Fraud costs to insurers 1.4 billion USD and 184 USD to policyholders

According to the South African Insurance Crime Bureau (SAICB), the insurance frauds involve a minimum increase of 184 USD on annual premium for each insurance contract.

The SAICB explains this additional cost by the repercussion each year of a proportion of the money lost in scams on policies' price. 30% of insurance claims are fraudulent according to the organization.

In 2013, fraudulent claims and other crimes would have cost 1.4 billion USD to the insurance sector.