€30m paid in shady insurance claims in 2017

Investigators estimate that insurance companies paid an amount of EUR 30 million in shady insurance claims for accidents in 2017, according to a report of the Finance Finland, a financial sector lobby.

The authorities found a number of the shady claims completely fraudulent and in other cases compensations were either reduced or remained unpaid, said a press release.

Finance Finland said insurance fraud covers a broad range of activities. Even the dishonest claimers might have done the damage intentionally and sustained wounds or exaggerated them.

In the report the Finance Finland said they found that suspicious damage claims from 2017 had an estimated value of 84 million euros, of which about 30 million euros or 30-40 per cent were determined to be fraudulent.

In most of the fraud cases last year, the cheats claimed personal injuries in car, motorcycle and boat accidents.

To claim the insurance coverage, the cheats tried to show fabricated compensation claims. They claimed physical injuries which they said made them unfit for work.

A total of 35 claims investigators and five assistants work in Finnish insurance companies and cooperate with the law enforcement authorities.

Last year, the police recorded 115 requests for criminal investigations into suspected insurance frauds.