While in class a bulk of our discussions focus on financial related risk, as Dr. Klein stated, it is important to consider other risks as well, such as people risks.
This particilar aticle warned that the recession could lead to higher levels of claims against liability policies.
Suzanne Kearney, and insurance company director, described the credit crunch as ‘potentially a breeding ground for fraud.’
She stated that during the financial downturn in the 80’s motor fraud increased rapidly and she is seeing the same trends right now. Currently, motor fraud is at risk of increase and claims are on the increase in even the most well ordered companies.
She also stated that obvious signs of fraudulent injury can include a sudden unexplained rise in claims at one location, refusal to entertain non-financial compensation such as rehabilitation, and repeat claimants.
http://www.strategicrisk.co.uk/story.asp?sectioncode=23&storycode=374842&c=2
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