Insurance Fraud
Insurance fraud has been with the insurance industry since it began. It is seen as a "victimless" crime where nobody personally suffers a loss, but huge wealthy insurance conglomerates make extra payouts from their wealth funds. An Insurance Council fraud survey in 2005, found 13% of respondents said that insurance companies can easily afford to pay.
The reality is that insurance fraud has to be paid for by honest policyholders. Insurance fraud is a crime and a cost to our community and every policyholder.
Most insurance fraud occurs at claim time, through claims for;
- events/losses that didn't happen
- staged losses - for example arson, vehicle theft
- exaggerated claims
In addition, a large number of fraudulent claims occur for non-disclosure of information that insurers require, in order to match the correct premium to the risk.
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