FRAUD AND FINANCIAL CRIME We have worked to keep crime reduction firmly in the spotlight this year, through our lobbying of the government to extend the reach of the Online Safety Bill and by influencing approaches to tackling fraud. The Online Safety Bill aims to make the UK the safest place in the world to be online while defending free expression through the regulation of tech platforms. Both the insurance and long-term savings sectors are impacted by online financial scams, which can deprive vulnerable customers of their life savings and leave deep emotional scars. While the Bills focus is on preventing illegal content related to terrorism and child exploitation and abuse, we have successfully lobbied the government, on behalf of the industry, to extend its scope to cover online scams (in particular those promoted via paid-for advertising), getting fraud designated as a priority offence, and achieving parity of regulation between search engines and large social media platforms. We are continuing to work closely with a coalition of charities, financial services bodies and consumer organisations to ensure the passage of the Bill is prioritised, and no loopholes are left for scammers to exploit. It is hoped that the Bill will receive Royal Assent in the first half of 2023. There are many benefits in being a member including liaison with government and other policy makers and opportunities to provide input to industry responses. ABI Member Survey 2022 respondent Economic Crime Plan Fraud is now the biggest single crime type in England and Wales, accounting for 40% of all recorded crime. Through the Economic Crime Plan (ECP) and a new Fraud Strategy, the government aims to tackle economic crime, support victims and increase cooperation between itself, law enforcement and the business community through improved data sharing, resource pooling and technological innovation. We have helped to inform the content of the ECP and Fraud Strategy through our representation at all levels of the governance infrastructure. Of particular note, we persuaded HM Treasury to reverse its decision and exclude general insurance from the scope of the annual economic crime levy, saving the sector several million pounds. We are working with the government to develop performance dashboards to track progress in delivering outcomes. We are also developing an Insurance Sector Fraud Charter a series of commitments made by the insurance and public sectors to make the UK even more resilient to insurance fraud. The government aims to publish both the second version of the ECP and the Fraud Strategy in early 2023. Both insurance and long-term savings customers are impacted by online financial scams, which can deprive vulnerable customers of their life savings and leave deep emotional scars Annual detected fraud statistics We publish annual fraud statistics to provide evidence underpinning insurance sector policy asks, and to inform the scale and threat of fraud types identified in the industrys Strategic Threat Assessment. In turn, the data we provide assists members in setting their own counter fraud strategies. With increased economic uncertainty and the cost-of-living crisis we are acutely aware of spikes in scammers activity and we work to support customers with guidance on how to avoid falling victim to scams, and how and where to report it, should they spot anything suspect. Alongside this, insurers continue to work hard to pay legitimate claims and guard against fraudulent claims activity. Our latest data showed that in 2021: The number of organised motor frauds rose by 8%, in part reflecting work by the Insurance Fraud Bureau to tackle crash for cash scams 89,000 fraudulent general insurance claims were detected a fall of 5% and the lowest figure since 2007 Motor insurance claims frauds continue to be the most common, albeit last year saw a fall in their total volume and value There were 49,000 frauds detected, down 7%, although their value, at 577m, fell by only 1% The total value of fraudulent general insurance claims, at 1.1bn, was a fall of 2% to the lowest level since 2012