Is insurance fraud getting displaced?
As we talk to insurers globally, one trend that we are seeing more and more is that fraud is getting displaced to other lines of business away from the traditional lines of motor and property.
For example - during the COVID pandemic, in the UK when individuals / businesses had their claims refused for business interruption, there was a rise in fraudulent claims identified associated with the same parties for things like arson or even stolen expensive watches!
Recently there was a large scale pet fraud scam identified with a Vet making hundreds (that were caught) of records belonging to fictitious cats and dogs, to subsequently make claims for them.
With the whiplash reforms in the UK as well and having tariffs for traditional injury types like whiplash - it would be interesting to see where there will be rises in for suspicious claims.