Fraud & the P/C Insurance Industry: Focus on No-Fault Auto Insurance

This PowerPoint Report, presented by Steven Weisbart, senior vice president and chief economist of the Insurance Information Institute, before the New York Insurance Fraud Summit, analyzes the issue of no-fault insurance fraud, focusing on New York State. The presentation surveys no-fault claim costs in the U.S. and New York, noting that the costs in New York have increased by 58 percent since 2004, the average no-fault claim severity is at its second highest level ever and that no-fault fraud and abuse in the state is costing insurers and drivers more than $200 million per year. About 20 percent of the cost of every no-fault claim in New York is attributable to fraud and abuse. The reports shows that the benefits of reducing no-fault fraud and abuse can save hundreds of millions of dollars in New York. The no-fault systems in Michigan, New Jersey and Florida are also under stress due to rising fraud and abuse, which will ultimately lead to higher premiums for drivers.


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