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THE “F” WORD IS FRAUD A RISK?

THE “F” WORD IS FRAUD A RISK?. CHRISTOPHER R. DUNN DUTTON BROCK LLP. WHAT IS INSURANCE FRAUD? Any act or omission with a view to illegally obtaining an insurance benefit Fraud is perceived as the quintessential “victimless” crime. TYPES OF INSURANCE FRAUD: Auto Business losses Commercial

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THE “F” WORD IS FRAUD A RISK?

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  1. THE “F” WORD IS FRAUD A RISK? CHRISTOPHER R. DUNN DUTTON BROCK LLP

  2. WHAT IS INSURANCE FRAUD? • Any act or omission with a view to illegally obtaining an insurance benefit • Fraud is perceived as the quintessential “victimless” crime

  3. TYPES OF INSURANCE FRAUD: • Auto • Business losses • Commercial • Life/disability

  4. FRAUD STATISTICS: • Insurance fraud costs Canadian insurer’s an estimated $1.3 billion (cdn.) each year • 10% to 15% of insurance premiums for auto, home and business insurance go to pay for false or exaggerated claims • Ontario is a hotbed for insurance fraud

  5. FRAUD MANAGEMENT (pre-litigation): • Indicators and Awareness • Quality controls • Profiling/Scoring • Hand-off procedures • Specialists

  6. WHAT IS THE ANSWER (post-litigation)? • Surveillance • Internet searches, ie. Facebook • Examinations Under Oath • Ontario Rules of Civil Procedure • Learning from the ICBC model

  7. Questions?

  8. Thank you!

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