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Insurance fraud costs $308.6bn annually, coalition reports

November 28, 2022

The Coalition Against Insurance Fraud has released a report estimating that annually, insurance fraud costs the US $308.6 billion.

In 1995, the Coalition estimated this number at $80 billion, though at the time, only the property & casualty insurance line was considered.

The present report addresses all lines of insurance and is also adjusted for inflation, unlike the one in 1995.

The report additionally notes that in 1995 the internet was in its infancy and the estimate, therefore, did not account for new forms of cyber insurance fraud that are impacting the US currently.

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