Magazine date:
Jan 2014 According to the South African Insurance Crime Bureau (SAICB), the insurance frauds involve a minimum increase of 184 USD on annual premium for each insurance contract.
The SAICB explains this additional cost by the repercussion each year of a proportion of the money lost in scams on policies' price. 30% of insurance claims are fraudulent according to the organization.
In 2013, fraudulent claims and other crimes would have cost 1.4 billion USD to the insurance sector.