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The Actuary The magazine of the Institute & Faculty of Actuaries

ABI Insurance Fraud Register to launch by early 2012

A National Insurance Fraud Register has been announced in a move to protect honest policyholders from increases due to others committing insurance fraud. It is set to be fully operational by early 2012.

Funded by ABI members, the register will be an industry-owned database enabling insurers to share information on known cheats. Insurance fraud costs around £2bn per year, adding, on average, an extra £44 a year to the insurance bill for every UK customer.

Nick Starling, director of general insurance and health, ABI, said: "This initiative demonstrates how seriously insurers take reducing insurance fraud, and their determination to protect honest customers. The database will build on existing industry databases that help insurers check previous claims history to ensure that there is no hiding place for anyone caught making a bogus or exaggerated insurance claim."

David Neave, chairman, Insurance Fraud Bureau (IFB), said: "This important initiative is the next key strategic step in strengthening insurers’ tough approach to this problem. The IFB is at the forefront of a concerted drive to tackle organised insurance fraud. The work of the IFB with insurers and police forces throughout the UK has led to the prosecution of many organised insurance fraud gangs, so helping save money for insurers and honest customers alike. "