The world is currently facing one of the harshest economic climates experienced since the 2008 Global Financial Crisis, one of the worst financial crises in modern history. This raises concerns that more people may turn to fraud to address the financial pressure they are experiencing.
The 2023 survey found that if struggling financially, one in four 18-24-year-olds would think about lying on an insurance application to save money. Insurance fraud to make money is also a growing tactic. The Insurance Fraud Bureau points out that one in five 18-24-year-olds would consider lying on an insurance claim to make money; this statistic was one in seven in 2022.
“While we don’t keep the same kind of statistics as to the profile of offenders in South Africa, it is fair to say that there probably is an increase in the same age brackets where youngsters are feeling economic pressure and unemployed. “Insurance is supposed to be a layer of protection for individuals who want to ensure they will be covered should they face a financial loss. Abusing this compromises insurers’ trust with their clients who enter into these contacts based on good faith. We don’t want to get into a situation where insurers will look at every claim with increased scrutiny because of the actions of a handful of dishonest individuals,” says Van Schalkwyk.
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