Insurance Fraud

fraudulent claim

Fraudulent insurance transactions occur when false claims are made against insurance companies. One in ten claims in the insurance industry is fraudulent. ABI fraud The fight against insurance fraud continues to be a sector policy issue. By 2016, insurance companies had discovered 125,000 doubtful insurance entitlements worth 1.3 billion pounds.

Estimates suggest that every year a similar amount of fraud goes undiscovered. That is why insurance companies are investing at least 200 million pounds each year to detect fraud. Underwriting fraud affects all types of insurance.

One end of the range may be used by the opportunist to commit fraud when, in the course of their daily experience, individuals come across the possibility of inventing or exaggerating a right or of making deliberate or frivolous misrepresentations when seeking insurance. Conspiracy fraud is a serious felony that can have serious implications for con artists who see their career perspectives impaired, who find it more difficult to obtain insurance and other essential life insurance products, who face prosecution and even prison sentences.

Fraud in insurance also has an impact on the wider community as precious human capital, such as NHS and court funds, is devoted to the treatment of fraud. Trustworthy insurance holders receive higher insurance rates because the cost of cheating is transferred to the customer. Insurance companies continue to strive to provide outstanding services and cover all real losses as quickly as possible.

Fraud, however, continues to pose a significant risk to the sector. In order to safeguard loyal clients, the sector has and continues to devote significant funds to deterrence and detection of insurance fraud. Conspiracy isn't a felony without a victim. Deceptive entitlements push up the price of insurance for sincere clients and make it more costly.

You can help us to detect scammers by notifying them and to take them to court with the help of regulatory authorities and law enforcement. Should you have the suspicion that someone has insurance fraud, please notify them to the Insurance Fraud Bureau (IFB) cheese line at 0800 422 0421 or by completing a questionnaire on the IFB website.

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