COMMON SENSE SIMPLIFIED: CASHING ON CLAIMS:
According to the research done by a Pune-based company called Indiaforensic – the total loss by all the players put together is a substantial Rs.30,401 crores during 2011, which is about 9 per cent of the industry size! IRDA facts show that sum total of premium received by the industry (all segments of insurance put together) in 2011 has been Rs.3.5 lac crores. The bulk of the brunt has been borne by life insurance sector with 86 per cent of the accumulated fraud, while the remaining is tagged to general insurance segment. Th e last 5 years witnessed increase of massive proportion that has doubled for life insurance and 70 per cent rise for general insurance – as 5 years ago total loss for life insurance companies was a staggering Rs.13,148 crores while for general insurance, it was Rs.2,140 crores.
Read more: http://prasoonsmajumdar.blogspot.in/2012/03/cashing-on-claims.html
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