How Serious Is Insurance Fraud

HOW SERIOUS IS THE INSURANCE FRAUD PROBLEM?

Insurance is one of the most costly white collar crimes in America, ranking second to tax evasion.*

According to the National Insurance Crime Bureau (NICB), 10 percent of property and casualty insurance claims are fraudulent.

WHO PAYS FOR INSURANCE FRAUD?

Insurance companies, policy holders, taxpayers and the general public pick up the tab through increased insurance rates, higher taxes, and inflated prices for consumer goods and services.*

NICB estimates that property and casualty based insurance fraud cost Americans $30 billion per year. In comparison, Hurricane Andrew’s devastation totaled $17 billion in damages. If you include other insurance lines like health, life and specialty insurance, the total cost of insurance fraud may exceed $120 billion annually.