Fraud Is Still A Serious Problem
Thursday, February 28th, 2002 FraudInsurers of all sizes consider fraud "a serious problem." More than one-third of insurers believe that the amount of fraud has increased over the past three years, in contrast to 6 percent of insurers who believe the amount of fraud has decreased, according to a survey conducted by the Insurance Research Council (IRC) and Insurance Services Office, Inc. (ISO). More than 40 percent of insurers report spending more to fight fraud during the past three years, in contrast to 3 percent who report spending less. However, insurers rate their efforts in the war on fraud as only moderately effective. Designed to ascertain the scope and nature of insurance fraud, what insurance companies are doing to combat it, and the support they receive from federal, state and local authorities, the study analyzes survey responses from 353 large, medium, and small insurance companies
