"Our goal is that when this study is updated next time, for that figure (cost of fraud total) to go down. There's no reason it shouldn't," Matthew J. Smith, Esq, executive director of the Coalition Against Insurance Fraud, said. "We have technology, we have the resources, we have great insurers in this country, and we have legislators and regulators who are interested. Let's work cooperatively to get that number down." (Credit: Olivier Le Moal/Adobe Stock)

Insurance fraud has a $308.6 billion annual cost to U.S. consumers and businesses, according to the Coalition Against Insurance Fraud.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]