A report by the National Insurance Crime Bureau (NICB) notes that the most common insurance fraud schemes include anyone from organized criminals, corrupt doctors, lawyers and body shop operators to residents who pad claims.
The NICB report reveals that insurance fraud hits Americans in the wallets for nearly $30 billion each year, a fraud of $200 to $300 in larger premiums for the average household.
The most common insurance fraud scams include bodily injury fraud, auto repair fraud, homeowners claim fraud and workers’ compensation fraud.
Robert M. Bryant, president of the NICB, stated that some insurance crimes are well-planned including organized fraud rings, which can involve doctors and lawyers, along with auto repair shop operators, while other crimes are easy attempts by neighbors to earn a little extra income.
Topics Fraud
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Property Tax Plan Risks Charging Fees for ‘Everything’ 
Temu Fined €200 Million by EU Over Dangerous Toys, Chargers 
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
Viewpoint: The AI Boom – When Risk Stops Being Rare, Insurance Must Evolve 
