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Fraud Stats
Stats reveal fraud trends. How big is fraud? β¦ How much damage β¦ Progress weβre making β or not β¦ What scams are happening, and why. Find the fraud facts β across all lines of insurance.
Did you know that $308.6B can…
β’ Stretch to the moon and back 16 times!
β’ Purchase approx. 771, 500 homes!
β’ Fund approx. 3,086,000 four-year college degrees!
β’ Cost approx. $932.63 per person each year!
β’ Cost approx. $3,750.52 per family each year!
β’ Buy 81 billion school lunches!
Nearly three out of four insurance companies report that fraud is increasing or remaining steady, underscoring a growing concern within the industry. In response, the Coalition Against Insurance Fraudβa national alliance of over 300 organizations, including insurers, consumer groups, and government agenciesβis intensifying its efforts to combat this pervasive issue. Through collaboration, research, and public education, the Coalition aims to protect consumers and reduce the financial impact of fraudulent activities.
A significant majority of consumers express concern about insurance fraud and its detrimental effects on both the economy and individuals. This widespread apprehension underscores public awareness of the financial burden that fraudulent activities impose, including increased premiums and eroded trust in the insurance system. In response, the Coalition Against Insurance Fraud is actively collaborating with its diverse stakeholders to foster a more secure and trustworthy environment for all. By uniting these groups, the Coalition aims to effectively combat the ever-evolving landscape of insurance fraud.