Car insurance fraud news
14/08/2008
Car insurance rates could fall after IFB convictions
A new company-funded investigative body, the Insurance Fraud Bureau (IFB), is hoping to make a positive difference to UK car insurance rates as they tackle organised motor insurance fraud nationwide.
In their first court case this week, a two year investigation into a Hertfordshire "cash for crash" gang resulted in convictions for 13 people who made fraudulent insurance claims after faked car accidents.
Head of the IFB, Sue Jones, said in interview that such scams were the greatest challenge to insurance companies. Estimates put the value of such fraud at £200m a year, at least.
Ms Jones said: "This is not just a crime where greedy people are lining their own pockets and driving around in flash cars and buying nice houses. It's the more sinister uses to which the money is being put."
She suggested that such car insurance frauds have been linked to drugs, immigration frauds financial offences and even religious extremist groups.
The IFB, set up in 2006 after being granted £8.5m of insurance industry funding, works with law enforcement agencies and is currently combining forces on at least 12 investigations.
A duck2water spokesperson said, "UK car insurance rates are adversely affected by motor insurance scams and we are encouraged by the success of the Insurance Federation Bureau in bringing these criminals to justice."
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