The ABI has stressed that the fight against fraud must continue as its annual detected fraud data reveals that 1.16 billion worth of fraudulent general insurance claims were identified in 2024 - a 2% increase on the 1.14 billion detected the previous year.
Insurers uncovered over 98,400 fraud-related claims in 2024, a 12% rise from 81,100 in 2023.
Motor insurance continues to be the area where insurers see the most illicit claims occurring, and they detected 51,700 motor scams worth 576 million. This is 5% more than in 2023 and represents 53% of the total number claims made throughout the year.
Breaking motor insurance down, the value of fraudulent claims for domestic policies increased by 36 million (9%) year-on-year, while the figure for commercial policies remained relatively stable – rising by 1.7 million (1.3%).
Insurers also identified 18,700 deceptive property insurance claims worth 189 million – 11% more than the volume of claims detected during the previous year.
When looking at the types of fraud scammers attempted to commit, exaggerated loss remains the most common. This is when someone deliberately attempts to increase the cost of a claim beyond its true value. Claims for this type of fraud rose by 10% and amounted to 466 million.
Alongside this, insurers prevented an estimated 684,800 fraudulent insurance applications, a 7.4% increase from 2023. Application fraud is when important information is...
(Washington, D.C.) – Akin announced today that Sara McLean has joined the firm as a regulatory and health care & life sciences partner in Washington, D.C. A luminary in the False Claims Act (FC...