Report predicts insurance fraud will hit £2.5bn mark
General insurance fraud losses could reach £2.5bn in 2010, according to research from Experian.
Experian's latest Insight Report showed that insurance fraud rates almost doubled in the final quarter of 2009, from nine detected frauds in every 10,000 applications in Q3, to 16 in Q4.
With uncertainties over the economy likely to lead to unemployment remaining higher for longer, Experian predicted insurance fraud losses could reach £2.5bn.
The findings coincided with the publication of law firm Keoghs' 2010 Motor Fraud Index, which revealed that motor fraud was affecting more of England's
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