Context
The ABI has published recent figures revealing £1.1 billion worth of fraudulent claims were detected last year, up 4% on 2022. The figures are a result from the ABI’s online fraud campaign, which aimed to raise awareness of types of fraud carried out online and through social media by using case studies, digital adverts and partnering with influencers.
Key points to note and next actions
Results found that:
- Insurers identified 84,400 fraudulent claims in 2023, a 16% increase on 2022, showing that the average value was £13,000.
- Motor insurance continues to be the area where insurers see most fraudulent claims occurring, and they detected 45,800 motor scams worth £501 million. This is 8% more than in 2022 and represents 54% of all claims made throughout the year.
- The average value of claims for the industry fell from £14,600 in 2022 to £13,000 in 2023, but this is the second-highest average claims fraud value on record.
- Property insurance frauds saw a 16% increase on 2022 to 16,700 claims, valued at £143 million, up 7% on 2022.