NICB&apos;s &apos;The Informer&apos; Warns About Post-Disaster Fraud

NICB's 'The Informer' Warns About Post-Disaster Fraud

PR Newswire

Hurricane Ian A Reminder That Dishonest Contractors Not Far Behind Disasters

DES PLAINES, Ill., Nov. 15, 2022 /PRNewswire/ -- The National Insurance Crime Bureau (NICB), the insurance industry's association dedicated to predicting, preventing, and prosecuting insurance crime, is pleased to release its latest issue of The NICB Informer.

This issue of 'The NICB Informer' is timely as we are continuing to see the clean-up efforts following Hurricane Ian.

The Fall edition focuses on natural catastrophes and post-disaster fraud issues, investigations, and information resources. This issue is timely as we are continuing to see the clean-up efforts following Hurricane Ian.

"NICB is actively involved in the post-disaster response," said NICB President and CEO David Glawe. "We estimate losses from Hurricane Ian to reach upward of $60 billion. The Category 4 hurricane may end up among the top five costliest storms in U.S. history."

This issue of The NICB Informer pays specific attention to the impact natural catastrophes (NAT CATs) have on the insurance industry, explains why CAT events are increasing, and shows how NICB is helping insurers predict and prevent insurance fraud following CAT events.

"Given the catastrophic damage from storm surge, high winds, and flooding, NICB anticipates a wide range of insurance fraud and crime to occur following Hurricane Ian," said Glawe. "Based on our projections, insurance fraud and crime from Ian could cost carriers and homeowners anywhere from $3 billion to $6 billion."

Within this edition, readers will also view a guest column from Carole Walker, Executive Director of the Rocky Mountain Insurance Association (RMIA), who provides a first-hand perspective on the impact of escalating wildfires and hail risk for policyholders in the Rocky Mountain Region.

Beyond NAT CATs, this edition examines an emerging fraud trend: crop insurance fraud. This new type of fraud has resulted from the effects of the pandemic, a slow job market and labor shortage, and the war in Ukraine. The confluence of these human-made disasters has driven otherwise honest people to consider turning to fraud to ease their burdens.

The publication is aimed at providing insurance industry executives with anticipatory intelligence to help identify risks and emerging threats to the industry. Anyone interested in receiving a free digital copy of The NICB Informer can sign up or send an email to [email protected] to be added to the distribution.

REPORT FRAUD: Anyone with information concerning insurance fraud or vehicle theft can report it anonymously by calling toll-free 800.TEL.NICB (800.835.6422) or submitting a form on our website.

ABOUT THE NATIONAL INSURANCE CRIME BUREAU: Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to combatting and preventing insurance crime through Intelligence, Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. The NICB is supported by more than 1,200 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $582 billion in insurance premiums in 2021, or more than 82% of the nation's property-casualty insurance. That includes more than 96% of the nation's personal auto insurance. To learn more, visit www.nicb.org.

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