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Insurance Fraud cost all of us in the end!

According to Coalition Against Insurance Fraud 10% of all property and casualty claims are fraudulent. The fraud cost for these claims to P&C Insurers is estimated to be $34 billion dollars per year! For just auto insurers, auto claim fraud and "buildup" or inflating legitimate claims cost between $5.6 - $7.7 billion in excess payments in the US in 2012! These excess payments accounted for 13-17% of total payments under all five main private passenger auto injury coverages according to the Coalition Against Insurance Fraud. As long as there is insurance there will be fraud committed by would-be scammers both amateur and professionals. Fraudsters often get caught making headlines and earning attention for their plots and frequently poor execution. But sometimes fraud schemes carry cost far greater than any claim payment. Aside from serious jail time and financial penalties, some fraud schemes cause serious injury and death.

When I was an underwriter I spent a couple of years working with the claims investigators. It sure opened my eyes to all of the different types of schemes from private passenger auto to work comp claims. These activities effect all of us by causing insurance premiums to be increased! In the case of work comp the business owners see increased modification factors for multiple years which cause increased premiums to the business.

 If you or your company needs assistance with loss control please give me a call at 816-702-8304. I have resources that can help with reducing slip and fall accidents to back to work programs for your employees.

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