Incidents of so-called insurance "ghost broking" have increased by 600% in the past year, according to Synectics. The practice involves online insurance "brokers" sending out fraudulent policies and keep customer payments. In a statement on its website, Lloyd's said it was working with regulators "to address this issue as quickly as possible.
Incidents of so-called insurance "ghost broking" have increased by 600% in the past year, according to Synectics. The practice involves online insurance "brokers" sending out fraudulent policies and keep customer payments. Industry observers say the activity could result in millions being lost every year, and should be of concern to all the main insurers.