Risk Managers Are Key Players On Fraud-Fighting Teams

Fraud exacts a financial toll that raises the coverage tab for all risk managers.

By Staff Writer | Updated on August 10, 2005

CBS’ new crime drama, Numb3rs, shows a math whiz helping his detective brother fight crime. I wonder how the guy would do fighting insurance fraud?

Fraud exacts a financial toll that raises the coverage tab for all risk managers. The insurance industry estimates that insurance fraud represents 10 to 15 percent of each premium dollar. Others estimate insurance fraud’s annual cost at $18 billion. When we say “industry” here, though, do not assume that it is just the insurance industry that is paying the bill. Who do you think ultimately shoulders the added insurance tab for fraud?

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