Insurance News

Posts Tagged ‘Fraud

Experts in fighting insurance fraud say scams that historically escalate in a poor economy will increase in 2010, with health-related activity at the top of the list and with smaller firms as favored targets

A recent survey of 37 fraud bureaus found the selling of bogus health insurance to small businesses is now the number one scam, according to Dennis Jay, executive director of the Coalition Against Insurance Fraud, based in Washington, D.C.

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NEW YORK ?The insurance industry was the second most fraud-prone industry sector behind communications according to a global economic crime survey released yesterday by PricewaterhouseCoopers.

In a massive wide-ranging report based on information from 3,037 respondents, the consulting firm also found that companies in their efforts to head off crime have more than tripled their use of fraud risk management.

At a news conference Read the rest of this entry »

Despite some large payouts to wealthy homeowners stung by the Madoff Ponzi scheme, it is unlikely that property underwriters will set about revising coverage language for fraud, an expert said.

Robert P. Hartwig, president of the Insurance Information Institute, commented on the issue of claims compensation for victims of the Madoff scheme after a well-publicized class action lawsuit.

That legal action came after American International Read the rest of this entry »

Motorists unable to afford payments on pricey cars and gas-guzzling sport utility vehicles in this recession are turning to a time-tested financing solution: matches.

Insurance cheats are torching their vehicles in remote deserts. They’re pushing them off cliffs. They’re sinking them in lakes or ditching them in Mexico in the hopes of getting their policies to pay off, fraud investigators say.

Nationwide, suspicious vehicle fires Read the rest of this entry »