308.6 Billion Reasons to Care

There are many reasons, or excuses, for ignoring insurance fraud, even among insurance professionals. ‘The special investigations unit (SIU) handles all that,’ or ‘Fraud is just inevitable, everyone does it,’ or, worse, ‘We can just pass the costs on through higher premiums.’

At the Coalition Against Insurance Fraud, we have heard all of these things said, and more. So why should you care?

First, insurance fraud is truly a crime that we all pay for. Every policyholder pays a hidden ‘fraud tax,’ which adds up to some staggering costs.

Insurance fraud is also on the rise. From increased natural disasters and the corresponding ‘storm chasers’ to new reports pointing out the billions of dollars of fraud associated with COVID-19 federal payouts and their impact on policyholders’ willingness to commit insurance fraud because they feel they will not get caught.

All of this is occurring as many insurers look to downsize, outsource, or even eliminate their SIUs. A shocking new report, however, will hopefully change both your mind and perspective on insurance fraud and the economic damage it inflicts.