Saga joins Insurance Fraud Bureau

by Gill Montia

Story link: Saga joins Insurance Fraud Bureau

Saga Insurance has become a member of the Insurance Fraud Bureau (IFB).

As a result, the Bureau’s membership now accounts for 96% of the UK’s personal lines insurers.

Saga’s head of fraud, Nikki Grieve-Top, says: “We are looking forward to working collaboratively with the industry in the fight against fraud … the current climate has exacerbated the number of fraudsters targeting the insurance industry and we are committed to protecting our honest policy holders.”

The IFB was launched in July 2006 to clamp down on organised, cross-industry insurance fraud, which costs the industry in excess of £1.6 billion a year and adds around 5% to premiums.

According to the IFB, criminal gangs organising complex scams are earning up to £4 million a week from such fraud and frequently use the proceeds to fund other forms of criminal activity.

In other Saga news, moneysupermarket.com has reported that Saga consistently offered the most competitive car insurance quotes in 2008 at an average annual premium of £176.