Insurers Handling £1.2B In Fraudulent Claims In A Year
Law360, London (September 7, 2020, 11:33 AM BST) -- Insurance businesses uncovered more than 100,000 fraudulent claims in 2019 worth £1.2 billion ($1.6 billion), or 300 scams daily, according to the Association of British Insurers, which on Monday said fraudsters would suffer "severe consequences."
Motor insurance fraud is the most common crime, and has risen 6% to 58,000 since 2018, the ABI said. There was also a significant rise in property fraud: 27,000 dishonest claims were detected in 2019 with a value of £124 million — an increase of 30% in number on the previous year.
"The industry makes no apology for its relentless pursuit of insurance cheats … insurers...
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