How much money do insurance frauds claimed to the industry?
Insurance corporations are many and involved of many industry and this is not surprise that the numbers insurance claims are amounting millions to billions.
Insurance fraud is consider stealing and number cases are increasingly and we can see the methods or tactics are more well plan from year to come. In many cases, the “victim” is lying for the purpose of getting more compensation from the insurance company, whether it is auto insurance, life insurance, work compensation plan, accident insurances or any other kind of insurance.
Examples of false claims
- Claiming your injuries are more severe than they are
- Claiming stolen property is worth more than it is
- Exaggerating claims that would otherwise be legitimate
- intention of causing an accident
- Developing a scheme to create the need for an insurance claim
- Faking a death to collect life insurance
The increase of insurance fraud has loss the revenue to the insurance companies, and more investigation for cases has been increased to lengthy the process of reimbursement and stringent in reviewing the cases.
The fraud is hurts the consumer much more than it hurts to the insurance companies. The loss due to the fraud will be transferred to the cost of insurance, the premium of insurance will be increased and the cost will be shared by every consumer at the end of the day.