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International

Insurance fraud climbs 9%: Watchdog

March 24, 2016 Reprints

South Korea's Financial Supervisory Service has said that insurance fraud in the country hit an all-time high in 2015, reported The Korea Times.

The amount of fraudulent insurance claims increased 9.2% during the year to 655 billion South Korean won ($564 million) in terms of payments, up from 600 billion won in 2014. The FSS detected 83,431 suspected fraudulent insurance claims in 2015, down from 84,385 detected in 2014.

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Insurance fraud climbs 9%: Watchdog

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