The commercial website BalancingEverything has some interesting statistics about insurance fraud. Check it out. And remember to never lie in order to collect insurance benefits. It’s a serious crime in Texas and in other states. Here are the opening paragraphs:
Insurance can be an amazing tool to protect your assets and integrity. Unfortunately, given the nature of this type of contract, abuse and fraud are fairly common. That’s why we prepared a list of insurance fraud statistics to show you the dark side of this industry. Read on to stay in the loop of the most common schemes and cons people apply to take advantage of the insurance system at home and abroad.
Insurance Fraud Statistics (Editor’s Choice)
- Insurance fraud costs Americans more than $80 billion annually.
- 76% of Americans are more likely to commit insurance fraud while the economy is declining than when it’s growing.
- In 2020, over 500 medical insurance scams were recorded.
- 94% of American businesses have worker’s compensation insurance.
- In Germany, insurance fraud costs around €4 billion ($4.67 billion) annually.
General Insurance Fraud Statistics
1. It’s estimated that insurance frauds cost American consumers over $80 billion per year.
FBI estimates place the cost of non-health insurance fraud at $40 billion per year. To put things into perspective, this means that each American family loses between $400 and $700 per year in increased premiums.