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Revealed – demographic displaying alarming tolerance for insurance coverage fraud

Revealed – demographic displaying alarming tolerance for insurance coverage fraud | Insurance coverage Enterprise America

Outcomes ought to “sound the alarm” for the trade

Revealed – demographic showing alarming tolerance for insurance fraud

Insurance coverage Information

Mika Pangilinan

Individuals aged 45 and youthful usually tend to have the next tolerance for insurance coverage fraud, in keeping with a brand new survey, with some even feeling envy in the direction of those that commit it.

Revealed by Verisk and the Coalition Towards Insurance coverage Fraud, the survey discovered that 87-96% of older respondents take into account it a criminal offense, in comparison with solely 75% of these below the age of 45. This share continued to say no with age, with solely 64% of the youngest group stating the identical.

Matthew Smith, govt director of the Coalition Towards Insurance coverage Fraud, expressed his concern over the findings and stated it ought to “sound the alarm” for insurers, shopper activists, regulators, and legislators.

“Whereas it’s marginally reassuring that 84% of Individuals within the survey take into account insurance coverage fraud a criminal offense, the 16% that don’t take into account it a criminal offense doubtlessly symbolize greater than 53 million Individuals,” stated Smith. “There’s a want for shopper schooling on the hurt insurance coverage fraud crimes have on our financial system and on each American citizen and household.”

Maroun Mourad, president of Verisk Claims Options, echoed these issues and emphasised the necessity for insurers to stay vigilant in combating fraud.

“The truth that youthful generations are extra tolerant and motivated to commit claims fraud signifies that this drawback just isn’t going away and is prone to persist sooner or later,” stated Mourad. “Carriers could be sensible to arrange a powerful perimeter protection to make sure they’re adequately and precisely detecting potential fraud all through the coverage life cycle.”

The joint examine additionally discovered that greater than 36% of Individuals consider it’s acceptable to submit an inflated auto injury declare, whereas over 30% of these aged 25-34 stated they “undoubtedly would” submit a fraudulent property injury declare.

Furthermore, 27% of people between the ages of 18-24 indicated they might commit staff’ compensation fraud, in comparison with lower than 10% amongst these aged 45 and older.

Equally, over 1 / 4 of respondents aged 18-34 admitted to being “motivated” to commit insurance coverage fraud, in distinction to lower than 7% of these over the age of 45.

These outcomes have been garnered from the responses of over 1,500 insurance coverage customers who matched the demographic requirements outlined within the 2020 US Census.

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