Insurance Fraudsters: A study for the ABI

Commissioned by the Association of British Insurers, Perpetuity Research analysed previous research and interviewed people convicted of insurance fraud to gain insights into a range of insurance fraud. In this report fraudsters revealed the motivations for their offences, perceived risks, consequences and the types of opportunities they look to exploit.

Key insights:

• Insurance fraud is often opportunistic and unplanned, undertaken without full awareness of the consequences.
• Fraudsters often make mistakes and most cases should be easily detected by well trained insurer staff.
• However organised fraudsters look to exploit insurer weakness and public ignorance (for example ghost broking scams).

Professor Martin Gill who led the study commented:

“Offenders’ accounts of why and how they committed insurance frauds has reminded us of the importance of raising awareness that those who commit such frauds often get caught and the consequences are far greater than they realised. From the other side we learn that we need to raise public awareness about those who plan their scams and dupe the public; if in doubt check, and if your insurance quote looks too good to be true then it may be just that.”

Visit the Association of British Insurers website for more information.

You can download the full report below.