Fraudsters Squeezed £1.83B Out Of Insurers In 2018
Law360, London (August 29, 2019, 3:05 PM BST) -- Insurers were conned out of £1.83 billion ($2.22 billion) through 469,000 fraudulent insurance claims and dishonest applications in 2018, a trade group said, despite the industry spending approximately £250 million a year to crack down on scams.
Claims from a preacher and a rock guitarist were among the attempted frauds that led companies to pay out an average of £12,000 for each scam in 2018, the Association of British Insurers said.
Research by the trade group published on Wednesday showed that insurers handled 3% more fraud claims and dishonest applications in 2018 than the 457,000 in 2017. Insurers also paid out a greater amount...
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