According to a survey by consultancy company Accenture, exaggerated insurance claims are becoming too common. The company polled around 1,000 people to chart the frequency of insurance fraud being committed. Worryingly, the survey showed that one in six people knows someone who has made a false or exaggerated claim, and nearly 15% of people thought that fraudulent claims were acceptable saying that lower value claims were justifiable!
Despite this, 97% of those polled said that they considered it important that insurance companies investigated fraudulent claims.
Our view
Based upon years of experience and having seen similar surveys in the past, we would suggest that the level of fraud is even higher. Insurers allow, particularly in household insurances, that most claims have an element of exaggeration therefore "fraud" is even higher.