ICBC has set its sights on insurance fraud.
Chris Fairbridge, manager of ICBC’s special investigations unit says insurance industry studies estimate that fraudulent or exaggerated claims make up about 10 to 20% of all claims costs.
Fairbridge says fraud and exaggeration is costing ICBC customers up to $600-million a year, or more than 100 a year for each ICBC policyholder.
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The public is invited to help reduce fraud by reporting suspicious activities related to insurance fraud to ICBC’s toll-free tips line.