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24Feb 2016

Fibs often lead to insurance fraud

Insurance Fraud

Lying might not make your nose grow, but it might just get you locked away. Read more about insurance fraud

Insurance Fraud comes in many shapes, ways and forms. And it’s simple for a little fib to escalate into full-on insurance fraud. In South Africa, some people, unfortunately, think of fraud as some mythical creature that only makes its home among politicians, ministers and CEOs. This, however, is definitely not the case. Fraud is actually committed more frequently than one would think and it is an extremely serious offence.

Fraud can be divided into multiple categories and unfortunately insurance fraud is quite common. Insurance fraud can be defined as any act committed with the intent to obtain a fraudulent outcome from an insurance process. This basically means that if you attempt to gain any benefit from your insurance company that you are not entitled to, you are committing insurance fraud.

Insurance fraud increases claim costs for all of us, and could in turn lead to increased insurance premiums. There are unfortunately some things even King Price can’t protect you from. It is also a criminal offence that is punishable by South African laws.

The easiest way to ensure that you don’t become involved in insurance fraud, is to be truthful about all and any information that you supply to your insurance company. Don’t ever try to mislead your insurance company, because the truth will surface eventually and then you might just end up in the slammer…. Or paying a hefty fine. Not a lot of people know this, but you don’t merely have to be the one commiting the fraud to be guilty. If you know that someone is commiting fraud, and you don’t report it to the proper authorities, you could be considered to be just as guilty as the perpetrator.

The king is a proud supporter of the prevention of fraud, because it benefits the insurance industry as a whole. Let’s try to be a part of the solution, and not the problem.

If you know of any insurance fraud or suspect that someone is involved in fraudulent activities, please contact:

The King Price Fraud line on 012 001 3452