Fraud Trends and Prevention: Key Findings from RGA’s 2024 Global Claims Fraud Survey

The 2024 Global Claims Fraud Survey, conducted by the Reinsurance Group of America (RGA), highlights the growing concerns insurers face in managing fraud across life and health insurance claims. According to the survey, 74% of respondents noted that fraud cases have either remained steady or increased compared to previous years, with organized, deliberate, and opportunistic fraud being the primary categories.

Consumer fraud remains the biggest challenge, with 72% of respondents identifying policyholders as the main perpetrators. However, insurance agents and doctors also play a role in fraudulent activities. Interestingly, more than 50% of respondents indicated that life insurance products are the most susceptible to fraud, followed by health products.

Fraud prevention efforts include dedicated fraud investigation teams, fraud recognition training, and the use of AI tools for detection. However, RGA noted that many insurers remain hesitant to pursue fraud charges, primarily due to the difficulty of proving fraud and concerns over reputational risks. Looking ahead, 68% of respondents expect fraud to increase, driven by economic pressures and the evolving tactics of fraudsters.