NEW YORK–Among industry sectors, the insurance business is the biggest victim of economic crime, a global study by a major consulting group has found.

Total average cost of economic crime losses for insurance businesses over two years is $5.5 million, while average direct losses were $4.47 million, according to the annual “Global Economic Crime Survey” by PricewaterhouseCoopers.

The loss figures for insurers was almost double the global average for businesses and slightly above that of the industrial manufacturing sector, which PwC said had an average fraud cost of about $5 million.

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