As three people were recently arrested as part of an investigation into insurance fraud, Brokers Ireland has issued advice to consumers on what to watch out for to avoid becoming a victim of such fraud.
Brokers Ireland, which represents 1,225 Brokers registered with and regulated by the Central Bank of Ireland, welcomed the progress being made by Gardaí on the issue.
Cathie Shannon, Director of General Insurance at the organisation said consumers can readily establish the authenticity or otherwise of those presenting themselves as ‘brokers’.
“The easiest and cost-free first step would be to check the Brokers Ireland website, www.brokersireland.ie
“All of our insurance Brokers are listed there. Our website has a handy search facility, which will also enable anyone to find an insurance Broker in their local area.
“Secondly, consumers can also check with the Central Bank website www.centralbank.ie which provides a search facility to enable consumers check whether the person or company purporting to sell insurance or administer policies is a regulated entity,” Cathie stated.
She said one of the most obvious signals for one to be suspicious of is where an insurance quote may just look too good adding that social media sites are popular platforms for insurance fraudsters.
“Think very carefully before buying insurance from sources such as social media sites and carefully check any insurance documentation for accuracy,” she said.
She also noted that insurance fraudsters often target young or what might be considered more vulnerable consumers, often foreign nationals who are not familiar with or know how the insurance market in Ireland works.
“Often those who fall victim do not have a good command of the English language, and this tends to make them easier prey for fraudsters,” she added.
Ms Shannon said the consequences for anyone falling victim to this type of fraud can be very serious “particularly at a point where they most need the protection of insurance, usually when the unplanned and unexpected happens.”
She said consumers need to be alert at all times to the prospect of fraudsters masquerading as insurance brokers.
