Rising risk of insurance industry financial crime 

clock • 4 min read

Insurers uncovered more than 96,000 fraudulent claims worth a total of £1.1bn in 2020, according to the latest report by the Association of British Insurers (ABI), with the average fraudulent insurance claim up 6% on the previous year, says Joel Lange, head of business management at Dow Jones. Even more worryingly, it is estimated that a similar level of insurance fraud goes undetected each year, highlighting the importance of tackling financial crime in the industry.  Despite the changing threat landscape, a general perception that the insurance sector is low-risk means that anti-mon...

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