Insurance Fraud Statistics

Insurance Fraud Statistics - Investigate.co.ukAccording to the latest figure from the ABI (Association of British Insurers), £3.6 million worth of insurance frauds were exposed every day in 2014 – a record high.

 

Figures aren’t available for 2015 yet, but it would suggest that insurance fraud is continuing to spiral upwards and, as things currently stand, the value of frauds is actually double the cost of retail crime in the UK.

 

Other key findings from ABI’s statistics include:

  • The detection of 130,000 fraudulent claims in 2014. This equates to 350 every day and the figures are up 9% on 2013. The value of these frauds is estimated at £1.3 billion.
  • Motor insurance frauds were the most common accounting for 67,000 of the 130,000 claims detected which is up by 12% compared to 2013. These frauds have been valued at £835 million.
  • Liability insurance frauds have risen by 75% to 19,800 with an estimated value of £330 million. This is a 20% rise on 2013 and includes many fraudulent claims of so called ‘slip and trip’ incidents.
  • Conversely, property insurance frauds are down by 29% compared to 2013. This has been put down to the strong deterrent messages that have been pushed out by insurance companies.

 

Insight Investigations have many years’ experience in investigating insurance frauds and have worked across a broad range of domestic and commercial cases. If you need any advice on an insurance investigation matter, please get in touch and speak to one of our specialist team.