Fraud is a major problem for insurers and the general public alike. The National Insurance Crime Bureau contends that 10 percent or more of P&C claims are fraudulent. Percentages are even higher in worker’s compensation. And the FBI says non-health insurance fraud amounts to $40 billion annually.
Adding in health insurance fraud, the broader impact of fraud on consumer prices and the diversion of public resources to fight fraud, the Coalition Against Insurance Fraud pegs the total cost at $80 billion.
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