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Insurance fraud crackdown 'is working'

By Wesleyan

The battle against insurance fraud is helping to keep more money in the pockets of honest customers, new figures suggest.

The Association of British Insurers (ABI) says 130,000 fraudulent claims were exposed last year, saving the industry well over £1 billion.

And that, says the ABI, has helped drive down the average amount paid for comprehensive car cover by five per cent and the typical premium paid for a home contents insurance policy by three per cent.

The number of insurance fraudsters uncovered in 2014 equated to around 350 each and every day, with the total nine per cent up on 2013.

The ABI says last year the amount saved by detecting fraud totalled £1.32 billion - or £3.6 million per day.

More than half (67,000) the frauds detected in 2014 related to motor insurance claims, worth a total of £835 million.

Meanwhile, almost 20,000 liability insurance frauds - worth a total of £330 million - were exposed.

Copyright Press Association 2015

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