Search
 
Commentary

Fraud 101: Sometimes a Hunch is All it Takes

Claims adjusters must be perceptive and committed to seeking the truth in an increasingly complex world.

By Christopher Tidball | Updated on January 27, 2012

There is no question that insurance fraud costs Americans billions of dollars annually. According to the Coalition Against Insurance Fraud (CAIF), the business of fraud costs the industry an estimated $80 to $120 billion each year. Of course, this translates to increased insurance premiums, which has a negative impact on not only the consumer, but also on the economy in general.

According to most sources, the problem is only getting worse. For instance, the Insurance Information Institute (I.I.I.) studies show that “staged accidents” increased 52 percent in the state of Florida from 2009 to 2010. CBS Evening News just ran a special report exposing not only the fraud, but just how easy it is to pull off.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.