Report: Annual cost of insurance fraud could hit $80B in 2 years

08/25/2013 | PropertyCasualty360

The property/casualty insurance industry could lose $80 billion annually from fraudulent claims by 2015, according to a report from Aite Group. Property/casualty fraud was estimated to have cost insurers $64 billion last year, Aite Group said. "What puzzles and strikes me more than anything is that [fraud] keeps growing in spite of the significant efforts expended in traditional detection and deterrence processes," said Stephen Applebaum, author of the report.

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