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International

South Africa: 30% of insurance claims estimated to be fraudulent

January 27, 2014 Reprints

The South African Insurance Crime Bureau has stated that 30% of insurance claims filed in the country are estimated to be fraudulent, South African daily The Times reported.

Total claims in the country are estimated at 50 billion South African rands ($4.77 billion) for 2013, of which around ZAR 15 billion ($1.43 billion) are estimated to be fraudulent.

While those found guilty could face jail time, the problem affects innocent policyholders in the form of higher monthly premiums and more scrutiny.

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South Africa: 30% of insurance claims estimated to be fraudulent

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