South Korea:Insurance fraud increases

Fraudulent insurance claims increased by 2% last year, partly due to a rise in minor fraud cases as the COVID-19 pandemic hit the economy, the financial regulator has said.

Insurance scammers took a record KRW898.6bn ($808m) through wrongful filings last year, up by KRW11.7bn from a year earlier, reported Yonhap News Agency citing the Financial Supervisory Service (FSS).

The regulator detected 98,826 suspects in 2020, up 6.8% from a year earlier.

Fraud involving non-life insurance accounted for 91.1% of the total amount of false claims.

Source: Asia Insurance Review