Daily Insurance Industry News
Daily Insurance Industry News
Saturday 21st of July 2018
June 14, 2011

Brokers back harsher fraud penalties

by Richard Kilner

Story link: Brokers back harsher fraud penalties

The overwhelming majority of brokers believe that insurance fraud warrants harsher penalties, and that a database of fraudsters to be accessed at the point of sale would help deter the crime.

Groupama Insurances surveyed over 200 brokers, who opined that the industry ought to share more information relating to fraud to better tackle the problem.

Counter Fraud Manager at Groupama Insurances Andy Pagett expressed pleasure at the finding that 72% of brokers agreed they had a role to play in fighting fraud.

Pagett went on to say that Groupama was already speaking with certain key partners to try and find a way to exchange intelligence and reduce the risk of fraud.

This month the proposed Insurance Fraud Register (IFR) will be put before the General Insurance Council for approval and funding, Pagett added, going on to say that Groupama firmly supported the IFR.

Earlier this month, a FraudStoppers report from Legal & General revealed that two-thirds of brokers felt that fraud could not be stamped out, with three-quarters feeling that the recession had exacerbated the problem.


News posted:

Related stories to Brokers back harsher fraud penalties: