North Carolina Time: Know That Insurance Fraud $74.7 Billion

Radhika

North Carolina Time Carolina Dantas South Carolina Time

Experts want you to know that insurance fraud is on the rise in North Carolina.

North Carolina Time: Know That Insurance Fraud $74.7 Billion

North Carolina TimeCarolina Dantas South Carolina Time
North Carolina Time Carolina Dantas South Carolina Time

 

WNCN — RALEIGH, N.C. Here in North Carolina, insurance fraud is increasing, costing each of us hundreds of dollars a year in higher premiums.

Experts estimate that there is some fraud involved in one out of every ten insurance claims that are filed.

“In North Carolina, we apprehended over 500 people for insurance fraud last year,” stated State Insurance Commissioner Mike Causey. “And those figures are rising.”

According to estimates, fraud claims receive 25 cents for every dollar you pay for insurance. That works out to an annual cost of $400 to $700 for the average family due to increased expenses.

Who is the fraudster behind this? It covers a wide range.

North Carolina TimeCarolina Dantas South Carolina Time
North Carolina Time Carolina Dantas South Carolina Time

 

Insurance agents, healthcare providers, consumers, and even organized fraud rings have all been observed to be involved by state investigators.

Causey stated, “People are moving money around and stealing money from the policyholders. There is a big fraud with white collar crime.”

A record $130 million was recovered by the State Department of Insurance in 2023 as a result of insurance fraud.

The CBS 17 Consumer Investigator was curious about the final destination of the recovered funds.

“A large portion of that goes to the schools to support the education system if there is a fraud situation,” Causey stated. “We reserve a very small portion of it, approximately 6.5 percent, to run the Department of Insurance’s budget.”

According to The Coalition Against Insurance Fraud, the following are the most prevalent forms of fraud nationwide:

  • Insurance on life ($74.7 billion)
  • Medicare has $60 billion.
  • Insurance for property and liability ($45 billion)
  • Vehicle theft: $7.4 billion
  • Insurance for health ($36.3 billion)
  • Workers’ compensation: $34 billion

The State Department of Insurance Criminal Division maintains a dedicated hotline for reporting insurance fraud. That data is available to you right here.

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