Finally, a new number to bounce around thep&c insurance industry lexicon: $80 billion. Gulp.That's quite a number, isn't it?
For years, we have been estimating that insurance fraud siphonsabout $30 billion from insurers' pockets, and arguably much morefrom the public at large. I must confess to having grown tired, andrather skeptical, of this figure, even in spite of the disclaimersabout its opacity.
But having a shiny new projection is the opposite of refreshing;it's alarming. That's because, according to Aite Group,we'll be contending with about $80 billion in fraud "taxes" by2015. As for 2012, Aite estimates this rampant crime cost p&cinsurers about $64 billion.
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