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Insurance Fraud Costs Each Household Every Year

insurance claimsFraudulent insurance claims are worth more than £1 billion pounds every year. Insurance firms and the authorities discovered more than £1.32 billion in fraudulent insurance claims last year, but experts have warned that this is just the 'tip of the iceberg'.

Figures from the Association of British Insurers (ABI) have claimed that these acts of fraud add £90 to every household's bill. The figures are backed up by the City of London Police and their national fraud unit. Insurers spent over £200 million last year on fraud prevention. These firms discovered more than 350 fake claims per day across car, motor and home insurance policies.

Industry insiders have warned that the amount of fake claims going undiscovered could be much more than the data suggests. Stephen Gaywood, a fraud specialist at the AA, said: "Most insurers believe this is the tip of the iceberg. Those attempting to defraud their insurers are increasingly likely to get away with it but the industry's focus needs to be stepped up."

There was a surprise announcement in the budget last week which stated that £68 is going to be added to every household bill, sparking the new report. James Dalton from the ABI said: "Whether they are making a dishonest claim or lying when applying for cover to get a cheaper premium, insurance cheats are more likely to get caught than ever before. They face long-lasting and serious consequences."

James Savery, 16 July 2015

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