Pet insurance fraud jumps 500%
News from Pet Business World News:

Pet insurance fraud is thought to cost the industry £2m, according to figures released for 2011 by the Association of British Insurers, a vast hike from the previous year when it was estimated at only £420,000. More recent figures are not available.

Aquarium Software, which develops and delivers cloud technologies for the insurance markets, says that despite this, the pet industry is trailing behind the home and motor protection markets in its fraud prevention measures.

Mark Colonnese, sales and marketing director, said: “Here at Aquarium, we are well aware of the cost of insurance as people look to ensure their pets’ health and well-being.

“As treatment is becoming more costly so are premiums, which are pricing many pet owners out of the market. This is why it is even more important that insurers do all they can to ensure they keep their costs down and we believe with our track record in other markets, we can help keep would-be fraudsters at bay – and in turn ensure the cost of premiums are as low as possible.”

Last year, pet insurance cost £478m in the UK.

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