Insurance Fraud Costs $45 Billion Annually; Honest Policyholders Often Pay
A new Insurify report says “low-trust” fraud detection practices have created an unsustainable situation, costing the industry about $45 billion annually and shifting expenses onto honest policyholders.
An Insurify report estimates insurance fraud drives roughly $45 billion in annual losses. The report warns that prevailing “low-trust” fraud detection practices are unsustainable and frequently result in honest policyholders absorbing the costs.