If you believe fraud is being or has been committed, Speak Up!

Who pays for insurance fraud? YOU DO!

From the North Carolina Department of Insurance:

“Insurance fraud may be a crime of opportunity, or it may be carefully planned by professionals. Insurance fraud ranges from cleverly staged automobile accidents for profit, to employers attempting to reduce the cost of mandatory insurance coverage. Fraud may have been committed by your neighbors when they exaggerated the extent of damages caused by a hurricane, or by a licensed agent when he failed to fully remit insurance premiums collected. Health care providers may commit insurance fraud by claiming reimbursement for medical treatments that were not rendered. Regardless of the form it takes, insurance fraud is big business, even though it is committed by a relatively small number of people.”

“A recent insurance industry study concluded that insurance fraud totaled a staggering $120 billion per year. Health care fraud costs insurance companies $95 billion a year, almost 80 percent of the total cost. Property and casualty insurance comprise 17 percent of total fraud, and life and disability accounts for the remaining three percent. Who pays for this fraud? All insurance consumers do. Every policyholder in the nation pays an extra $178 for insurance premiums because of the few who cheat.”


If you believe fraud is being or has been committed, Speak Up!