Insurance Frauds Control Act

Insurance Frauds Control Act

This Campaign is an outcome of what was discussed in “Training Programme on Insurance Frauds – How to Control it?”

The copy of book available to download at “Insurance Frauds Control Act”.

This programme was organized by Insurance Foundation of India on 24 August 2018 at PHD House New Delhi and was attended by:

Participants From Number %age Wise
Insurance Companies 44 62%
Insurance Brokerage Firms 12 17%
Insurance Buyers 2 3%
Insurance Surveyors/Loss Assessors 7 10%
Academics 6 8%
Total 71  

During detailed discussions it emerged that the facts about Insurance Frauds in India are::

  • In our country Insurance Frauds figure during the year 2017-18 is estimated to be Rs 45000 Crores and the worrying point is that it is increasing at a rapid pace.
  • On an average an insurance company loses 8.5% of its revenues to the frauds.
  • Indian Regulatory Bodies as well as various government agencies, Insurance Companies are anxious to bring Insurance Frauds under control so that the benefits in the form of reduced premium to genuine insurance clients, higher profits to the company, and higher tax revenue can accrue to the Government. All of us know that this can be utilized for the growth of the Indian Economy and for the benefit of the masses.

The participants during discussions decided that we as NGO should take up the matter with the Authorities for bringing Insurance Frauds Control Act in the country so that growing Insurance Frauds can be controlled. Many participants volunteered with their time/effort/financial support in supporting this cause.

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