Insurance Fraud

Abstract

There is no doubt that the cost of fraud against insurers is growing, recent estimates by the Association of British Insurers suggest that as much as £2m is lost every day to fraudsters. Fraud occurs in many different forms against insurers and the varying scams are as legion as any other form of financial crime. As with many other financial crimes, there is evidence to suggest the fraudsters' ventures are taking on an international flavour. Life insurers have to contend with counterfeit or bogus death certificates from certain third world countries, while general insurers have to sift their way through millions of pounds worth of false or exaggerated travel insurance claims every year. Travel and holiday insurance policies are considered to be the worst affected areas for fraudulent claims.