Insurance fraud in first half of 2016 hits 348 billion won

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Insurance fraud in first half of 2016 hits 348 billion won

The Financial Supervisory Service has uncovered 40,054 cases of insurance fraud in the first half of 2016, worth a total of 348 billion won ($314 million). The cases were investigated under the Special Measure on Insurance Fraud Eradication, which was implemented in April 2015 to prevent, expose and penalize insurance fraud.

While the value of cases has grown by 12.1 percent compared to the same time last year, the number of cases has decreased by 2.2 percent from 40,960, thereby increasing the average amount of fraud per case from 75.8 million won per case to 86.9 million won.

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