Exposing UK Insurance Frauds Saves $5.58 Million a Day
Wednesday, 07 15 2015, Category: Insurance and Reinsurance, Country: United Kingdom
The Association of British Insurers (ABI) has published figures showing that £3.6 million [$5.58 Million] a day is being “saved by exposing insurance cheats.” It is only one of the “factors helping to keep the cost of insurance down for honest customers, with the price paid for the average comprehensive motor premium down 5 percent in 2014, and the average price paid for home contents down 3 percent.”
The insurance industry’s ongoing crackdown against insurance fraud is highlighted by ABI figures published today on insurance frauds uncovered in 2014. The figures listed are as follows:
— Insurers detected 130,000 fraudulent claims, equivalent to 350 every day, up 9 percent on 2013.
— The value of these frauds was £1.32 billion [$2.054 billion], a 3 percent increase on 2013.
Source: Insurance Journal