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How fraud affects you
Some people think insurance fraud is a victimless crime. But insurance fraud costs everyone. And some schemes, like arson or a staged auto accident, can put innocent people in physical danger.
Insurance fraud is more widespread, and more costly, than many people think. Consider these statistics:
- Fraud cost the insurance industry an estimated $96.2 billion in 1999. (Conning & Co.)
- Insurance fraud is the second most costly white-collar crime, after tax evasion, costing Americans about $30 billion each year. (National Insurance Crime Bureau)
- More than one-third of people hurt in auto accidents exaggerate their injuries. This adds $13-$18 billion to America's annual insurance bill. (Rand Institute for Civil Justice)
- Fraudulent property/casualty insurance claims cost insurers about $30 billion annually. (Insurance Information Institute)
- Healthcare fraud alone costs Americans $54 billion a year. (Coalition Against Insurance Fraud)
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