Tag: Association of British Insurers

Insurance fraud reaches record heights

Julie Campbell
California Insurance company Fraud scam

According to the ABI, in the United Kingdom, fake claims last year topped £1.3 billion. The Association of British Insurers (ABI) has now revealed its latest figures regarding insurance fraud, which have shown that last year bogus claims exceeded £1.3 billion, breaking records from previous years. The vast majority of that total amount came from false or exaggerated claims made on auto policies. The ABI also pointed out that insurance fraud throughout the industry – not just in the auto sector – has been on the rise at a startling…

Read More

Could Insurers Refuse Payment for Unlocked Homes?

Guest Author
home security cybersecurity insurance industry

If you’re leaving your home for just a few minutes, it can be tempting to not bother to lock up while you pop over to the store or collect the kids from school. However, literally anything can happen in that period, and a recent rise in the number of insecurity burglaries—thefts from unlocked homes—could eventually mean that any subsequent insurance claim becomes invalid. Stretched Resources All across the world, police forces have their resources stretched by local crime, and one unit in the UK is clearly getting tired of dealing…

Read More

Homeowners insurance companies urge U.K. residents to buy coverage for flooding

H. Cutner
Flood Insurance and reinsurance

Flood policies may become vital as flood alerts and warnings are issued across the country. The warnings and alerts regarding the risk of flooding across the United Kingdom has caused homeowners insurance companies to caution property owners that separate coverage for floods is required in order to protect them against rising waters from the rains that have been lashing several regions. They are being told to go over their policies and make sure that there won’t be any unwanted surprises. For those who do have flood protection added to their…

Read More

UK Supreme Court issues ruling on controversial asbestos liability case

The United Kingdom Supreme Court has issued a ruling on a controversial case concerning asbestos in workplaces. The issue arose in 2008, when a number of people came forward to seek reparations after being diagnosed with mesothelioma, a type of lung cancer connected with inhaling asbestos and other fibrous materials. The country’s appeals courts struggled to determine whether liability lied with employers for exposing workers to dangerous conditions or if liability began when a victim started exhibiting symptoms of illness. Despite the conflict, the High Court ruled in 2008 that…

Read More

Many U.K. homeowners may not be able to obtain flood insurance by 2014

H. Cutner

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…

Read More