THE INSURANCE FRAUD PROBLEM
Peter Upton, IFIG Chairman / 5th September 2005
Insurance fraud is one of the fastest growing and most costly white collar crimes affecting the UK today.

Whilst the full extent of the problem within the UK is currently unknown, it is estimated that Insurance Fraud activity costs in excess of £2 billion per annum.

Insurance Fraud occurs in a number of ways, but always involves someone trying to benefit from insurance transactions by deceiving others, generally by either:

• Knowingly providing false information when purchasing an insurance product in order to obtain insurance cover that either would not have been provided had the true facts been disclosed ; or alternatively to obtain cover on materially favourable terms;
  
  
• Knowingly presenting a fraudulent insurance claim by:
  
  - Fabricating a fictitious incident to enable a false claim to be made
  
  - Deliberately causing an incident to enable a false claim to be made
  
  - Including false items as part of a claim arising from a genuine incident

Insurance Fraud is a crime

Although it may appear at face value that the only victim of such activity is an Insurance Company, in reality Insurance Fraud affects every member of society in a substantial way.

IFIG’s key objective is to prevent such activity. If you would like to know more about IFIG then please use the contact section of this site.