Driven by an annual fraud loss of $30 billion, the nation's property and casualty insurance companies are taking aggressive action based on a two-year, industry-wide review of their fraud fighting efforts, the National Insurance Crime Bureau said.

The NICB said that while individual insurance carriers continue to refine and expand their aggressive anti-fraud processes into their claim-handling procedures, today's more sophisticated criminals continue to mutate their approaches. Fraudsters will simultaneously target numerous companies with multiple fraudulent claims generating millions of dollars in bogus payments. This kind of criminal enterprise, the NICB says, requires more than an individual company is able to withstand.

With that in mind, various committees were created by the NICB and staffed with industry professionals who were charged with identifying weak spots in existing fraud-fighting efforts. These groups recently completed their work and found that the industry's approach to fraud was fragmented and inadequate. While there are isolated examples of effective anti-fraud programs, the NICB says that a nationwide, coordinated effort on multiple fronts is necessary to reduce the crime.

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