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Insurance Fraud Costs $45 Billion per Year, and Honest Policyholders Often Pick Up the Tab

Fraud, inaccurate information, and misrepresentation cost the U.S. personal auto and homeowners insurance markets an estimated $45.3 billion annually, according to an analysis released by insurance risk-assessment company Clearspeed.

The analysis estimates the cost of inaccurate information and fraud at $31.6 billion annually for auto insurance and another $13.7 billion for homeowners insurance.

And those losses don’t necessarily stay on insurers’ balance sheets.

Instead, insurers can account for expected fraud and other losses when setting rates, passing on at least some of the expense to policyholders through premium increases.

The National Insurance Crime Bureau (NICB), citing research from the Coalition Against Insurance Fraud, estimates that…

CLICK HERE to read the FULL Insurance Fraud Costs $45 Billion per Year, and Honest Policyholders Often Pick Up the Tab article.

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