Insurers pledge to tackle fraud in their industry

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Fraudulent insurance claims are costing honest customers and insurers nearly £4 million pounds every day, a new report suggests.

According to the Association of British Insurers (ABI), fraudulent insurance claims cost a total of £1.6 billion every year and add £40 to every single premium in the UK.

The ABI found that one in ten adults admitted making fraudulent insurance claims - with dishonest home contents and building insurance claims proving to be the most common.

Unplanned and opportunistic fraud is thought to cost the insurance industry £800 million a year.

"These figures highlight that greater deterrents, such as criminal prosecutions, are needed to discourage fraud. This is why we are calling for police forces to be given more resources so that fraud can be treated with the seriousness it deserves," warned Nick Starling, the ABI's director of general insurance and health.

"Honest customers should not have pay for the cheats. Insurers are committed to reducing the fraud problem. We are devoting greater resources to weeding out the cheats, and working together to detect and combat fraud."

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