March 17, 2023 | Legal Alerts
Insurance Fraud Costs the U.S. $308 Billion Annually
The Coalition Against Insurance Fraud (CAIF) has come out with a new study that shows the full extent of insurance fraud in the United States. For the first time in almost three decades, the figure that estimates total losses due to insurance fraud has been updated. According to the CAIF, total losses due to insurance fraud across the country are $308 billion. This figure is dramatically higher than the group’s $80 billion estimate in 1995, which is the last time it released an estimate of the cost of insurance fraud. The study may even underestimate the total amount of insurance fraud because some insurance companies may not realize that they have been defrauded due to sophisticated methods employed by fraudsters.