Each year American consumers and businesses carry a $308.6 billion burden due to insurance fraud, according to The Coalition Against Insurance Fraud.
Although every policyholder pays for fraudulent activity through higher premiums, 16% of the U.S. population — around 53 million Americans — do not think insurance fraud is a crime, The Coalition Against Insurance Fraud reported.
People aged 55 and up are most likely to see insurance fraud as a serious crime, the Coalition found. Research has also shown that the younger the policyholder, the more likely they are to not consider insurance fraud a crime. For example, 87% of policyholders between the ages of 45 and 54 view insurance fraud as a crime, while 65% of policyholders aged 18-24 said the same.
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