When it comes to insurance fraud, the bad guys never seem to run out of ways to cheat the system. It’s a staggering problem – probably bigger than you think. Just how big?
Fraud is prevalent in every line of insurance. Just one example – industry studies estimate that 10 percent or more of property/casualty claims are fraudulent. Fraud is almost as big a crime as tax evasion. According to the Coalition Against Insurance Fraud, 5 to 10 percent of insurance claims costs in Canada and the U.S. are due to fraud, and nearly one-third of insurance companies say fraud is as high as 20 percent of their claims costs.
Read the full article at The Canadian Underwriter.
