Insurance fraud has been an issue since the inception of insurance policies in the 18th century. It involves any act committed with the intent to obtain a fraudulent outcome from an insurance process.

Fraud can occur when a claimant tries to gain a benefit to which they are not entitled, or when an insurer knowingly denies a benefit that is due. Fraud by insurers and insureds is actionable in court. According to the Coalition Against Insurance Fraud, up to $96 billion is stolen each year through insurance fraud schemes, a number which could be much higher since no one knows how many fraud schemes are successfully executed without raising suspicion.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.