Live Insurance News

Insurance fraud reaches record heights

June 3, 2014May 31, 2014 Julie Campbell

According to the ABI, in the United Kingdom, fake claims last year topped £1.3 billion. The Association of British Insurers (ABI) has now revealed its latest figures regarding insurance fraud, which have shown that last year bogus claims exceeded £1.3 billion, breaking records from previous years. The vast majority of that total amount came from false or exaggerated claims made on auto policies. The ABI also pointed out that insurance fraud throughout the industry – not just in the auto sector – has been on the rise at a startling…

Auto insurance fraud used a deer to fake a $5 million claim

June 2, 2014June 2, 2014 Julie Campbell

A 63 year old body shop owner from Philadelphia has been accused of hundreds of scam charges. A man from Philadelphia is now facing hundreds of charges relating to his auto insurance fraud activities, in which he used deer carcasses, fur, and blood to make it appear as though the vehicles had struck the animals on the road. The participants in the scam would then file inflated claims so that insurers would pay for the “repairs”. According to investigators, the accused, Ronald Galati Sr. had a rather clear motto, which…

Auto insurance scam investigation crashes massive fraud ring

May 26, 2014May 24, 2014 G. Turner

The Operation High End inquiry lasted for four years and has led to a number of arrests. A series of arrests have now been made as a result of the conclusion of the Operation High End four year investigation into a multimillion dollar auto insurance scam ring that was uncovered in California. The probe was conducted throughout the Los Angeles area and there have already been 12 arrests. At the time of the writing of this article, a dozen people had already been arrested for their alleged parts in this…

The Impact of Insurance Fraud

May 24, 2014May 24, 2014 Note From The Editor

Fraud is not only a problem for insurers Insurance fraud is more common than people may think and it is one of the most serious problems facing the insurance industry today. Fraud causes an estimated $115 billion in financial damage in the U.S. alone and this damage is not only felt by insurance companies. Because insurers are pressured to recover from losses, the financial damage caused from fraud often trickles down to policyholders, who must pay for the fraudulent activities of others through increased premiums or fewer benefits being offered…

6 Ways Lying About Your Auto Insurance Can Cost You

March 29, 2014April 16, 2014 Guest Author

It’s tempting. And, surely, you won’t get caught, right? You are, after all, just one tiny customer among thousands. The insurance company is far too busy to notice if you tell a little white lie. Plus, a big organization like that can afford it, can’t they? Auto insurance lies are common among parents. So, if you’re trying to justify lying to your auto insurance provider, forget about it! You could be convicted of fraud, face a hefty fine and even a stint behind bars. In this situation, good luck in…