Opinion: Why an insurer invites mandatory fraud reporting (Canada)

Magnifying glass by John Lester

From the Canadian Underwriter opinion piece:

…Aviva released Thursday Crash, Cash and Backlash: Aviva Fraud Report 2017, which includes results of a survey in which two in three respondents said they “feel that cracking down on fraud would reduce their current auto insurance premiums.” That survey is based on interviews of 1,502 Canadians conducted in October by Pollara Strategic Insights.

The report estimates auto insurance fraud up to $2 billion every year.

“Each [insurance carrier] decides on its own what it’s going to do about the fraud problem,” Rasbach told Canadian Underwriter. “So, the regulator needs to follow the models which are in many other countries, but do not exist here, where they need to regulate insurers to do something about fraud.”

Regulation would help the industry understand that for all the honest consumers out there, there may be dishonest ones who start skipping from company to company, Rasbach says…

Read the full item at the link:

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