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What is Insurance Fraud?

 

Fraud is a deliberately dishonest act that causes actual or potential financial loss to any person or entity.

It can range from overstating the value of damaged or lost items or not declaring information that is known and relevant to a claim, through to the activities of highly organised criminals coordinating large and complex false claims.

 

Insurance fraud can be:

  • Opportunistic – the padding and exaggeration of otherwise legitimate claims
  • Premeditated – Arson, theft, staged incidents involving the deliberate fabrication of a claim
  • Fraudulent non-disclosure – misrepresentation of facts material to the insurance policy, such as failure to disclose a criminal conviction or giving deliberately misleading information in support of a claim

 

Why should I be concerned about insurance fraud?

The cost of fraud to the insurance industry is significant.

Fraud has a direct impact on the price consumers and businesses pay for their insurance.

Capita Insurance Brokers Inc.

Co-operators General Insurance Building,

Collymore Rock,

St. Michael,

Barbados.

Contact: (246) 434-3245

E-mail: info@capitacaribbean.com

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