Figures issued by the ABI (Association of British Insurers) reveal the value of fraudulent insurance claims uncovered by insurers has, for the first time, topped £1 billion a year! Little surprise then, the industry's clampdown on insurance cheats has intensified during the last year.
In addition the City of London Fraud Insurance Department (IFED), the specialist police unit dedicated to tracking insurance fraud across England and Wales, has investigated millions of pounds worth of insurance scams, making hundreds of arrests and securing a growing number of convictions. Also, the Insurance Fraud Bureau (IFB), an industry-funded organisation tasked with disrupting organised motor insurance fraud, is currently helping police forces across the country. The total value of scams under investigation is worth over £75 million with more than 60 criminal gangs being targeted. The numbers are huge and it is no wonder the insurance industry is working so hard to clean up the mess.
Figures from the ABI reveal that in 2012:
> Insurers detected 124,292 bogus or exaggerated insurance claims – the equivalent of 2,390 a week. The value of these frauds was £1.1 billion – or £21 million, uncovered every week
> Home insurance fraud were the most common with 51,000 detected, worth £95.5 million
> Dishonest motor insurance claims were the most costly, with savings of £614 million made from 42,700 dishonest claims made under personal and commercial motor policies
> The overall value of frauds which were uncovered almost doubled between 2007-2012, and the number of frauds detected increased by over a third in the same period.
Just imagine if these frauds had not been discovered and had been paid out – the premiums on all insurance policies would go through the roof! People forget that when they make a bogus claim, someone has to pay for it – and those people are the honest people.
At Westhill Insurance Services we pride ourselves on being honest, straight forward and down to earth. We won't sell you insurance you don't need, and we will shop around to get the very best deal to suit your pocket. No matter what type of insurance you need, and whether it is for private or commercial use, you know you can trust us to take care of you. At the same time, should something happen and you need to claim, we are there for you to take away the stress and help you deal with the situation. So make one call to one of our friendly and helpful team at Westhill Insurance Services and get a professional on your side - because when the chips are down, you need a company you can rely on.
Contact Westhill Insurance Services, today.