Airmic fraud warning
Fraud is on the rise as the economic gloom deepens, Airmic members have been warned at a joint briefing organised by RSA and Crawford & Company.
Suzanne Kearney, director of SLS, a Crawford company, said: “Claims are on the increase in even the most well ordered companies.”
During the economic slowdown of the 1980s motor fraud increased exponentially. The same trends were emerging this time, she said.
Redundancy was one factor that could trigger increased employers’ liability claims, she said, as employees express dissatisfaction with the economic slowdown.
Signs of spurious injury could include a sudden unexplained rise in claims at one location, refusal to entertain non-financial compensation such as rehabilitation, and repeat claimants.
Brit GWP grows
Brit Insurance has reported a 10.5% rise in gross written premium (GWP) to £1.12bn for the first nine months of this year.
Brit UK recorded GWP of £262.1m over the period, up 14.9%.
Brit UK said its motor premiums had risen because of growth in private motor and rate increases.
The group estimated claims arising from hurricanes Gustav and Ike at $17m (£9m) and $81m respectively, net of reinsurance recoveries and reinstatement premiums.
Brit Insurance made a loss of £13.9m, (a return of -0.46%) on its investments in the three months to the end of September, largely driven by unrealised
mark-to-market valuations.
Commenting on the results, chief executive Dane Douetil said: “We see a more positive rating outlook for 2009 than some months ago.”
