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Daily Insurance Industry News
Tuesday 17th of July 2018
December 17, 2008

Aon warns of fraudulent claims danger

by David Masters

Story link: Aon warns of fraudulent claims danger

Aon warns of fraudulent claims danger

Broker and risk manager Aon has warned that 2009 will be a year when UK insurers find their bottom line pressured by fraudulent claims and legal fees.

Economic recession will see a rise in fraudulent claims. In turn, this will push up legal fees, driving premium increases.

Meanwhile, the insurance claims landscape will be reshaped by environmental threats, terrorism, and product recalls.

Novel and unproven technologies, such as nano-technology, will expose insurers to new sources of liability.

According to Aon, these new threats will test the adequacy of current policy coverage and prove whether or not insurers are willing to pay claims for emerging and potentially costly events.

John Bell, Aon’s head of commercial claims, said insurers need to make sure that valid claims are paid swiftly to keep the economy moving.
Broker and risk manager Aon has warned that 2009 will be a year when UK insurers find their bottom line pressured by fraudulent claims and legal fees.

Economic recession will see a rise in fraudulent claims. In turn, this will push up legal fees, driving premium increases.

Meanwhile, the insurance claims landscape will be reshaped by environmental threats, terrorism, and product recalls.

Novel and unproven technologies, such as nano-technology, will expose insurers to new sources of liability.

According to Aon, these new threats will test the adequacy of current policy coverage and prove whether or not insurers are willing to pay claims for emerging and potentially costly events.

John Bell, Aon’s head of commercial claims, said insurers need to make sure that valid claims are paid swiftly to keep the economy moving.

 

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