Tag: Association of British Insurers

British insurers are tackling insurance fraud more effectively

Logan B.
insurance fraud

Insurance fraud continues to be a problem for the industry, but insurers are fighting back Insurance fraud has been a problem that insurers have been dealing with for nearly as long as the industry has existed. Over the past few years, fraud has become a much more significant problem, however, as fraud methods are becoming more sophisticated and insurers are becoming more exposed to extreme financial losses. Insurers are doing what they can to combat fraud, however, and are becoming more adept at weeding it out and identifying those responsible.…

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Insurance fraud exposure generate a daily savings of $5.58 million

Julie Campbell
fraudulent insurance claims jail scam

A new ABI study has shown that the efforts to stop fraudsters are saving consumers in the U.K. The Association of British Insurers (ABI) has now released its data about the impact of exposing insurance fraud in the United Kingdom, and the results are showing that it is saving consumers a massive amount of money. The report showed that a daily $5.588 million (£3.6 million) is saved because of exposing insurance cheats. According to the report, the daily amount is saved by consumers in the U.K. “saved by exposing insurance…

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Cyber insurance is becoming more common

S.Vagus
Cyber Insurance policies commissioners industry

ABI predicts that the cyber insurance market will become more common in the coming decade Cyber insurance coverage may become the new normal in 10 years’ time. The Association of British Insurers (ABI) has claimed that cyber insurance products will become significantly more common in the United Kingdom and elsewhere by 2025. In early March, a report from Marsh and the UK government showed that only 2% of large businesses in the UK have cyber coverage. This may be a costly problem for these businesses as they face significant risks…

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Flood insurance program attracts criticism in the UK

Logan B.
UK Flood homeowners Insurance companies Flood Re Plan

Flood Re may be three times more expensive than the benefits it offers Flood insurance is becoming a costly issue for homeowners in the United Kingdom. Flood Re, an insurance initiatives designed by the UK government and the Association of British Insurers, may be a costly burden on homeowners that want to protect their properties. According to the Committee of Climate Change, Flood Re will cost three times more than the benefits that it will provide to consumers. This could mean that many homeowners will be uninterested in purchasing flood…

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Auto insurance fraud is causing trouble in the UK

Nordstrom
auto insurance fraud

New report shows the prevalence of insurance fraud throughout the United Kingdom The Association of British Insurers has released a report concerning auto insurance fraud in the United Kingdom. According to the organization, some 500 people lie on their insurance applications forms every day. The report shows that in 2013, 3,500 fraudulent applications were filed with insurance companies every week. These applications contained information that was inaccurate, if not outright incorrect. Applicants often left out important information that would determine the cost of their insurance coverage. Fraudulent insurance applications are…

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