Insurance Agency Singapore | Commercial Insurance and Personal Insurance

  • Products
    • Commercial Insurance
      • Work Injury Compensation
      • Public Liability
      • Foreign Worker Medical
      • Foreign Worker Bond
      • Fire/Burglary Insurance
    • Personal Insurance
      • Motor Insurance
      • Travel Insurance
      • Home Insurance
      • Personal Accident
      • Domestic Maid Insurance
  • Support
  • Contact Us
  • Blog
  • About Us

BUSTED: Fraud police uncovers the most blatant insurance scams

16 July 2015 By Digital Curator Leave a Comment

BUSTED The most blatant insurance scams uncovered by fraud police-credence insurance agency

Image via Flickr user 401(K) 2012

THE lengths insurance cheats go to in an effort to con money out of firms and raise the cost of premiums for the rest of us have been revealed by the City of London’s special fraud department.

From non-existent injuries to fake thefts, fraudsters use a variety of far-fetched stories to get underserved payouts, but firms have warned that they are cracking down on false claims.

Insurers uncovered an average 350 frauds worth £3.6million every day in 2014, according to the Association of British Insurers (ABI).

The trade body said that motor fraud was the most common scam, with detected cases up 12 per cent on 2013 and valued at £835 million.

However, the number of liability insurance frauds detected jumped by a huge 75 per cent with a value of £330 million.

James Dalton, ABI’s director of general insurance policy, said: “The vast majority of customers are honest, and should not have to pay for the fraudulent minority.

“Insurance cheats are now more likely to get caught than ever before, whether they are making a dishonest claim or lying when applying for cover to get a cheaper premium, and face long-lasting and serious consequences.

“As well as the possibility of serving a custodial sentence, they will find it difficult to obtain vital financial services such as mortgages and loans, future job prospects are likely to be adversely impacted and family relationships suffer.

Here are the most blatant scams that have been uncovered…

by Lana Clements

See Full Story on express.co.uk

Share this:

  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Industry Tagged With: insurance scam, police uncovers insurance scam, uncovering insurance scam

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Categories

  • Domestic Maids
  • Golf
  • Happenings
  • Health
  • Homepage
  • Industry
  • Interesting Stuff
  • Products
  • Tips
  • Uncategorized

Contact Us

  • 1 Soon Lee Street #02-43, Pioneer Center, Singapore 627605
  • Tel: 68978226
  • Fax 68978086
  • Business Hours:
  • Mon – Fri: 8am – 6pm

Our Location

At the west side of Singapore, our office sits on the second floor of the building.

1 Soon Lee Street
#02-43, Pioneer Center
Singapore 627605

Our Products

  • Fire/Burglary Insurance
  • Foreign Worker Bond
  • Foreign Worker Medical
  • Public Liability
  • Work Injury Compensation
  • Domestic Maid Insurance
  • Home Insurance
  • Motor Insurance
  • Personal Accident
  • Travel Insurance

Find Out More

We would love to hear your insurance needs. Tell us all about it by filling up our contact form.

If not, give us a call at +65 6897 8226
or email us at enquiry@credence.agency

Copyright © 2023 | Credence Agency