NEW ORLEANS–The chairman of the National Insurance Crime Bureau told a meeting of claims personnel here yesterday that key among the steps needed to defeat insurance fraud is greater collaboration among insurers.
Mark Russell, a vice president and chief administrative officer for Grange Insurance of Columbus, Ohio, made this point during a talk at the ACE claims conference sponsored by the National Underwriter Company.
As he outlined the problem, insurance fraud amounts globally to $80 billion a year. In the United States, it is a white-collar crime second only to tax evasion, with property-casualty fraud totaling $30 billion, or about $950 per American family.
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