2/9/2012 - PCI recognizes NICB for 100 years of service
This year marks the 100th year in which the National Insurance Crime Bureau has been actively engaged in combating fraud, typically in the form of auto insurance
fraud. As a result, the Property Casualty Insurers Association of America recently congratulated the NICB for its century of service.
"Whether its auto theft or medical fraud, insurance crimes are the type of violations that costs not only the defrauded company or person, but all insurance consumers that are forced to pay higher premiums," said Robert Passmore, senior director of personal lines for PCI. "We congratulate NICB and wish them another 100 years of success."
He added that NICB works constantly with law enforcement officers and district attorneys in an effort to stem insurance fraud and trying to prevent it from taking place.
Auto insurance fraud is an illegal activity that winds up costing policyholders in excess premiums. It's also something that plagues the property insurance industry, accounting for roughly 10% of insurers' losses on an annual basis, according to the Insurance Information Institute.