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 home holidaymakers 'not taking out insurance'
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Lloyds bank in dispute with the Treasury
As we approach D-Day for the Lloyds bank rights issue, it would appear that the company is currently in dispute with the Treasury over the its participation in the government's asset protection scheme. The whole point of the proposed £25 billion pounds rights issue is so that the company can improve its balance sheet and also protect the assets which were going to be injected into the asset prote...Read More
Insurer’s urge Consumers to hide Christmas Gifts
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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...
MPs Call For Changes To Use Of Insurance Surpluses
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