What’s the cost of insurance fraud to us in the industry and as consumers?
Insurance fraud in the U.S. is a whole industry to itself: it creates an $80 billion profit for fraudsters. In fact, that equals the total receipts for the motion picture and video industry last year, according to the Census Bureau. It also accounts for approximately 10 percent of the insurance industry’s total annual losses. The insurance fraud infographic below tells a more complete story.
Which sectors are the hardest hit? Personal Property, Workers’ Compensation, Auto and Healthcare. Faked injuries, arson and identity theft are leading tools of those who seek to defraud our industry.
View the insurance fraud infographic below to learn industry statistics; then review our earlier blogpost, Insurance fraud: Red flags to help agents spot potential fraudsters, to help you stay alert for possible fraud from one of your clients.