Fraud increase due to the false declarations in the policies

Insurers are faced with a fraud increase due to false statements in insurance policy. Just like Australia, South Korea or Hong Kong, Singapore has witnessed a rise of fraudulent practices pertaining to insurance policies' misrepresentations.
Growing competition which pushes insurers to avoid usual procedures is one of the majorcauses behind this practice. The greater use of internet to sell insurance policies online stands as an aggravating factor.

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