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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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