According to recent research by the ABI, 40 per cent of households in the UK have life insurance, while in 2006 the UK insurance industry paid out £17 million a day in death benefits.
Speaking about the findings, Mr French said: "Life insurance companies have a number of checks and balances in place to minimise fraud and there are very low levels of fraud in the life insurance arena."
"Insurance companies will carry out careful checks where it is appropriate to make sure fraudulent activity does not slip through the net."
The ABI is a trade body established to protect the interests of the UK's insurance industry, representing around 400 companies across England, Scotland, Wales and Ireland.
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