This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

ABI to pay £8.7m to fund insurance fraud police unit

  • Print
  • Comment

The Association of British Insurers is to pay £8.7m to fund a specialist police unit to fight insurance fraud.

The ABI will pay £2.9m a year to fully fund the unit for the next three years. It will have 35 specialist fraud detectives and be operated by the City of London’s economic crime directorate. The police say that insurance fraud costs industry £2bn a year, adding £44 to each premium paid by consumers.

City of London police commissioner Adrian Leppard says: “The banking industry has been rewarded for its investment in combating payment card fraud with savings of £370m in the past eight years. I now look forward to working with the ABI, and the fraud authorities to ensure the insurance industry benefits in the same way.”

The unit will begin operating in January 2012 and target fraud right across the sector. After three years the arrangement will be reviewed.

Last week the ABI announced a national insurance fraud register which enables insurers to share information on known those who are known to cheat the system.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

AXA Wealth

The Budget: What do people really know?

Fund Data

Editor's Pick


Do you think the idea of a single investment management charge could work in practice?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments