False or misleading insurance claims cost the insurance industry over $2 billion per year in Australia, losses which are unavoidably passed onto consumers in the form of higher premiums. These so-called victimless crimes are actually having a significant impact on every honest policy holder to the tune of an estimated additional $75 per year. There […]
The Insurance Fraud Bureau of Australia (IFBA) estimates phony claims to cost insurance companies $2.2 billion every year. One in ten claims, in fact, appears to be dishonestly filed. Not only does this place a considerable financial strain on insurance companies but also forces premiums higher for those policyholders not making fraudulent claims. Public spending […]
Far from being a victimless crime, as is often touted, insurance fraud not only costs the insurers billions of dollars per year but this loss forces the policy premiums up for everyone else. Therefore, it is crucial that insurance companies are able to identify fraudulent claims and launch impartial third-party investigations into the incident and […]
A surprisingly common form of insurance fraud is staged car crashes. Nicknamed ‘crash for cash’, these are pre-meditated, organised and/or staged traffic collisions set up deliberately to profit from the insurance policy. Another example of claim farming, the crash for cash business is booming in Australia at the moment and can be seen across the […]
