New York no-fault claim payouts continue to rise; NYIA and NICB co-sponsoring New York Insurance Fraud Summit

Fraud and abuse in New York's no-fault auto insurance system equate to about 20 percent of every no-fault claim paid, according to Dr. Steven Weisbart, chief economist at the Insurance Information Institute (I.I.I.). This "fraud tax" works out to about $1,561 per claim, a figure which spread out statewide totaled nearly $230 million in 2009 alone, an I.I.I. analysis found.