Insurance
Oct. 20, 2011
What you need to know about lawsuits involving underwriting fraud
Despite recent progress in combating insurance fraud, it remains one of California's largest criminal enterprises. By Joseph E. Foss of Luce Forward Hamilton & Scripps LLP
According to the Coalition Against Insurance Fraud, insurance fraud costs Americans an estimated $80 billion a year, or nearly $950 for each family. The recent economic downturn and consumer attitudes suggest that the cost will continue to increase. Recent surveys show that 76 percent of consumers admit that they are more likely to commit insurance fraud during an economic downturn than during normal times (up from 66 percent in 2003), more than...
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