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(From Post Magazine)
Insurers have almost doubled fraud detection during the past three years but are still only identifying 20% of fraudulent claims, according to figures from the Association of British Insurers.
A survey by the ABI showed that insurers are detecting GBP3.5m worth of fraud a week, with a total of GBP200m uncovered in 2004. It said this was a 95% rise on 2002 and reflects increased resources, new fraud detection techniques and sharing of information between insurers.
However, its estimates in 2003 showed there was GBP1bn worth of fraudulent insurance claims on motor and household policies alone, …