Every year, insurers are paying for this trend and that cost is being passed down to the consumer. South Africa’s short term coverage industry is paying an estimated $389.6 million every year (4 billion South African rand) in order to compensate for the insurance fraud that it is experiencing in that country. There have been a growing number of cases of fraudulent claims over the last few years. According to Santam Ltd., a Cape Town based short term insurer, this year, alone, there have already been 79 cases of commercial…
Read MoreInsurance fraud costs South Africa’s industry $390 million
