Underwriting Fraud on the Rise

This month, the Coalition Against Insurance Fraud noted that underwriting fraud is responsbile for $16 Billion per years in losses according to a recent study by Quality Planning Corp.  Rate evasion and other underwriting scams often go unchecked by insurers and regulators although more and more jurisdictions are making it a crime.  It’s likely that we’ll see insurers and state Departments of Insurance crack down on this type of fraud in the future, as it continues to add risk to carriers and drive up the cost of insurance for all consumers.