Insurance Fraud Costs GBP2bn
Published / Last Updated on 02/04/2012
Insurance Fraud Costs £2bn.
The National Fraud Authority (NFA) has reported that insurance fraud is on the up in organised crime.
It estimates, based upon figures from the Association of British Insurers (ABI) that £2.1bn of all insurance claims last year were fraudulent.
Most fraud comes from the general insurance sector such as houshold, motor and commercial insurance.
Life Insurance and pension fraud is comparatively low given the nature of what must happen to make a claim.
Overall, when you combine all elements of financial fraud, the NFA suggests that over £73bn of fraud each year impacts on the UK economy.
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