Axis Capital Insurance Group Review: Fraud Cases
Insurance fraud is a bigger problem in the United States than you might guess. And the people who commit it are increasingly creative. As the crime is widespread to insurance-imposed countries, it is also prevalent in developing countries especially accident insurance in Jakarta, Indonesia, Cambodia, Singapore, Beijing, China and other countries where the insurance is lose.
While there are plenty of common scams out there -- like pretending you lost an expensive piece of jewelry, then filing a claim -- fraudsters also perpetrate scams by, say, staging accidents. For example, a motorist in front of you will suddenly hit the brakes in the hopes you'll hit him and he can fake an injury. Or someone will craft a fake vehicle title or registration for a nonexistent (but expensive) antique or luxury car, then report the car stolen and file a claim.
Axis Capital, with a group of insurance companies mainly based in Bermuda, Singapore, United States and the United Kingdom has also been victimized by individuals who claim fraud accidents and staged issues. To prevent this issue and bring awareness to people to avoid these scammers, we have provided a list of the most common scam occurrences that we have also encountered.
- 1. A newly graduate girl of 22 had been driving without insurance when she had an accident. When she applied for insurance, she lied and said that she never had an accident. A few days after, she then filed for a claim and stated that her car had been damaged; lying that the accident happened after the policy had taken effect.
- 2. A father filed an insurance policy admitting that he has a son living with him but didn’t have a driver’s license. His son was then listed as an “excluded driver”. The policy was clear that if ever an accident happens and the son is driving, we will not be paying the damage caused. Not long after, the car underwent an accident and the son was driving. The father still filed a claim and said that he was the one driving when the accident happened.
- 1. A young man, having been fired from his work was swimming in debt when he burned his house. He then filed a claim saying that an electric wiring broke.
- 2. A married couple was living in a decaying home and needed big money for repair or else the bank may demand a foreclosure. Not brave enough to set their house on fire and file a claim, they hired an inexperienced man to do it for them. However, the young man also lit himself on fire along with the house, killing him. The couple did not only do fraud but murder as well.