UK Money News
25th January 2008
Insurance industry 'increasingly alert to fraud'
The insurance industry in the UK is becoming increasingly alert to issue of policy fraud, according to one expert on the subject.
Insurance is a key part of many people's personal finance planning, but there are individuals who try to cheat the system who must be targeted and tackled, suggests Graeme Trudgill, from the British Insurance Brokers' Association (Biba).
Mr Trudgill claims that the efforts of insurance fraudsters serve to increase the premiums and the possibility of trouble with money for innocent consumers around the country.
He said: "The insurance industry pays out over £1 billion a year in fraudulent claims and it is a big worry.
"This is why the fraud bureau has been set up, to help protect the innocent customers."
Research by uSwitch.co.uk last year found that almost 2.5 million Britons have withheld information from their insurance providers that could under certain circumstances lead to their policy being declared invalid.
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