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Fraud in car insurance

Author

Listed:
  • Marian VELICA

    (Valahia University of Târgovişte, Romania)

Abstract

Insurance and Reinsurance Market in Romania has continued to decline both in nominal terms and in real terms, the evolution being influenced by the events and trends of the external financial markets. Of the total gross net retained premiums for general insurance, the largest share was owned by the vehicle liability insurance, the fully comprehensive car insurance policy ones being on a downward trend along with the onset of the financial crisis, despite the efforts made by large insurance-reinsurance companies. The rising unemployment, the decrease of incomes and hence of the living standards have determined the increase of the fraudulent activities in insurance field in general, but mainly in the vehicle insurance field. According to Insurance Europe’s assessments, the insurance fraud amounts to 10% of total compensation but in the opinion of many experts, the actual size of this phenomenon is greater, the percentage being of almost 15%.

Suggested Citation

  • Marian VELICA, 2015. "Fraud in car insurance," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(Special(I), pages 56-61.
    • Handle: RePEc:agr:journl:v:xxii:y:2015:i:special(ii):p:56-61
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