Whether it's a deliberately misstated water-damage claim on a homeowners' policy or a sophisticated international crime ring for stolen autos, insurance fraud is driven by an amalgam of greed, stealth and exploitation.
The U.S. economy may have stabilized enough so that the blatant vehicle torchings and business arsons of the financial meltdown era have slowed, but insurance fraud, in all its myriad forms, marches on—and shows no signs of stopping.
Insurance fraud is inevitable, if often difficult to quantify. While organizations like the Coalition Against Insurance Fraud (CAIF) and the National Insurance Crime Bureau (NICB) keep a close eye on trends, insurance company special investigative units (SIUs) each have different ways of tracking claims data—making it difficult to get a hard-and-fast number for specific types of fraud, says Roger Morris, the NICB's vice president of communications.
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
© 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.
