Fraud - Watching out for the sting
Claims fraud is present in all lines of insurance and forces up premiums. Scott Clayton gives the lowdown on what it looks like and how to combat it
Many statistics are published about the perceived level of fraudulent activity within the UK, but in reality nobody knows exactly how much fraud costs.
Research by the Association of British Insurers estimates that fraudulent insurance claims now cost insurers over £4m every day and that the annual cost of insurance fraud is approximately £1.6bn (Source: Association of British Insurers, 2007). This evaluation translates into an approximate 5% increase on premiums.
Though the exact cost of fraud
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