Maybe you’ve known a guy at work that milked an “injury” for an extra week off of work? Have you ever read the stories about Doctors/Chiropractors/Lawyers getting hauled off to jail from running scams?
I have heard it several times that 20% of someone’s premium is due to the effects of fraud.
With all the talk about “Evil” insurance companies – the media occasionally lets their anti-insurance company bias down when real survey data comes out.
NEW YORK—The insurance industry was the second most fraud-prone industry sector behind communications according to a global economic crime survey released yesterday by PricewaterhouseCoopers.
In a massive wide-ranging report based on information from 3,037 respondents, the consulting firm also found that companies in their efforts to head off crime have more than tripled their use of fraud risk management.
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