Insurance companies are the worst consistent offenders for fraud with hired gun doctors and psychiatrists who are handsomely paid to basically contradict every other specialist opinion for the claimant. Add the fact that there are bonuses for claim handlers who have the highest claim rejections. The whole insurance industry is rigged with mega corporate fraud IMO along with major medical malpractice. There are a hell of lot of legitimate claimants whose lives have been ruined and put on hold for years by insurers who stall, starve, suspend and maybe finally settle. Of course there are fraudulent claims but if going off Australian figures is similar to the UK, the percentage of claims found to be dodgy is very negligible. But the bad eggs ruin it for everyone else and this is what the insurance companies then exaggerate massively without any proof and all of a sudden everyone talks of a rort going on with claimants. Sophisticated fraud detection should also be looking at the whole insurance industry and other key players. Thank God legal reps are there to fight for the rights of legitimate claimants who are often intimidated by insurance companies.
SGH Price at posting:
92.5¢ Sentiment: Buy Disclosure: Held
