With the new Accident Benefits regulation in effect for 2 years, have these changes had an effect on fraud? Is the amount of fraud reduced or have the culprits gotten better at hiding it? It seems like we’re always two steps behind!
Time will tell, if the amount of fraud is being reduced, especially with the drastic increase in the amount of mediations being scheduled through FSCO. Hopefully, less fraud will equal lower claim payouts AND lower premiums.
We’ve attached 2 videos from the Insurance Bureau of Canada that demonstrate the implications and financial cost of fraud.
Try here if you can’t view the videos below: