The ABI said it will extend the funding commitment to the Insurance Fraud Register (IFR) until 2020.
The IFR, which is managed by the industry-sponsored Insurance Fraud Bureau (IFB), holds details of insurance fraudsters, suppliers and professional enablers.
“The industry’s commitment to the IFR indicates that insurers are realising the benefits of the register while fraudsters are experiencing the serious consequences of their details being placed on the register,” said IFB director Ben Fletcher.
“This continued commitment to the IFR underlines how important intelligence gathering and data sharing is in tackling fraud,” ABI director of general insurance policy James Dalton said.
“The register continues to evolve and is playing an increasingly important role in the fight against insurance fraud to protect honest customers.”
43% of the insurance market is currently using the IFR, with a further 35% in the process of becoming users.
Members of the IFR can share details of fraudster which can be used to help identify fraud from any stage of a policy.