General Insurance Article - AA Insurance welcomes dedicated insurance fraud unit


 The AA's insurance director, Simon Douglas, has warmly welcomed the formation of a dedicated 35-strong insurance fraud unit by the City of London Police (announced today, 12 July).

 "We supported this proposal when it was announced late last year. Fraud costs around ?16 million per week* so we think the ?9m cost to establish the unit, which is being funded by the insurance industry, is a small sum to pay and it should very quickly demonstrate that this is a sound investment.

 "While we think it will initially concentrate on the most significant insurance fraud cases, of equal importance is the impact it will have on people's appetite to commit insurance fraud in the future."

 Simon Douglas points out that according to the AA's British Insurance Premium Index, fraud has put car insurance premiums under severe pressure, rising by an average of 40 per cent to the year ending 31st March.

 "Insurance fraud is not a victimless crime," he adds. "It doesn't just affect the industry; it affects consumers too who have to pay for the consequences.

 "It's vital that the unit is up and running and working effectively with the Insurance Fraud Bureau and the insurance industry as quickly as possible. Only then well we start to see a real impact on insurance premiums."

Back to Index


Similar News to this Story

Insurance advice ahead of Storm Amy
As the Met Office names the first storm of the autumn, the ABI has issued advice to homeowners and businesses on how to prepare and what to do if they
Data reveals only 7% of properties are insured correctly
According to data collected from more than 43,000 comprehensive property assessments, only a worrying 7% of UK properties are insured accurately, with
Heathrow cyber attack shows the need for cyber insurance
Heathrow cyber-attack highlights need for parametric and preventive cyber insurance. Major European airports, including Heathrow, Dublin, and Brussels

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.