Why an IFB
Insurance fraud costs insurers in New Zealand up to 10% of gross written premiums (GWP) every year. At current estimates, this is up to $614 million.
This cost is shared by everyone who has insurance because it increases how much insurers have to pay out in claims. The more insurers pay, the more they need to charge in premiums to cover those costs.
Insurance fraud increases the cost of insurance for everyone.
Until now, work to address general insurance fraud in New Zealand hasn’t been coordinated across the industry. The IFB is changing that.
Role of the IFB
The IFB will take a lead role in
- educating New Zealanders about insurance fraud
- providing a central point of contact for general insurance fraud issues and allegations of insurance fraud
- developing a centre of excellence for anti-fraud initiatives
- researching national and international trends
- developing strong multi-agency relationships
- analysing and working with insurance fraud data in New Zealand to help find and reduce instances of insurance fraud.