INSURANCE Fraud

In a recession luxury cars can suddenly catch fire. Irish insurers are beefing up their investigation teams after a significant increase in suspicious claims. Top-end cars, construction equipment and unoccupied properties have been catching fire with unusual frequency. The companies suspect that as the recession bites some desperate individuals are trying to use compensation claims to exit the market. Insurance firms are always quick to moan about fraud, but figures from the Central Statistics Office show that cases of arson have increased by 50 per cent compared to this time last year.
The biggest insurance fraud uncovered in Ireland features in The Fraudsters. The businessman behind it, Michael Byrne from Longford is now back out of jail and running a furniture business from the same warehouse where he used to sell cars. He settled his €1 million tax demand with the Criminal Assets Bureau. He organised over 90 car accidents for which millions in euro was paid out in compensation.