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Revisiting co-insurance

With insurance law under thorough review by the ?Law Commission, Gerald Swaby asks whether the UK should ?adopt the international approach to fraud by co-insured parties

22 February 2013

Fraudulent claims are a particular problem for the insurance industry. Over 140,000 cases are detected annually; amounting to £1bn. Undetected fraud claims are estimated to be double this amount, with available figures indicating a rise of 7 per cent on the previous year.

Since January 2006 fraud has been one of the areas considered jointly by the Scottish Law Commission and the Law Commission as part of a root-and-branch review of insurance contract law. For consumers there is already greater fairness in provisions for proportional indemnity payments where they have made an inadvertently incorrect answer to an insurer’s questions under the Consumer (Disclosure and Representations) Act 2012.

However, as the Law Commission concluded in its review, a new bill should be proposed towards the end of this year that will codify the current common law provisions regarding fraud into statute....

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