Insurance industry 'is healthy with a good reputation'
Commercial insurance
20th August 2010
The UK's insurance industry emerged from the financial crisis "very well", one expert has declared.
According to the British Insurance Brokers' Association (BIBA) technical and corporate affairs executive, there were not any "particular issues that affected our community" during the past couple of years.
"The insurance industry has a good reputation," Graeme Trudgill stated, adding that any fraudsters that enter the sector and are identified should be "dealt with harshly" by the relevant authorities.
He explained that UK insurance policy holders should make sure they have the right cover to give them the protection they need, such as home products that cover jewellery or any collections owned, advising speaking to a broker to ensure this.
The BIBA specialist's remarks come following the decision by the Financial Services Authority to issue one of the largest fines ever handed out for failings related to insurance fraud, charging one individual £150,000.
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