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.
Public support needed to tackle 'housing crisis'
Public support is essential if house builders are to play their part in resolving the UK's housing crisis, the industry has warned.With demand in desirable parts of the country continuing to outstrip supply, the country needs more houses.But the Home Builders Federation (HBF) has said local communities are often unwilling to have new developments on their doorsteps."We need to build more homes con...Read More
Nationwide’s mortgage lending falls by almost £1b
25/11/2014 Nationwide Building Society’s mortgage lending has fallen by almost £1 billion over the past six months, its interim results show. Nationwide, Britain’s biggest building society, has released figures showing lending at £13.1bn for the six months to September 30, down £900m from the six months to March 30. Net lending was £2bn lower at £3.6bn. New mortgages lending rul...Read More
Is British Airways being targeted by the shorters?
It has become apparent that over the last few days the number of short positions in British Airways has increased with the number of shares "on loan" rising from 22.47% to 29.54%. This is effectively investors selling British Airways shares (which they do not own) in the hope that the share price will fall, they will be able to buy back the shares, close their positions and create a profit. It...Read More
Savings account rates 'benefit from credit crunch'
Best-buy savings rates continue to rise due to the credit crunch, new figures from cahoot show.According to the online bank, the average rate now stands at 6.51 per cent, up from 6.27 per cent last year.This figure is all the more impressive when it is taken into account that the Bank of England's base rate has declined from 5.75 to five per cent over this period.The credit crunch has largely been...Read More
More people buying together
New figures show an increase in the number of first-time buyers (FTBs) who are buying a property together. Research by Scottish Widows found that 72 per cent of graduate FTBs bought a house or flat with a partner, family member or friend. Last year this figure was 69 per cent and this year's figures also reveal that more than two thirds of new buyers could afford to buy their partner out. Amand...Read More