Insurance fraud costs us all millions and millions of pounds every year and it is reaching epidemic proportions.
Even though ultimately we all bear the brunt by way of increased insurance premiums it seams a growing of us still submitting fraudulent insurance claims.
According to a recent report by Experian ( credit rating agency ) the rates of insurance fraud are up again.
Statistics taken from Experian show that 11 in every 10,000 applications and claims in 2011, where fraudulent. That is a massive 23 % rise from 2010.
There figures also show that 89% of insurance fraud seams to come from a certain demographic of our population. Young, poorly-educated individuals living in small towns by comparison middle-aged, middle and skilled working class individuals and young, well-educated professionals accounted for a still stocking 43% of all cases.
Even more worrying is that right across the UK’s financial services sector the overall rate of fraud at point of application increased again by 4% last year.
This takes the total to just over 17 in every 10,000 insurance and FSA regulated applications.