The extent of insurance fraud
While New Zealand always scores well in "international honesty surveys", unfortunately this is not reflected in insurance fraud statistics.
An Insurance Council survey in 2007 found that insurance claims fraud was approximately $150 million per annum. International surveys suggest that insurance fraud in most countries is somewhere around 10% of total premiums, which in New Zealand would make it around $330 million. Somewhere between these 2 figures is a true level of insurance fraud in New Zealand. Obviously no one is going to admit to a claim being fraudulent for statistical purposes, so any estimate must inevitably be quite subjective.
Different classes of insurance have varying levels of fraud. The lowest levels of fraud tend to be in the domestic building class (6.1%), pleasure craft class (5%) and health and personal accident (9%). The highest levels of fraud are found in the motor insurance classes (10%), commercial material damage class (13.3%), with the highest level of fraud in travel (20%).
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