Live Insurance News

FTC issues warning about health insurance scams

October 22, 2014October 19, 2014 Marc

States are promoting their insurance exchanges, but consumers could be at risk of exploitation Many states in the U.S. are beginning to promote their health insurance exchange ahead of a new open enrollment period, but consumers are being warned that they could be taken advantage of by scams. The Federal Trade Commission has issued a warning about insurance scams that seek to prey on those that are shopping for policies through state-based exchange marketplaces. These exchanges will begin selling coverage in November, and those that are not careful about how…

Insurance fraud complaints are increasing in South Carolina

August 12, 2014August 9, 2014 H. Cutner

The state has now reached an all time high, according to a report that was recently released. Complaints have been rising in South Carolina with regards to insurance fraud, to the point that they are now reaching the highest point that they have ever been, with over 1,200 having been filed last year. This, according to a report that was recently released by Attorney General Alan Wilson. The Insurance Fraud Division of the office of the Attorney General put out an annual report that underscored the fact that attorneys had…

Insurance fraud costs South Africa’s industry $390 million

November 12, 2013November 9, 2013 G. Turner

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…

Insurance fraud on the rise in US and Canada

September 13, 2013September 10, 2013 Logan B.

Survey shows companies are concerned with growing prevalence of insurance fraud The results of a new survey have been released by FICO, an analytics firm, concerning the prevalence of insurance fraud in the U.S. and Canada. The survey suggests that insurance companies are expecting to see higher losses from fraud on personal insurance lines. Insurance fraud appears to be growing more common in both countries despite aggressive regulations being adopted that are meant to mitigate the impact of such practices. Insurers expect to see higher losses from fraud this year…

Insurance fraud prevention efforts are underway in Oklahoma

June 4, 2013June 3, 2013 H. Cutner

The state and the NICB are working together to stop false claims as filings are received following tornadoes. The National Insurance Crime Bureau (NICB) and the Oklahoma Insurance Department (OID) are working together in an effort to combat insurance fraud by educating residents at a time when approximately 23,000 claims have already been filed in the state in the wake of a stream of catastrophic tornadoes and other severe weather events in May 2013. The storms – which primarily occurred on May 19 and 20 – have generated auto and…

National Insurance Crime Bureau finds high level of insurance fraud in Florida

January 25, 2013January 23, 2013 Marc

Florida leads the country in insurance fraud, according to National Insurance Crime Bureau Florida has attracted a significant amount of focus when it comes to fraud in its insurance sector over the past few years. The state’s no-fault auto insurance laws, and some regulations concerning homeowners insurance, have allowed the sector to be easily manipulated and exploited in the past. State legislators recently began overhauling Florida laws to cut down on fraudulent activities, but have found only modest success. The National Insurance Crime Bureau has released new information showing that…

Insurance news from Ohio shows fraud is on the rise

December 11, 2012April 30, 2013

The state has received a record breaking number of allegations of fraudulent claims this year. Officials in Ohio have reported the insurance news that there has been a notable increase to the amount of fraud that is occurring in the industry. The scams are being blamed on the hard economic times and criminal activities in the state. According to the most recent Ohio Department of Insurance news, the combined efforts of insurers, agents, customers, police, and other parties have already generated 4,022 fraud allegations in the state as of last…