Kathmandu. Global insurance fraud losses are expected to exceed $80 billion in 2025. <\/p>\n
According to Coinal’s ‘Insurance Fraud Statistics 2025: Exposing Major Losses’, global insurance fraud is estimated to exceed $ 80 billion annually. “Industry-wide suspicious insurance payments are generally estimated to be close to 2 per cent to 10 per cent depending on business and jurisdiction as insurance fraud rates approach 10 per cent in some areas,” the report said. <\/p>\n
Fraud claims in the Asia-Pacific region increased by 22% year-on-year in 2023. Which is increasing due to fake accidents and increased claims. <\/p>\n
Globally, auto insurance fraud surged by 19% in 2023. Which highlights the sector’s risks for organized networks that carry out fake accidents for payments. <\/p>\n
Life insurance is one of the most affected categories. Its losses worldwide are close to $ 75 billion annually. <\/p>\n
Property and damage fraud accounts for about 10 percent of the total loss of the industry. That’s about $122 billion annually. <\/p>\n
Collectively, the loss of life and property worldwide is more than $300 billion. Which is growing at a rate of more than 10 percent per year. <\/p>\n
Technology is playing a central role in combating these risks. Predictive modeling, AI and automated red-flag systems are now widely used. The global fraud detection insurance market is projected to grow from $7.5 billion in 2024 to $9.05 billion in 2025 and $22.9 billion by 2029. <\/p>\n
Insurance companies using AI devices are seeing a decrease of 20 percent to 40 percent fraud, depending on the type of case. Emerging threats such as deepfake impersonation, synthetic identity fraud and voice-based scams are increasing risks in many markets. <\/p>\n
Insurance companies have also reported an increase in fake property damage claims. In 2023, drones helped detect fraudulent activity worth nearly $1 billion. <\/p>\n
While progress has been made in detecting insurance fraud, fraud continues to increase costs and slow claim processing globally.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Global insurance fraud losses are expected to exceed $80 billion in 2025. According to Coinal’s ‘Insurance Fraud Statistics 2025: Exposing Major Losses’, global insurance fraud is estimated to exceed $ 80 billion annually. “Industry-wide suspicious insurance payments are generally estimated to be close to 2 per cent to 10 per cent depending on business […]<\/p>\n","protected":false},"author":16,"featured_media":207112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-267183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/267183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=267183"}],"version-history":[{"count":0,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/267183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/207112"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=267183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=267183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=267183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}