Insurance fraud risks are a factor to watch in 2025

Insurance fraud has been a concern for carriers for years, but the adoption of generative AI and its application to create or enhance claims is causing insurers to identify this as one of the top risks to watch in 2025. The Coalition Against Insurance Fraud finds that fraud costs an estimated $308.6 billion annually in the U.S. — raising rates for carriers and policyholders alike. This week, the Coalition released the latest entrants to their 2024 Hall of Shame, and these bad actors fleeced carriers out of millions of dollars without giving any thought to the cost, the people they hurt or the consequences of their actions. They were also equal opportunity fraudsters, focusing on almost every line of insurance. Here’s a look at how we’ve been covering fraud and AI’s role in it.?

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