Fraudulent insurance claims rise
Innovation Group, a firm dedicated to the provision of outsourcing and solutions to the global insurance sector, has revealed its first quarter figures for 2009 regarding investigative services provided to insurance firms.
In the first three months of this year Innovation Group dealt with nearly 4,000 suspect claims, for which zero settlements rose by 30% to 53% on the amount of claims the previous quarter.
The most common household claims were for technological devices such as laptops and televisions, with accidental contents damage coming in second.
Personal possessions, such as jewellery or money, were the third most frequent dubious claims.
Operations, Analytics and Data Service chief James Harding explained that there remains the perception that insurance fraud is a victimless crime.
However, Harding went on to say that innocent policyholders end up bearing the financial brunt of those who break the rules and claim falsely.
The news comes a month and a half after the ABI revealed that British insurers were detecting a record rate of fraudulent insurance claims.
False claims rose by 17% in number and 30% in value and made up one in every 25 claims during 2008.
Category: Insurance News
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