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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