The Coalition Against Insurance Fraud today released its summary of updated costs of insurance fraud. The last number of $80 billion was released in 1995 for P&C fraud only, and that number has not been updated. If adjusted for inflation, that number would be $152 billion.
The Coalition worked with a number of other organizations studying fraud to determine the overall cost of fraud. The overall cost of fraud was broken down by the following lines of business:
P&C $45 billion Workers compensation $34 billion Premium fraud $35.1 billion Healthcare $36.3 billion Medicare/Medicaid $68.7 billion Life insurance $74.7 billion Disability $7.4 billion Auto theft $7.4 billion
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Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.