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

These frauds cost insurers about $6 billion annually, and they lose about 10 per cent of their overall premium collection to frauds

Frauds, Fraud investigation
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Subrata Panda
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

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First Published: Feb 16 2023 | 11:21 PM IST

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