North American p&c insurers are facing a difficult challenge. They must be able to detect fraudulent or inflated claims while processing legitimate claims efficiently and fairly. Insurers who are able to accomplish that are in position to build customer satisfaction and loyalty by improving claims service—the one spot with the potential to either delight or disappoint insurance customers in dramatic fashion.
Our survey of over three dozen European P&C insurers earlier this year indicated just how difficult this undertaking can be. More than two-thirds—71 percent—of the claims executives we surveyed said they have seen an increase in the number of fraudulent claims over the past three years. The reported increase averaged 10 percent over that time. Additionally, more than one-third (39 percent) of respondents said they believe that five to 10 percent of claims paid by their organizations over the past year were actually fraudulent, yet went undetected because of inadequate detection capabilities.
Fraud Rampant Overseas
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 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.
