According to Guardian, figures published from the Association of British Insurers today, reveal a staggering 122,000 bogus insurance claims that have been uncovered last year, which have a value of £840m.

Home insurance accounts for majority of these fraudulent claims, with over with 62,000 bogus claims detected last year. However motor insurance claims are higher in terms of value.

Examples of home insurance fraud range from exaggerating claims by adding extra items to people dropping their old television down the stairs in order to claim for a new flat-screen model.

Today the motor and home insurance frauds are costing an average genuine policy holder £44 a year extra on their premiums. These bogus claims are usually made on the grounds of anticipating a higher repayment on their claims by passing on misleading information to insurance providers. Typical fraudulent claims commonly have; exaggerated damages to a property or personal injuries in case of a motor accident.