P/C insurers plan to increase spending to fight fraud, study finds

04/4/2013 | Insurance Networking News

Property/casualty insurers' spending on fraud prevention is forecast to increase 44% between 2011 and 2016 as the industry faces a projected $80 billion cost from claims fraud by 2015, an Aite Group study says. "P&C carriers should revisit and update their enterprise fraud strategies and actively review the many new and more-effective solutions in the marketplace," Aite Group's Stephen Applebaum says. "Carriers that fail to improve their fraud-detection capabilities will find themselves both attacked by knowledgeable fraudsters and competitively disadvantaged."

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