March 26, 2021 – Fraudsters are taking advantage of anxieties arising from the COVID-19 pandemic to exploit victims in the Canadian P&C insurance space in novel ways, speakers said during a fraud webinar Wednesday.
For example, some body shops are charging drivers extra cleaning fees and storage days for vehicle cleaning. In staged collisions, some fraudsters are using COVID as an excuse to leave the scene of an accident or to capitalize on the lack of police reports due to COVID restrictions.
When the economy is in decline, insurance fraud tends to increase, webinar panelist Jeroen Morrenhof, CEO and co-founder of FRISS, observed, citing a recent report from Insurance Bureau of Canada. Morrenhof said the trend is clearly seen at FRISS, a P&C insurance fraud detection software company. Canadian Underwriter reports. | READ MORE
