Fraud
Bumper year for FCA fines and unauthorised firm warnings
The Financial Conduct Authority issued 522 unauthorised firm warnings and an unconnected £227.3m in fines for the year up to March 2019, both signifying a jump.
Blog: Future-proofing the broker model
The insurance market seems stuck on the idea that digitisation and a move to app-based insurance products, will negatively impact brokers. Inzura CEO Richard Jelbert explains why they should be seen as an opportunity instead.
First Central looks to raise external investment to fund “ambitious plans for the future”
First Central Group is seeking external investment which will see its founders reduce their stake in the Guernsey headquartered insurance group, Post can reveal.
Blog: Model risk management in insurance - what does the future hold?
Risk management within the insurance industry has drastically changed within the last 10 years and, according to Henry Umney, CEO of Cluster Seven, this is mainly due to regulatory responses to the 2007 financial crisis.
Pet insurance fraud 'unlikely' to be the next cash for crash scam
While there is “no doubt” that pet insurance fraud goes on there are hurdles which mean it is probably not going to be the source of a cash for crash style insurance swindle, according to Robin Hargreaves, past president of the British Veterinary…
Go Compare joins Cifas
Price comparison website Go Compare has joined fraud-busting body Cifas.
Blog: Claims and Fraud – Collaboration will end the zero-sum game
Will the Post Claims and Fraud Summit on 21 November serve as another arena for the claimant and defendant sectors to go another nine rounds of verbal fisticuffs? Michael Lynch, head of insurance partnerships at Minster Law, offers his views.
This month in Post: Thomas Cook-up
In a week that was dominated by personal injury fracas, the revelation that Thomas Cook self-insured against all but the “very largest” PI claims may well take the cake for biggest botch up.
CBL Corporation delists from New Zealand Stock Exchange
CBL Corporation has delisted from the New Zealand Stock Exchange, effective from close of play today.
Grenfell fraudsters claimed £775,000 from the victims’ fund
Fraudsters have been convicted for falsely claiming a total of £775,000 from the Grenfell Tower victims’ fund.
Fraudster found guilty of explosion insurance scam that injured 81 people
Insurance fraudster Pascal Blasio has been found guilty of causing an explosion at his shop that injured 81 people and damaged or destroyed 63 buildings.
This week: All at sea
The fraudulent claims we’re used to hearing about involve banged-up cars and invented cases of whiplash. Ones involving oil tankers, pirates, the Admiralty Judge, and statements given in places as far-flung as Aden and Manila are somewhat harder to come…
Victory for insurers in $77m 'pirate attack' fraud case
A High Court judge has ruled that insurers do not need to cover the cost of an alleged pirate attack on an oil tanker because the ship’s owner was responsible for the incident.
2019 Insurance Fraud Awards: Full list of winners
Zurich was the big winner at the 2019 Post Insurance Fraud Awards picking up three awards, and a highly commended including top prize in the Investigation of the Year category.
Special report: The future of claims in commercial broking
To find out what brokers think of commercial claims handling Post and Aviva carried out some extensive research. Sam Barrett reflects on results that highlight insurers have some way to go to meet their expectations.
Blog: Cyber crime - keeping ahead of evolving threats
With the imminent explosion of Internet of Things devices via the 5G rollout and the systemic rise in the use of artificial intelligence, technology is increasing both in complexity and connectivity writes James Maass, cyber incident specialist at CFC…
QBE's Cécile Fresneau on turning data into actionable information
While as an industry we hold large volumes of data and information, actually having valuable, reliable, timely data that is informative and can be turned into insight and action is a different thing altogether, particularly in an industry where many of…
FCA raises alarm over two unauthorised firms using social media
The Financial Conduct Authority has alerted consumers to two unauthorised insurance firms offering car insurance in the UK.
Allianz increases fraud savings by 30%
Allianz has uncovered more than £29.6m worth of fraud in the first half of 2019, an increase of £6.9m compared to the same period last year.
Watchstone files a £63m counterclaim against S&G
Watchstone has filed a counterclaim for damages of £63m against Slater & Gordon, following permission from the High Court.
Insurers face rising application fraud
The industry saw 1300 insurance scams every day last year at an average cost of £12,000 each, according to numbers released by the Association of British Insurers.
‘Phantom fraudster’ handed a four month suspended sentence
A man has been handed a suspended sentence after making a fraudulent claim against Cardiff Council in road traffic accident case, despite dropping his initial claim.
Blog: Breaking the under-reporting habit
In order to solve a problem, we need to accept that it’s there. This principle is common sense – and it certainly applies to insurers’ fight against financial crime, says Dennis Toomey, global head of insurance fraud at BAE Systems.
FCA sounds alarm over Instagram brokers
The Financial Conduct Authority has issued a warning over two brokers operating without a license via Instagram.