Fraud costs insurers '£4m a day'
Insurance fraud costs UK insurers some £4 million a day, new research has indicated.A survey by the Association of British Insurers (ABI) found that one in ten adults had admitted to filing a fraudulent insurance claim.The trade body said that their dishonesty was adding an average of almost £40 to the annual premiums of other policyholders and costing the industry £1.6 billion a year.Policyholders were most likely to lie about insurance claims related to their properties, the ABI survey of almost 7,000 people found.About half the total cost of dishonest claims each year relate to home contents and building insurance, the association confirmed.Meanwhile opportunistic fraud, where a claimant increases the true price of an item that has been damaged, is estimated to cost insurers more than £800 million annually.Commenting on the research, ABI's director of general insurance and health, Nick Starling, said: "Honest customers should not have to pay for the cheats."These figures highlight that greater deterrents, such as criminal prosecutions, are needed to discourage fraud. This is why we are calling for police forces to be given more resources so that fraud can be treated with the seriousness it deserves," he added, stressing that the recently established Insurance Fraud Bureau (IFB) was already having a "significant impact" on tackling organised insurance fraud.The IFB, launched by the insurance industry in July 2006, welcomed the government's response to the Fraud Review in March, but warned that greater police resources were needed on a national scale to maximise its own impact through a collaboration with law enforcement authorities.
5m Expected To Join Social Housing List
As the credit crunch continues to impact upon a range of areas of the UK economy it seems that the demand for social housing is set to mushroom over the next five year. The Local Government Association believe that the current problems in the UK property market will see the social housing waiting list pushed up to 5 million causing a massive strain on local authority budgets. While the above s...Read More
Is This The End Of Final Salary Pension Schemes?
News that the UK's top 100 companies have seen a massive fall in their pension funds values has led to suggestions that the end of the final salary pension scheme is nearing. In total the top 100 companies in the UK saw pension fund values fall from a surplus of £12 billion this time last year to a deficit of £41 billion today. The trend is being replicated across the board in the final salary...Read More
OECD confident on UK economy
The Organisation for Economic Co-operation and Development (OECD) has today released a report suggesting that the UK economy will outperform fellow G7 members in the third quarter of 2010. This will be a welcome relief for the UK government which is currently under major pressure regarding proposed benefits and public-sector investment cuts at a time when many in the UK are struggling to make ends...Read More
Study the stock market for signs of recovery in the economy
As more and more reports indicate ongoing improvements in the UK economy many experts believe there is no better indication than the UK stock market. Historically, stock markets around the world are estimated to forecast economic activity up to 9 months in advance which offers a perfect measurement of hopes and thoughts for the future. It would be wrong to say this particular method is infallible...Read More
BT under pressure after changing evening call times
At a time when the UK telecom market is more competitive than ever before it seems a rather strange moment for British Telecom to risk the wrath of customers by changing the times at which UK customers can make free evening phone calls. The company is changing its "evening" start time from 6 PM to 7 PM which will impact on many of the company's 10 million customers. While customers will only ne...Read More