"Our goal is that when this study is updated next time, for that figure (cost of fraud total) to go down. There's no reason it shouldn't," Matthew J. Smith, Esq, executive director of the Coalition Against Insurance Fraud, said. "We have technology, we have the resources, we have great insurers in this country, and we have legislators and regulators who are interested. Let's work cooperatively to get that number down." (Credit: Olivier Le Moal/Adobe Stock)
Insurance fraud has a $308.6 billion annual cost to U.S. consumers and businesses, according to the Coalition Against Insurance Fraud.
The new yearly cost of insurance fraud estimate is the first time in 27 years the figure has been updated, according to Matthew J. Smith, Esq, executive director of the Coalition Against Insurance Fraud. For the first time, the new figure extends beyond property & casualty insurance to include fraud in lines ranging from life and health to workers' comp and auto theft.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]