What is there to complain about this week?
Big bad fraud
Major frauds against insurance companies totalled £17.1m last year, according to accountancy firm BDO’s Fraudtrack Report for 2011. The annual snapshot, which covers all reported frauds worth more than £50,000, represents a drop compared to 2010’s figure of £20.3m.
FSA individual fines soar
The FSA slapped a record-breaking £12.9m in fines against individuals in 2011, up 47% on the figure of £8.8m recorded in 2010. However, the good news is that the total figure for fines was £65.5m - 25% lower than the record £87.7m in 2010.
Record loss
in 2011 Munich Re said total insured losses hit $105bn (£67.5bn) last year, which exceeded the previous high of $101bn in 2005, the year of Hurricane Katrina.
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