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Business Insurance Premiums

Volume 410: debated on Friday 19 September 2003

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To ask the Secretary of State for the Home Department what the estimated financial cost in terms of higher insurance premiums for businesses was in each of the last three years as a result of crime. [130473]

The Government does not make any estimates of the increase in insurance premia for business as a result of crime. The Association of British Insurers (ABI) publishes annual information in their "Insurance Statistics Yearbook" on trends in total premium income but this does not identify the overall impact of crime on insurance premiums.The Home Office has published estimates of the economic and social costs of crime (Home Office Research Study 217). This study includes the cost of "insurance administration", that is the resources used in administering and processing premiums and claims, based on information in the ABI "Yearbook". The study estimates the total cost to society of insurance administration in England and Wales in 1999–2000 was £200 million for crime against the commercial and public sectors.