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SECTION I FUNDAMENTALS OF THE UBI MARKET Fig 1.26: But the number of claims managed has decreased steadily (% variation) Frequency of managed claims % of variation between 2014 and 2013 Source: ANIA 1. Decreasing 2. Stable 3. Growing Licence (81) (10) (12) agreement signed by AAAA. Reserved for employees of BBBB Since personal injuries typically involve significantly higher claim expenditures for the insurer, an increase in the proportion of these claims results in higher total claims expenditures. According to Insurance Europe estimates, personal injury claims account for about 14% of all MTPL claims recorded by European insurers but represent 48% of all claims expenditures or €24 billion. On average, a personal injury claim costs three times the average cost of all claims. Strictly reserved to BBBB employees. Distribution to third parties is prohibited © PTOLEMUS - www.ptolemus.com - Global Usage-based Insurance Study - January 2016 - All rights reserved Strictly reserved for the internal use of the reader - Distribution to third parties is prohibited 98
SECTION I FUNDAMENTALS OF THE UBI MARKET c. Fraud Motor insurers have been reporting increased instances of fraud since 2010. In 2013, the average percentage of fraudulent claims was estimated at 3.7% in Slovakia and 1.6% in the UK, while in 2014 it was only 0.6% in Sweden and below 0.2% in the Netherlands and Norway. In Italy, the share of fraudulent claims was estimated at 14% but with clear regional differences: in the South of the country, it can be as high as 24%. Licence agreement signed by AAAA. Reserved for employees of BBBB In the UK, according to the ABI, the value of fraudulent motor claims covered by insurers topped £835 million in 2014. They reveal that out of all fraudulent claims (130,000 in 2014), dishonest motor insurance claims were the most common and of the highest value: 67,000 claims (up 12% on 2013), valued at £835 million (up 3% on 2013). Fraud includes fraudulent claims, staged accidents, phantom passenger claims and underwriting frauds i.e. non-disclosure of information or false disclosure in order to obtain a more favourable rate of insurance premium. Whiplash injury claims in particular have drawn the ire of insurers who believe they are often used for fraudulent and exaggerated claims. Strictly reserved to BBBB For example, actuaries know that adults have rising accident rates when they reach the 45-55 age bracket. This is because parents often take out motor insurance on a car in their own name despite the car being primarily driven by their 16-25 year old child. employees. Distribution to third parties is prohibited © PTOLEMUS - www.ptolemus.com - Global Usage-based Insurance Study - January 2016 - All rights reserved Strictly reserved for the internal use of the reader - Distribution to third parties is prohibited 99
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