Insurers face rising fraud

Fraud cost South African life insurers 620,1 million ZAR (73 million USD). The number of cases discovered rose sharply and to reach the figure of 5 466 in 2012. The fraudulent claims increased from 463.5 million ZAR (57 million USD) in 2011 to 620.1 million ZAR (73 million USD) in 2012.

Most claims revealed by life insurance companies are due to misrepresentation or undisclosed important documents (health certificates, etc).
In Great Britain, fraud in non-life insurance cost companies around 2.1 billion GBP (3.39 billion USD). This loss is affecting the policyholders who pay, on average, an additional 50 GBP (80.8 USD) per year to underwrite a policy.

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