The Association of British Insurers said the number of fraudulent claims dropped by 19 to 72,600 last year, marking the lowest figure since 2005.
Fraudulent insurance claims tumbled by nearly a fifth to the lowest level since 2005 last year but the value of the average scam surged to a record £15,000 as fraudsters are increasingly “aiming big”, according to a report.
The latest figures show the average value of an insurance fraud soared by 20% to an all-time high of £15,000 last year. Mark Allen, the ABI’s assistant director and head of fraud and financial crime, said: “While it is good to see the industry’s collaborative efforts delivered results in 2022, there can be no room for complacency.
“These latest figures highlight that some fraudsters are aiming big, with some large frauds uncovered.In one example of a recent fraud case, a man was jailed for 16 months for making 15 bogus travel insurance claims worth £75,000, using the identities of people he knew. In most cases, she made up the names and breeds of the animals for which she had taken out the cover.
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