The Insurance Research Council of Pennsylvania has released a new report concerning auto claims and insured losses in New York City. New York has become infamous in the insurance industry for the multitude of auto claims that come from the state. In recent years, more claims have been coming in to insurers, many of which have been found to be fraudulent. The report highlights the differences in claiming behavior throughout the state and touches upon the discrepancies found in claims. According to the report, personal injury protection claims have risen…
Read MoreTag: fraudlulent claims
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…
Read MoreNew York is fraught with insurance fraud
According to a new report by the National Insurance Crime Bureau (NICB), Buffalo, New York, is home to a staggeringly high amount of questionable medical insurance claims. Second only to New York City, Buffalo adds to the states already extensive history of insurance turmoil. The report takes into account all occurrences of claims that have been found as “faked or exaggerated,” as well as instances of “excessive treatment.” The 7,026 questionable claims were filed throughout the state last year. Buffalo accounts for 145 of those, with New York City taking…
Read MoreQuestionable claims activity on the rise
Insurance companies reported that ever since 2008 there has already been an increase of twenty four percent in suspicious claims. In that same year, over 74,146 questionable claims were discovered. A questionable claim is picked out when detected by fraud indicators used by the industry that may cite up to 7 reasons in each claim that may cause reason to be red flagged. These cases were then passed on to the National Insurance Crime Bureau (NICB) and were examined, compared and matched to prior incidents from other member insurance companies. Upon…
Read More