The Virginia State Police Insurance Fraud Program (IFP) today released its 2016 Annual Report, which details the efforts made in the fight against insurance fraud in the Commonwealth.
Insurance fraud occurs when someone makes money or attempts to make money from insurance transactions through deception, lying, cheating or stealing for profit.
There were 1,513 notices of suspected insurance fraud in Virginia in 2016, and $9.8 million worth of fraudulent claims were attempted. Fraudulent claims collected surpassed $21.7 million, up from about $21.2 million in 2015.
“It’s not just the insurance company that’s affected,” said First Sgt. Steve Hall, IFP coordinator. “Consumers ultimately pick up the tab for insurance fraud losses.” It’s estimated that families pay as much as $1,000 per year in increased insurance premiums and other goods and services as a result of insurance fraud.
“Monetary losses are only part of the problem,” Hall said. “Schemes like staged accidents can put people at risk of injury or worse. Insurance fraud isn’t a victimless crime.”
-Submitted by Nathan Madden