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By Dexter Morse & Lynne Skajaa
"No one would dispute that access to justice should be encouraged, but every time that a fraudulent claim is paid, a grave injustice is done. Fraudulent claims divert money and resources and drive up claims costs which are ultimately passed on to us all by way of increased premiums. The subject of this book should, therefore, be of interest to a very wide audience and its practical and forward thinking approach is invaluable to lawyers and insurers alike." - Claire McKinney, President Forum of Insurance Lawyers (FOIL)
"There is a continuing need to look at the fraud issue but we also need to challenge the traditional thinking behind the investigation techniques. Our regulator challenges us to treat our customers fairly and this means getting out approach to fraud right. The primary objective should be the quick and effective settlement of the vast majority of claims that are valid - enabling the appropriate resources to look at the potentially dishonest minority. This book will be an important addition to any insurance practitioners training and competency regime." - Fiona Andrews, Claims Faculty, Chartered Insurance Institute (CII)
Insurance fraud is a growing problem on a global scale. The ABI estimates that fraudulent insurance claims on motor and household policies alone cost insurers in excess of £1 billion every year.
This book provides an analysis of the insurance industry's response to the problem and examines fraud from legal and practical perspectives to determine how to manage and reduce fraud.
Key issues covered include: fraud in the insurance and reinsurance context, a look at industry-wide initiatives and individual insurance companies' approaches to the problem, consideration of recent legal developments and a look at how insurance fraud is tackled in other jurisdictions. Includes a chapter on marine insurance fraud.
- 1. What is Insurance Fraud? How Does the Law View It?
- 2. The Typical Insurance Fraudster - Is There Such a Thing?
- 3. Insurance Fraud Indicators
- 4. Fraud in Insurance Law Generally
- 5. Fraud in Marine Insurance Law
- 6. Fraud in the Reinsurance Law Context
- 7. The Insurance Industry's Response
- 8. Recent Developments - A Hindrance or a Help to Tackling Insurance Fraud?
- 9. The Approach of Other Countries to the Problem of Insurance Fraud
- 10. Conclusion