In an effort to educate consumers nationwide about insurance fraud and the price we all pay for these crimes, the Chartered Property Casualty Underwriters (CPCU) Society and National Insurance Crime Bureau (NICB) released prevention tips that may help Americans avoid becoming fraud victims.
This joint education effort is part of the NICB’s Insurance Fraud Prevention Week, June 18 – 22, 2001, designed to focus insurance industry and consumer attention on fraud’s scope and solutions to these crimes.
The insurance industry estimates that fraud costs consumers $30 billion annually, or approximately $200 – $300 per U.S. household in extra insurance premiums. It is the second most costly white-collar crime in America behind tax evasion, with industry studies showing 10 percent or more of property/casualty insurance claims are fraudulent.
The NICB’s Insurance Fraud Prevention Week includes a two-day symposium of insurance industry and law enforcement leaders in Washington, DC, to discuss broad-based solutions to fraud. Additional activities include the nationwide grassroots communication program with the CPCU Society to raise consumer awareness about fraud’s magnitude and offer prevention suggestions.
Throughout Insurance Fraud Prevention Week, the CPCU Society’s 153 chapters are offering basic crime prevention education to consumers.
The CPCU Society is a community of more than 30,000 credentialed insurance professionals in 153 chapters who promote ethical behavior and continuing education.
The NICB is a not-for-profit organization whose mission is to combat fraud and vehicle theft. It is a non-profit organization supported by approximately 1,000 insurance and self-insured companies solely dedicated to fighting insurance fraud and vehicle theft.
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