Increasing contractor fraud is raising homeowners’ insurance premiums in the US and causing billions in losses. According to the California Insurance Fraud Prevention (CAIF), such frauds are driving up costs for insurance companies, which are ultimately passed on to consumers. CAIF emphasizes the need for stricter measures against fraudulent activities and calls for collaboration between insurance companies and regulators. This issue presents a significant challenge for the sustainability of the insurance industry and consumer protection.
Source and Details: Reinsurance News