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Source: CompareSavvy.com
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Saturday, 23 January 2010
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 Fraud with insurances is costing the United Kingdom more than £30 billion a year, according to the latest annual indicator report published by the National Fraud Authority.
Fraud costs the economy more than £600 per person each year – double the previous estimate – according to official research published on Friday that most likely still understates the problem. The first annual figures published by the new NFA are dominated by tax scams, while private sector stings account for almost a third of the total loss of more than £30bn.
The Association of British Insurers' (ABI) director of general insurance and health Nick Starling highlighted the importance of the industry's "zero tolerance policy" on fraudulent crime.
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He responded to the figures by saying: "Fraud costs every family in the UK. In these tough economic times, the last thing people need is to be paying for fraudulent activity."
"Dishonest insurance claims alone cost around £2 billion year, which adds on average an extra £44 a year to every household's general insurance budget."
The Insurance Fraud Bureau reported that working closely with law enforcement agencies has resulted in more than 300 fraud arrests in recent years.
Brits could save money on their health insurance cover by using price comparison sites to find the best deal to meet both individual and family needs, but risk invalidating their cover if they do not disclose information about pre-existing medical conditions of which they are aware. |
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