Claims fraud is estimated to cost P&C insurers $30 billion annually, according to a new report from Deloitte, titled “A Call to Action: Identifying strategies to win the war against insurance fraud.” Workers’ compensation and automobile insurance lines currently represent the areas of largest fraud activity for P&C insurers, according to the report.
The report outlines two types of fraud: the deliberate faking of an accident and fabrication of a claim, called hard fraud, and exaggerated values on legitimate claims or misrepresented information in an attempt to garner lower policy premiums, labeled soft fraud.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access