Saudi Arabia - 47% of vehicle ins. fraud due to damage mismatches
Tuesday, 04 09 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
Najm said in its recent report that around 47% of all insurance fraud cases result from damage mismatches.
The report was published to reiterate the commitment by Najm and other relevant entities toward combating and preventing vehicle insurance fraud. This forms a key component Najm’s new strategy that aims to strengthen and protect the Kingdom’s insurance sector by adopting automation and artificial intelligence technologies across its services and products.
The report also identified other most common vehicle insurance fraud cases to include old damage at 22%, engineered accidents at 21%, and phantom drivers at 10%.
Commenting on those results, the CEO at Najm Dr. Mohammad Al Suliman described vehicle insurance fraud as one of the most critical issues that need to be combated in order to further develop the insurance sector.
He added that SR100 million were saved by detecting 13,000 confirmed fraud cases during the period starting from January 2018 until the first quarter of 2019.
Source: Saudi Gazette