According to ICEA estimates, fraud was behind 1.60% of all files processed by insurers in 2021
Auto and liability lines are the most likely to witness attempted insurance fraud. This is evident from the estimates on the impact of insurance fraud released by Cooperative Research between Insurance Entities (ICEA) in the conference Fighting Insurance Fraud: False Documents and False Positives.
According to
industry estimatesNearly nine out of every 100 traffic accidents involving bodily harm involve attempted fraud. Similarly, about six in 100 reports of vehicle theft are false and 2.22% of property damage to vehicles is fraudulent.
If this measurement is based on the amounts declared instead of the number of files processed, the car insurance remains leading. 11% of the amounts requested from insurers for theft of a vehicle may contain a fraudulent component; just as there is deception behind the claim of 10% compensation for injuries in traffic accidents.
From an economic point of view
Attempts at civil liability insurance fraud stand out Although only 1.76% of the accidents caused by these policies hide fraud, the weight of false claims in the total is much higher. In concrete terms, after 10% of the requested payments for civil liability claims, there is an incorrect claim.
For example, according to ICEA estimates, fraud was behind 1.60% of all files processed by insurers in 2021. This figure is higher than in 2020 (1.18%) and also higher than the data for 2019 (1.38%). In monetary terms, the increase in fraud is clearer and more consistent. Its economic footprint has fallen from 2.40% of the compensation claimed in 2019; up to 2.56%, in 2020; and 2.95%, in 2021. These data testify to the importance of the fight against fraud.
Source: La Verdad
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
