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The quantity of insurance coverage funds collected in insurance coverage frauds climbed to an all-time excessive final 12 months, prompting authorities to step up efforts to curb such practices, the monetary regulator stated Sunday,
Insurance coverage scammers took a file 1.15 trillion gained ($794.6 million) by way of wrongful filings in 2024, up 3 p.c from a 12 months earlier, in response to the Monetary Supervisory Service (FSS).
The variety of suspects concerned in such instances, nevertheless, declined 0.5 p.c on-year to 108,997.
Fraud involving counterfeit or fabricated medical data to make overstated claims accounted for the most important 58.2 p.c of all false claims, adopted by false accidents at 20.2 p.c and intentional accidents at 14.7 p.c.
By class, fraud involving automobile insurance coverage and long-term insurance coverage accounted for 49.6 p.c and 42.2 p.c of the full, respectively.
Most suspects of their 20s and 30s have been concerned in instances associated to automobile insurance coverage, akin to intentional collisions and drunk or unlicensed driving, whereas these of their 50s or older have been principally concerned in fraud associated to hospitals, akin to false hospitalization.
The monetary regulator stated it could step up promotion to stop seniors and youthful generations from being concerned in insurance coverage fraud, and conduct an investigation to root out such crimes. (Yonhap)
