Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 21st of November 2017
July 12, 2011

Insurers contribute £9m to new fraud unit

by Gill Montia

Story link: Insurers contribute £9m to new fraud unit

UK insurers are to help fund a dedicated insurance fraud unit to be set up with the City of London police, under its economic crime directorate.

According to reports, the new unit should be operational early next year, focusing on enforcement and prevention in the current insurance fraud climate, and working alongside the National Fraud Intelligence Bureau and the Insurance Fraud Bureau.

The three-year project will receive a £9 million injection of cash from the insurance industry.

Last week, the Association of British Insurers (ABI) announced that its members are developing a national insurance fraud register.

The industry-owned database will enable firms to share information on known cheats and identify anyone who fails to declare a previous fraudulent claim.

According to ABI estimates, UK insurance fraud currently costs honest policyholders a collective £2 billion a year.

 

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