Insurance Fraud Is Costing £1.6 Billion A Year!
A report into the Insurance industry has highlighted the massive levels of suspected fraud, which is estimated to cost the industry in the region of £1.6 billion a year - or £40 a year in extra premiums for each insurance policy holder in the country.
There has long been an uneasy relationship between the public and insurance companies, who are often accused of withholding insurance payouts, or inserting small print which effectively reduces the value of policy claims. This tense relationship has worsened over the years as insurance premiums rise, and policy holders (often forced by law to hold such insurances) struggle to keep up with payments.
The insurance industry has always been shrouded in mystery for many, with calculations, assumptions and payout totals never really fully explained. This has led to a significant increase in claims relating to household property, with “deliberate†spills and cigarette burns more common place now than ever before.
More recently there has been a large increase in personal injury claims - a trend which many believe has been imported from America - and while there is no doubt that many are genuine, there have been common occurrences of fraudulent claims. The “Where there is blame, there is a claim†culture is growing stronger by the year, and it seems inevitable that premiums are set to rise again in the short term.
Never has it been more important to shop around for the best insurance deals, many of which can be accessed and compared automatically online. You will be very surprised at the difference in quotes between the Insurance companies!
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