The Insurance Fraud Enforcement Department (IFED) will continue to play a key role in tackling insurance fraud after members of the Association of British Insurers (ABI) committed to invest £11.7 million [$19.423 million] over the next three years.
The ABI said the “increased investment will fund a further expansion of the IFED operation with more detectives joining the 38-strong unit.
“In the last three years, IFED has made 430 arrests and brought to justice 223 insurance fraudsters by securing police cautions and court convictions across England and Wales.”
John O’Roarke, Managing Director, LV= General Insurance, and Chair, ABI Financial Crime Committee, commented: “The increased investment from ABI members in the IFED reinforces the industry’s zero tolerance approach to insurance fraud, and recognition of the key role IFED has to play in tackling this problem.
“The insurance industry remains fully committed to working collaboratively to combat insurance fraud and protecting its honest customers. Anyone tempted to commit insurance fraud should be left in no doubt that they will be caught and face a very real possibility of serving a custodial sentence.”
Source: Association of British Insurers (ABI)