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Domestic Insurance Fraud - Literature review Example

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In the paper “Domestic Insurance Fraud” the author discusses the 2012 Association of British Insurer's publication, which states that up to fifteen fraudulent insurance claims are unearthed on a daily basis in the UK. These fraudulent claims may involve the invention or exaggeration of a claim…
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Domestic Insurance Fraud
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Download file to see previous pages Various top organizations such as KPMG have presented various statistics profiling household fraudsters, as shown in the table below.
One of the most interesting findings in a study conducted by Button, Pakes & Blackbourn (2013) states that there is almost a balance in terms of gender when it comes to dishonest claimants in household insurance. The research found that 54% of these fraudsters were men while 46% of them were women. The table above illustrates that due to men’s’ dominance in management positions, they are more likely to commit fraud. However, the research showed that if opportunities are going to be equal for both sexes then both sexes will commit fraud at almost an equal level. However, Button, Pakes and Blackbourn (2013) state that women involvement is quite high due to the fact that they (women) mostly handle domestic matters in traditional family settings.
When it comes to Age, the research by Button, Pakes & Blackbourn (2013) shows that dishonest claimants are mostly in the 31 to 50 age bracket. Those over fifty made the largest group which was 29 percent of total dishonest claimants. The age-group of 18 to 29 years of age only represented 14 percent of the entire group. The older people are most likely to own household products as well as insurance claims for these products; hence the big number of dishonest claims from older people
Looking at the occupation of claimants in household insurance, students, the retired, people in sales, marketing and people in clerical jobs have less dishonest claims, though their population would suggest otherwise. This does not imply that they are honest, for data on actual holdings of policies was not present. The occupations that had a more dishonest profile included the armed forces, health and caring, the unemployed as well as management level employees (Button, Pakes & Blackbourn, 2013). ...Download file to see next pagesRead More
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