Insurance fraud affects each and every Canadian who holds an insurance policy. This type of fraud comes in many forms, and is estimated to cost insurance companies and Canadians billions of dollars each year. Both opportunistic frauds, when a legitimate claim is exaggerated, and deliberate fraud, such as a staged accident or falsification of benefit forms, end up costing you. When fraudsters cheat the system, it is policyholders who pay.
What can you do?
Insurance crime can be stopped. The Insurance Bureau of Canada (IBC) has resources to help you recognize it. To learn more, visit ibc.ca.
To report insurance crime, contact the IBC Tip Line at 1-877-IBC-TIPS (422-8477) or visit the IBC website.