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Insurance frauds rise 8 pct in H1

All Headlines 10:44 October 29, 2018

SEOUL, Oct. 29 (Yonhap) -- False insurance claims rose 8 percent in terms of payments in the first six months of this year to top 400 billion won (US$350.7 million), the financial watchdog said Monday.

According to the Financial Supervisory Service (FSS), insurance fraud scammers took 400 billion won through wrongful filings during the January-June period, up from 29.7 billion won a year earlier.

Insurance frauds rise 8 pct in H1 - 1

The watchdog detected 38,687 suspects in the cited period, down 12.4 percent from a year earlier.

Fraud involving non-life insurance accounted for 362.2 billion won, or 90.5 percent, of the total false claims.

Fraudulent auto insurance claims amounted to 168.4 billion won, or 42.1 percent, of the non-life insurance claims.

The FSS has been intensifying its crackdown on insurance scams in cooperation with related state agencies including the prosecution and police.


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