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The latest developments across the P&C insurance industry regarding fraud, risk and compliance.
07 January 2016

Huge insurance fraud case in Malta against 22 persons is triggered by FRISS solution

Huge insurance fraud case in Malta against 22 persons is triggered by FRISS’ solutionCourt proceedings have been this morning against 22 persons for allegations of their involvement in a massive case of insurance fraud. Exchange of vehicles, repeated claims with different insurance companies and carefully staged traffic accidents were among the complex methods employed by the people involved.

Staged traffic accidents
One particular person even pocketed €27,000 for a totalled BMW, others superficially patched their vehicles up in order to reuse them. The racket was uncovered by a group of insurance companies after realising that claims were being filed by the same people. 8 companies in total were allegedly victims of fraud, namely: Untours, Atlas, Elmo, Gasan & Mamo, Allcare, Citadel, Argus and MSI. It is understood that the insurance firms found that some individuals had filed accident claims on several vehicles they owned. People were also agreeing to be involved in “traffic accidents” and would then file separate claims with their own insurance agencies. The evidence was handed over to the police.

Statement by the Malta Insurance Association
The Malta Insurance Association (MIA) has issued a statement this afternoon in response to today’s proceedings, where it emphasizes on the importance of a state-of-the-art anti-fraud software solution. It wrote:

“Today’s arraignments are the latest episodes in the insurance industry’s ongoing battle against insurance fraud, and follow intensive police investigation triggered by state-of-the-art anti-fraud software which motor insurers have heavily invested in. The alleged fraud incidents were a combination of staged accidents, inflated claim requests and the submission of multiple claims with different insures utilising the same damaged vehicles.”

Maltese insurers working together
The participating insurance companies in Malta are an example of how working together is more effective in combating fraud. The Malta Insurance Fraud Platform is used as the underlying infrastructure, enabling all participating insurance companies to share knowledge. The Maltese insurers benefit and gain insights from sharing knowledge, potential fraud incidents and claims history.

‘’Having a number of insurers bundling the forces between them means a lot to us, the FRISS country platform makes this possible’’

Source: The Malta Independent

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