April 17, 2007
ICBC zero tolerance for fraud saves $75 million
Vancouver, British Columbia – The Insurance Corporation of British Columbia (ICBC) says it saved B.C. motorists more than $75 million in 2006 thanks to anti-fraud programs. The savings are based on the estimated value of fraudulent claims which were denied, money recovered and savings generated through fraud prevention.
“The rising cost of claims is a concern for ICBC,” says Steve Tripp, manager, Fraud Prevention and Investigation. “Cracking down on fraud is one of ICBC’s strategies to keep rates low and stable. We will not sit back and simply pass the cost of fraud onto our customers.”
ICBC’s anti-fraud efforts led to 104 convictions against 69 defendants last year, with fraudsters sentenced to a total of 2,087 days in jail. More than $207,000 was paid back to ICBC in restitution and fines in 2006, up from $73,000 in 2005.
ICBC invests approximately $8 million in fraud prevention and investigation programs; it conducted some 3,000 investigations in 2006, including staged collisions, exaggerated claims, premium fraud, licensing and identity fraud.