Fraudsters are costing the Irish insurance industry more than E50m (£30.5m) a year, the Irish Insurance Federation (IIF) has announced.

The federation's analysis of figures for 2000 showed the main types of fraud included inflating the value of items, covering non-existent items, inflating claims following genuine accidents, staging accidents and taking out a number of policies to cover the same risk.

IIF chief executive Mike Kemp has called on the government to introduce new legislation to create a specific offence of insurance fraud.