By Elizabeth Byrum
INSURANCE premiums could be set to jump following a massive rise in bogus claims blamed on the recession.
The rate of fraudulent claims has jumped by a huge 77 per cent since 2008, according to data from an association of insurance and pension companies.
In 2010, a staggering 118,000 bogus claims were detected in Spain in just one year.
The ICEA however insisted that the increase could in part be put down to an improvement in the detection capabilities of the insurance companies.
The majority of bogus claims detected are related to car insurance, which makes up nearly 80 per cent of all cases.
The fraudulent claims range from falsifying an accident or stolen vehicle report or filing exaggerated damage claims.
Life, injury and health insurance comprise a small amount of overall cases, but have also shown a 300 per cent increase from 2009.
The number of fraudulent claims in the UK hit a record high of 122,000 in 2009.
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