Insurance scams totalling £1.1bn detected in 2022
The value of the average insurance fraud case rose by 20% to £15,000 in 2022 according to the Association of British Insurers.
The ABI’s figures also show a 19% drop in the number of insurance scams that were uncovered in 2022, compared to the preceding year.
The data paints a similar picture to recent years, and the ABI pledged that there would be “no let-up” in its crack down on insurance fraud.
The most recent figures show that 72,600 fraud cases were reported in 2022, with the number of opportunistic frauds falling by 18% to 63,000 cases.
These latest figures highlight that some fraudsters are aiming big. This
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Biba 2026 Countdown: Aviva’s Michael Yabantu
Michael Yabantu, managing director of mid-market at Aviva, is keen to talk to brokers to work together to address the protection gap for customers and hints that the insurer’s Wednesday night event might have an element of Madness to it.
Flaxmans opens claims insight library for brokers, legal advisors and insurance practitioners
Flaxman Partners has launched The Flaxmans Library, offering insight into why claims fail and where misunderstandings arise in practice.
Aventum makes first MGA buy as it pushes into Continental Europe
Aventum has bought Rotterdam-headquartered specialist marine and logistics managing general agent Post & Co in its first ever MGA acquisition.
Dual expands social care proposition
Dual UK has enhanced its social care proposition providing cover for the operational and regulatory requirements of children’s homes and special education needs schools.
UK a key focus for US consolidator Doxa over next three to five years
The UK will be a focus area for US distribution consolidator Doxa for the next three to five years following the Eaton Gate deal, with sights set on growing the products range, team builds and strategic tuck-in acquisitions.
Biba 2026 Countdown: Axa’s Matt Field
Matt Field, partnerships director at Axa Insurance UK – retail, invites people to visit its van on the cobbled area next to the conference centre and warns against burn out by over-filling your diary with appointments.
Clear pushes on with MGA rebrands
Clear has rebranded Accelerate Underwriting as Shape Digital and Thomond Underwriting as Shape Underwriting Ireland in further changes to its managing general agents division.
Broker Direct teams up with Chinese insurer for property product suite launch
Broker Direct has partnered with China Taiping to provide property insurance products designed with brokers in mind.