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Latest news updates: Tesco beats expectations and launches £500m share buyback

Mount Equity Group Tokyo, Japan > News > Markets > Latest news updates: Tesco beats expectations and launches £500m share buyback

Spurious claims detected by UK insurers fell by a tenth last year, a drop attributed by the industry to the knock-on effects of closing business premises and locking down drivers during pandemic restrictions.

General insurers identified 96,000 fraudulent claims in 2020, the lowest number since 2007, according to the latest data from the Association of British Insurers. Government schemes also helped to keep a lid on numbers by alleviating financial hardship, which contributes to such attempts, said Mark Allen, ABI’s chief fraud and financial crime officer.

Motor, the largest segment, had a 6 per cent fall in fraudulent claims, which the trade body put down to fewer vehicles being on the roads. The drop tracked an overall fall in claims during the pandemic that boosted the profits of car insurers.

Fraudulent travel claims also dipped as a result of the pandemic, though the ABI reported some colourful attempts, including a claimant…

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