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The Insurance Information Institute reports that property and casualty fraud claims exceeded $30 billion in losses every year from 2013 to 2017.
The Federal Bureau of Investigation assigned 721 of these cases, resulting in 401 arrests and 304 referred submissions, saving a potential loss of $120 million. In addition, the U.S. Department of Justice obtained more than $2.4 billion in healthcare settlements and judgements from cases involving fraud and false claims in 2017.
While the total cost to insurers may change from year to year, establishing the actual cost of insurance fraud is indeed a difficult task. Ultimately, however, fraud costs not only insurers but also consumers. And costs go beyond financial value. Time, convenience and innovation in the industry also suffer.