The special investigative units (SIUs) employed by property/casualty insurers seem busier than ever. According to recent estimates by the Insurance Information Institute (III), property/casualty fraud alone costs insurers $30 billion a year.
“[People are driven by] desperation, greed and a lack of common sense, it depends who you are, how bad the economy is, and how much your finances are affected,” James Quigle, spokesperson for the Coalition Against Insurance Fraud, told Life Quotes, an online insurance aggregator. Quigle, whose “Hall of Shame” offerings give consumers and insurers updates on some of the more egregious insurance fraud cases, reports a steady increase in fraud cases since the height of the recession.
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