The cost of UK insurance fraud each year:
Doing the right thing
We want to reduce fraudulent claims and keep our insurance premiums competitive and affordable for your clients. Find out what we're doing to tackle the fraud problem head on.
In 2010, the insurance industry detected around 2,500 dishonest claims each week1, but it's still not enough, undetected fraud is estimated to cost the industry £2 billion a year1. This costs each of your clients an additional £44 on their annual household insurance bills so fraud is not a victimless crime.
Honest customers shouldn't pay more than necessary for their insurance because of the greed of fraudsters. That's why we're determined to ensure that genuine claims are paid promptly and fraudulent claims are reduced.
Although the scale of undetected insurance fraud is huge, the industry is working hard to stamp it out:
KEY STATISTICS
- In 2010 the value of savings from detected frauds represented 5% of all claims, compared to 4% in 20091
- £919 million of fraudulent claims were detected and prevented in 20101
- Only 56% of consumers in our survey believed that exaggerating a home insurance claim was fraud2
- 53% of consumers want the industry to be tougher on fraudsters3
Check out what the experts think
We’ve talked to some of the industry’s top experts to find out what they think about insurance fraud and how you could help them stop it.
Fraud events 2012
Sign up now for our workshops in 2012, providing guidance on how to spot and prevent fraud.
Legal & General in the news
We’ve made a big splash in the news with our fraud campaign, take a look to see what everyone is talking about.
Hear what the experts think
Find out what the experts think about insurance fraud and how you could help them stop it.
Unbreakable
In our videos we prove that laptops and iPhones are tougher than you think!
Order your client leaflet
We’ve put together a useful leaflet for you to share with your clients that will help them understand more about insurance fraud.
1 ABI News Release 28 July 2011
2 Legal & General research – September 2011
3 Legal & General FraudStoppers Report 2011
© Legal & General Group plc 2011
