insurance industry pays out about £54 million on a daily basis in general insurance claims, despite over a fifth of the population believing that applicants exaggerate on their claims forms. Some 91 per cent said that they think insurance fraud is a serious offence, but 86 per cent stated that they were not certain as to whether they would report someone who they knew had claimed fraudulently. David Murby, managing director of Experian's insurance services division, said: "Despite two-fifths of the population claiming to know someone who has committed insurance fraud, the public is not inclined to report fraudulent activities. "Therefore, it becomes even more important for insurers to be the ones taking steps to protect themselves and their customers from fraudulent activities." He added that the survey also illustrated the necessity of the industry to increase awareness of the impact such crimes could have and change consumers' attitudes towards insurance fraud. A study conducted last month by showed that female drivers would be more likely than their male counterparts to be completely honest when claiming on their car insurance.

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