They are prepared to tolerate it as they can pass on the cost to policyholders, the Alliance for Insurance Reform claimed. Alliance director Peter Boland claimed most insurers settle fraudulent and exaggerated personal injury claims rather than going through the cost of challenging them. He said this means the incidents of insurance fraud reported to gardaí amounts to less than 0.5pc of third-party injury claims in motor insurance alone. Insurance Ireland insisted that fraud detection and prevention receive a high level of support from senior executives of member firms. It said there are plans for an Insurance Fraud Coordination Office under the Garda National Economic Crime Bureau.

Source: Irish Independent July 19, 2021 01:30 UTC