Insurers Expect Rise In Fraud Costs, FICO Survey Finds

Law360, New York (October 5, 2012, 3:42 PM EDT) -- A report released Thursday by Fair Isaac Corp. and the Property Casualty Insurers Association of America suggests the cost of insurance fraud claims is higher than previously thought, with nearly one-third of surveyed insurers estimating fraud represents 20 percent of their claims volume.

FICO and PCI say that while traditional estimates have suggested insurance fraud accounts for up to 10 percent of property and casualty insurance losses, their August survey of 143 U.S. insurers indicates 32 percent of respondents believe insurance fraud costs to be as...
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