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Finally, a new number to bounce around the P&C insurance industry lexicon: $80 billion. Gulp. That’s quite a number, isn’t it?

For years, we have been estimating that fraud siphons about $30 billion from P&C insurers’ pockets, and arguably much more from the public at large. I must confess to having grown tired, and rather skeptical, of this figure, even in spite of the disclaimers about its opacity. 

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