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NICB Leads Effort to Fight Fraud

Driven by an annual fraud loss of $30 billion, the nation's property and casualty insurance companies are taking aggressive action based on a two-year, industry-wide review of their fraud fighting efforts.

By Staff Writer | Updated on May 30, 2007

Driven by an annual fraud loss of $30 billion, the nation’s property and casualty insurance companies are taking aggressive action based on a two-year, industry-wide review of their fraud fighting efforts, the National Insurance Crime Bureau said.

The NICB said that while individual insurance carriers continue to refine and expand their aggressive anti-fraud processes into their claim-handling procedures, today’s more sophisticated criminals continue to mutate their approaches. Fraudsters will simultaneously target numerous companies with multiple fraudulent claims generating millions of dollars in bogus payments. This kind of criminal enterprise, the NICB says, requires more than an individual company is able to withstand.

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