August 16, 2012 – Claims fraud is estimated to cost P&C insurers $30 billion annually, according to a new report from Deloitte, titled “A Call to Action: Identifying strategies to win the war against insurance fraud.”
Workers’ compensation and automobile insurance lines currently represent the areas of largest fraud activity for P&C insurers, according to the report. The report outlines two types of fraud: the deliberate faking of an accident and fabrication of a claim, called hard fraud, and exaggerated values on legitimate claims or misrepresented information in an attempt to garner lower policy premiums, labeled soft fraud.
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