Friday, 14 July 2017
Zurich's investigation uncovers 'sophisticated' fraud
Zurich Insurance and the Motor Insurers' Bureau of Ireland (MIBI) have investigated recent suspicious claims and found that there is an 'organised and sophisticated Eastern European fraud ring' deliberately targeting them through staged accidents.
In a sworn statement by DAC Beachcroft's David Culleton in the Circuit Civil Court, on behalf of Zurich and the Bureau, he stated the fraud ring 'has generated an exposure to a potential 25 personal injuries claims'.
The Irish Examiner estimate the claims reaching €2m in compensation, legal costs, and expenses, which would climb even higher if the claims reach High Court.
The accidents in question usually saw old vehicles and their drivers become unreachable after the accident report was filed with the insurer.
MIBI's principal role is to compensate victims of road traffic accidents caused by uninsured and unidentified vehicles. Insurance companies underwriting motor insurance in Ireland are MIBI members and contribute to funding for claims in proportion to their market share