Swinton Reveals a Quarter of Customers Have Exaggerated a Home Claim as Industry Cost of Fraud Soars to GBP 2.3 Million

Recent figures have uncovered an average 335 fraudulent insurance claims are made per day at a cost of GBP 2.3 million to the insurance industry. Home insurance is the most common type of cover on which people commit fraud with around 170 false claims made each day.

Swinton Home Insurance surveyed 1,200 online customers and found that 22% have exaggerated a story in order to fulfill a claim. Surprisingly, 37% said they would exaggerate their story for a successful claim. The leading contents insurance retailer is continuing to employ advanced techniques to catch out fraudsters, although many false claims are very easy to detect. For example, one man tried to claim for ‘stolen’ DVDs which had not yet been released in the UK.

Swinton is particularly keen to reduce the number of fraudulent claims as the increased premiums add an extra GBP 44 onto the average UK household’s annual insurance bill.

Steve Chelton, Insurance Development Manager at Swinton Home Insurance said, “We would like to reassure our honest customers that we are doing everything we can to put a stop to fraudulent insurance claims. The last thing we want see is honest customers being penalised through higher premiums. To those who do attempt to falsely claim, we warn that our system for detection is increasingly sophisticated and ‘if caught, you risk future problems in obtaining any insurance cover as well as a criminal record.

About Swinton

— With 603 branches nationwide Swinton is the UK’s largest high street insurance retailer — Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community — Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance

Contacts: SKV Communications Jonathan Brook, Caroline Eardley or Mairead Rodden 0161 838 7770 www.skvcommunications.co.uk

SOURCE: Swinton