The Association of British Insurers (ABI) has revealed an extra £50 a year is added to the annual insurance bill, for every UK policyholder as a consequence of fraudulent claims. The premium is attached to policies for freehold buildings insurance and all other types of policy.
The Association of British Insurers (ABI) has revealed an extra £50 a year is added to the annual insurance bill, for every UK policyholder as a consequence of fraudulent claims. The premium is attached to policies for freehold buildings insurance and all other types of policy.
Launching its new insurance fraud register, the ABI said 2,670 fraudulent insurance claims worth £19 million were being uncovered every week by insurers. Around 139,000 bogus or exaggerated insurance claims were detected in 2011, up 5% on 2010, with the value of savings on these frauds nearly £1 billion.
The register will contain details of all known insurance fraudsters, aiding the detection and prevention of fraud by insurers.
