Insurers, police, lawmakers and the general public need to work together to combat insurance fraud - an insidious and growing problem that gradually erodes pricing and availability in the marketplace.
"Insurance fraud costs us hundreds of billions of dollars a year, and hurts insurance companies and policyholders alike," said Jack Ramirez, president of the National Association of Independent Insurers (NAII). "We‘re issuing a call to arms to everyone affected by this blight to fight fraud at its source."
According to recent statistics, insurance fraud - property and casualty, accident, health and life - costs consumers as much as $120 billion annually. A Pennsylvania study indicates that residents pay as much as 25 cents of every insurance premium dollar for fraud.
