FEMA official reports insurance fraud evidence

New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage
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According to the “60 Minutes” news magazine, a top official has seen evidence suggesting wrongful settlement denials. A recent report from “60 Minutes”, the respected news magazine from CBS, a top official from the Federal Emergency Management Agency (FEMA) has stated that he has witnessed evidence of insurance fraud within the reports that were made to deny settlements to victims of superstorm Sandy. In an interview that was televised last night (Sunday), the official made it clear that the evidence does exist. Within the CBS program, the deputy associate administrator…

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The Impact of Insurance Fraud

insurance fraud

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…

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Insurance fraud study shows nearly a quarter of Americans approve of it

insurance agency overbilling fraud

The research showed that 24 percent of people in the United States think that the behavior is acceptable. The number of Americans who believe that insurance fraud is an acceptable behavior remains very high, as nearly a quarter of the people in the country feel that it is acceptable, according to a study. This same research indicated that the approval of the behavior has actually fallen over the years. Though the findings of the survey showed that 24 percent of Americans are alright with insurance fraud, this is actually a…

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

California Insurance company Fraud scam

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…

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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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