Spike in frauds cost insurers $6 billion annually, says Deloitte survey

About 60 per cent of insurers surveyed by Deloitte have seen a significant rise in frauds in the last couple of years. These frauds cost insurers about $6 billion annually, and they lose about 10 per cent of their overall premium collection to frauds.

Common frauds 

Life segment: Forgery, fraudulent claims, and application fraud 

Health segment: Billing for services not rendered, data theft, and hospital fraud