CHIEF EXECUTIVES FROM three of the largest insurance companies in Ireland have been scrutinised recently over statements they made to the Oireachtas.
They stated that fraudulent claims are part of the reason for rising premium costs in Ireland, along with high legal fees and high court awards . “We would see from investigations on our personal injury side that up to 20% of cases would have potential issues or potential signals that we would then have to look at to investigate further,” McGrath told the committee.
CEO of FBD Fiona Muldoon said exaggerated claims are “at least as big or a bigger issue” than fraudulent claims.“We do estimate that fraud is about 20% of which we catch about half of it,” said Jackie McMahon, chief claims operator for FBD. The definition of fraudulent and exaggerated claims differs between companies. Allianz defines a fraudulent claim as any deliberate attempt to seek compensation through criminal deception, misrepresentation or exaggeration.
“Based on our assessment of claims notified to us we have concluded that approximately 20% of them have triggers identifying them as potentially fraudulent or exaggerated,” said O’Neill. “Representatives of An Garda Siochana stated at the Oireachtas Committee that 50 cases of insurance fraud were reported by insurers in the past eight months,” said John Byrne, head of communications at Insurance Ireland.
Insurance Ireland estimated in 2016 that the total annual cost of fraud to the Irish insurance industry is approximately €200 million. Around 50% of this is to the cost of motor.The insurance companies provided us with details about how they suspect 20% of cases as being exaggerated or fraudulent claims – but they didn’t say how many of these actually turned out to be so.
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