Tag: ABI

London tower block fire wasn’t without warning from the insurance industry

Julie Campbell
Grenfell London tower block fire

The Grenfell Tower building was completely destroyed in a massive blaze, killing at least 79 people. The London tower block fire that led to the death of at least 79 people and injured many others did not occur without warning. The insurance industry in the United Kingdom had previously warned the British government that the external surfaces like the one on Grenfell Tower and several other buildings are flammable and dangerous. The insurance industry’s warning was issued a month before the killer blaze that shook the city and shocked the…

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Widespread auto insurance fraud detected through driver database

H. Cutner
auto insurance business suit man luxury

Within the first year that insurers have had access to this database, there has been an 18 percent increase in detection. By the first anniversary of the day that the government in the United Kingdom provided auto insurance companies with access to the details of more than 40 million motorist details through a driver database, the insurers were capable of using the information to detect a far higher number of fraudulent applications. In fact, there was an 18 percent increase in the number of detection of lies on application forms…

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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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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…

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