Counting the Cost of Insurance Fraud
Great read and video on insurance fraud !
SEMEYI Zake and Colin Mchunu from Alexander Forbes Insurance discuss insurance fraud and what consumers need to do to ensure their safety.
According to the SA Insurance Crime Burea, of all the claims that are submitted annually — which amount to R35bn — at least R7bn of that is allocated to claims that are fraudulent.
Mchunu says no one is spared the costs of insurance fraud. “Ultimately everyone is affected in a huge way and you see it in the monetary value that insurance companies have to spend in terms of trying to combat the crime,” he says.
Below he talks about how to avoid being the victim of insurance fraud: