Insurance fraud costs UK £1 billion as fraudsters target bigger payouts
Summarised from 2 outlets · Updated 6 Oct, 08:42 · Archive
Insurance fraud cost the UK £1 billion last year, with average fraudulent claims reaching £14,300.
Insurance fraud cost the UK £1 billion last year, with fraudsters targeting increasingly large payouts. The average bogus claim reached £14,300. Motor insurance accounted for the bulk of detected fraudulent claims, according to the ABI, though fake travel insurance cases experienced a sharp rise in the period.
Insurers managed to prevent a further £1.8 billion worth of fraudulent applications before they were paid out, indicating that the true scale of fraud attempts significantly exceeds the claims that successfully reached payouts.
How it is being reported
- Fake insurance claims cost UK £1 billion as travel fraud skyrocketsThe Independent · 6 Oct, 08:03
- Insurance fraudsters ‘eyeing bigger payouts with average bogus claim at £14,300’Evening Standard · 6 Oct, 08:00
In this story: ABI · UK
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