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South Korea sees 11% increase in insurance fraud

September 5, 2014 - 6:00am


The Financial Supervisory Service of South Korea has said that the number of false insurance claims in the first half of 2014 increased by 11%, reported Yonhap.

Insurance fraudsters took 286.9 billion South Korean won ($282 million) in the first half, up from KRW 257.9 billion recorded during the same period in 2013. Non-life insurance fraud claims totaled KRW 250.3 billion.

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