Insurance Fraud Bureau Launch
The insurance industry launches a new anti-fraud investigation body
27th July 2006
The insurance industry is to launch a new fraud investigation body, with the aim of cutting organised insurance fraud thought to be costing up to £4m a week in criminal claims.
The Insurance Fraud Bureau will co-ordinate investigations between insurance companies, the police, and other agencies, and will also set up a confidential 'Cheatline' where members of the public can anonymously report suspected fraudsters.
Although the industry already detects around £400m of fraud each year, it's estimated that bogus and inflated claims amount to approximately £1.5bn a year, raising premiums across the board by around 5%.
Read More: Association of British Insurers : The Insurance Fraud Bureau set to expose organised insurance frauds
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More on Insurance Fraud : One in 10 Lie to Insurance Companies (News, 11/05/2005), Car Insurance Fraud Database Claims First Scalp (News, 04/05/2005), Premiums Inflated by Dishonest Claims (News, 14/04/2005), New Database to Fight Motor Insurance Fraud (News, 20/01/2005), eSure to use 'lie detector' technology (News, 30/11/2003) |
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