Fraud Statistic
Property-casualty insurers
Fraud is a serious problem, half of all property-casualty insurers say. Insurance Research Council-Insurance Services Office (2002)
The amount of fraud their company has experienced has increased over the last three years, more than one of three insurers say. Nearly half say fraud has stayed the same. Insurance Research Council-Insurance Services Office (2002)
About 11-30 cents — or more — of every claim dollar is lost to “soft” fraud (smalltime cheating by normally honest people), nearly half of property-casualty insurance companies say. Hardcore scams steal only a small fraction of that money. Insurance Research Council-Insurance Services Office (2002)
Only one of four insurers thoroughly investigate cheating on insurance applications. Even fewer insurers investigate insiders such as employees and agents who commit premium fraud. Research Council-Insurance Services Office (2002)
More than two of five property-casualty insurers have increased spending to fight fraud over the last three years. More than four of five insurers have formal anti-fraud programs. Insurance Research Council-Insurance Services Office (2002)
Nearly three of five insurers say their efforts to combat are only moderately effective, or lower. Research Council-Insurance Services Office (2002Fraud-control spending by property-casualty insurers rose from $200 million in 1992 to $650 million in 1996. Insurance Research Council (1997)
98 percent of property-casualty insurers have a fraud-control program, and most insurers have special investigation units. Insurance Research Council (1997)
Half of property-casualty insurers have broad, public-information programs directed against fraud. Insurance Research Council (1997)