Insurance firms are kicking out fraudulent claims worth around £1 million per day, a new report states.

Recent research carried out by the Association of British Insurers (ABI) claims that insurers are uncovering fraudulent claims worth roughly £480 million a year. This is around three times the amount detected in 2003, with one in eleven claims now, in some way, fraudulent.

Around 85 per cent of fraudulent claims involve the exaggeration of a genuine loss, the report states.

"Fraudulent insurance claims cost £1.6bn, and add £40 a year to the premiums paid by honest customers," Nick Starling, director of general insurance and health at the ABI, said

"However, the industry is fighting back. Insurance cheats are more likely to be caught than ever before. And cheats will pay a high price as future insurance and credit will be more expensive and harder to obtain."

The best estimate for undetected insurance fraud is around £1.6 billion a year.

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