Auto insurance fraud is rapidly growing in New York

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This is forcing residents to have to pay more for their coverage as it is causing insurer costs to soar. A startup company that has placed its focus in auto insurance, has released an article that has detailed its data that suggests that cases of fraud are considerably on the rise in New York. The article provided an explanation of the upward trend of fraudulent claims within the state. It also went on to show that the auto insurance fraud is not a victimless crime, because it is causing residents…

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NICB announces Q3 increase in questionable claims by 7 percent

The National Insurance Crime Bureau (NICB) has released its third quarter 2011 results from its referral reason analysis of questionable claims (QC). This report investigates six different types of claim referral reason categories. They are: workers’ compensation, casualty, property, commercial, vehicle, and miscellaneous. It compared the results among the third quarters of every year from 2009 to 2011. Questionable claims are those that are made to member insurance companies of NICB which must be referred to the bureau for closer review and potential investigation as a result of certain red…

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Prosecutions for healthcare fraud increase by 85 percent since 2010

Recently released federal statistics have shown that national healthcare fraud prosecutions have increased by 85 percent since the end of 2010, partially as a result to stepped-up efforts to enforce fraud laws under the Obama administration. The Transactional Records Access Clearinghouse (TRAC), a non-partisan group, released the statistics which show that there have been 903 prosecutions in 2011 so far. That number is 24 percent higher than the total for all of 2010, when there were 731 healthcare fraud prosecutions through various federal agencies nationwide. Furthermore, TRAC statistics have shown…

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Report shows insurance fraud is skyrocketing

The Association of British Insurers (ABI) has released a report with statistics indicating that there was an increase of 9 percent in fraudulent insurance claims between 2009 and 2010. The report showed that in 2010, there were approximately 133,000 fraudulent claims, with a value of £919 million. This indicates that there are an average of 2,500 false claims made every week by the public. In fact, over the past five years, the value and quantity of detected fake insurance claims has increased by 100 percent. It is estimated that the…

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