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The Insurance Bureau of Canada’s Coalition Against Insurance Fraud, after estimating the cost of fraud to each policyholder at about $150, set up an anonymous tip telephone line. Since 1992, the line has received more than 32,000 calls reporting fraud or suspicious claims activity.
In 1999 alone, 79 people faced 178 criminal charges related to fraud. A total of 42 civil law suits were filed against individuals and businesses in response to discovered fraud schemes. The total savings were estimated at more than $50 million.
(Editor’s Note: According to our Canadian friends, $50 million Canadian is equal to $7.52 American … but they might just be pulling our leg!)
© 2000 John Cooke Fraud Report