The quote of the week may not be popular with the insurance industry, but it does reflect some of the public sentiment and perceptions surrounding fraud and auto premiums.
“Fraud is everywhere, in every business,” wrote Griswold G. this week. “The problem with auto insurance is that much of the fraud is committed by insurers who refuse to pay out on legitimate claims by calling their customer a fraudster. There's no one to investigate these insurers so that widespread white-collar crime is overlooked while the hunt is on for the exaggerating claimant. Fifty per cent of claims turned down - are they all fraudsters? I think not.”
It was in response to the article ‘Best of the Worst’ in insurance fraud, which examined the second most costly white collar crime – insurance fraud.
According to the article, insurance fraud costs Canadians more than $3 billion annually, contributing to 10 to 15 per cent of everyone’s insurance bill.
What is the costliest white-collar crime? Click here to find out.
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