Carriers paid $4.6bn-$9.2bn extra in disaster claims due to fraud: NICB
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Carriers paid $4.6bn-$9.2bn extra in disaster claims due to fraud: NICB

Farhin Lilywala
May 17, 2022
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Property and casualty insurers paid $4.6bn-$9.2bn extra in disaster claims during 2021 due to insurance fraud, a cost policyholders bear through their premiums, The National Insurance Crime Bureau (NICB) said today.

The NICB has estimated that fraud adds 5% to 10% to the total claims paid following a disaster. The bureau released the figures ahead of its second annual Contractor Fraud Awareness Week, which runs from May 23-27, when it...

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Farhin Lilywala
Section Editor, Distribution & Specialty
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