| The F word in this case is Fraud and Insurance | | | | insurance fraud |
| Fraud means that the average premium paid by | | | | - If you live in the North of England you are 1.7 |
| policyholders is increased by £40 per year, | | | | time more likely to commit insurance fraud |
| according to a recent report. | | | | - If you have unsecured debt over £1,000 |
| With 1 in 11 claims reported to be in some way | | | | you are twice as likely to commit insurance fraud |
| fraudulent, false claims are costing the insurance | | | | - If you have a household income of less than |
| industry £4 million a day. And with 11% of | | | | £10,000 a year you are 2.6 times more likely |
| adults (or around 5 million people) having | | | | to commit insurance fraud |
| committed insurance fraud in the past 12 months, | | | | Of the 7,000 people questioned in the ABI |
| fraud is on the increase according to the | | | | survey, 85% of the fraudulent claims involved the |
| Association of British Insurers (ABI). | | | | exaggeration of the value of a genuine loss with |
| So who are these 5 million people? | | | | 15% of claims relating to a totally made up loss. |
| And what can be done to stop them taking | | | | "Insurance fraud means that honest people and |
| money indirectly out of our bank accounts? | | | | businesses throughout the UK are being punished |
| Well if you're a male, aged under 45 and are | | | | through no fault of their own", said Mark Burdett, |
| paying under £500 a year for your insurance | | | | the Marketing Manager for The UK's Business |
| whilst living in rented accommodation in the North | | | | Insurance Brokers, Northern Counties. |
| of England then maybe it's you as based on the | | | | "The cost of insurance fraud is on the increase |
| average, the report says that: | | | | and I believe the government should be doing |
| - People over 45 are less likely to commit | | | | more to discourage fraudulent behaviour. Tougher |
| insurance fraud | | | | penalties in the form of criminal prosecutions as |
| - If you pay over £500 for your insurance | | | | well as highlighting the seriousness of insurance |
| you are 50% less likely to commit insurance fraud | | | | fraud could both help reduce the number of |
| - Homeowners are less likely to commit insurance | | | | fraudulent claims and ultimately reduce what we |
| fraud | | | | all pay for insurance. |
| - Males are 1.6 times more likely to commit | | | | |