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Insurance Fraud – test your knowledge

by: (Associate Director, Research and Development) on

The UK Association of British Insurers (ABI) estimates that fraud adds, on average, an extra £50 to the annual insurance bill for every UK policyholder. According to ABI figures, in 2014, insurers uncovered 130,000 fraudulent claims worth £1.32 billion. There are a variety of Insurance Fraud typologies utilised by fraudsters.

insurance fraudThe City of London Police (CoLP) Economic Crime Directorate is recognised as the national policing lead for fraud in the UK and is dedicated to preventing and investigating fraud at all levels. The Insurance Fraud Enforcement Department (IFED) identify multiple insurance fraud typologies. We have listed six below. Some seem quite similar on first glance.

Test your knowledge – can you provide a definition for each?

Have a go, then reveal the correct answers. 

How did you get on?

Did you get them all? There are similarities and distinctions between many of the insurance fraud typologies outlined above – but the key driver is the deception and the impact is huge for all concerned.

The new ICA Advanced Certificate in Managing Fraud can help in managing fraud risk more successfully. Find out more about managing risk in the insurance sector here.

(For further information on the typologies above, please see the CoLP website: https://www.cityoflondon.police.uk/advice-and-support/fraud-and-economic-crime/ifed/Pages/Types-of-insurance-fraud.aspx).

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