In mid-2022, a Singaporean woman fooled six insurers before being sentenced to five months in prison for making 20 fraudulent travel claims worth more than S$14k. The perpetrator used photos of damaged goods, receipts, boarding passes, and even police reports she found online and digitally altered them to support her claims. She would have gotten away with it if not for the General Insurance Association of Singapore (GIA)'s Fraud Management System (FMS).
According to Andrew Yeo, CEO of Income and GIA Management Committee Member and Insurance Fraud Committee Convenor, insurance fraud cases in Singapore more than tripled from 20 in 2018 to 71 in 2021.
"With the reopening of the borders, we are observing an increase in suspicious travel insurance claims between January and July of last year compared to the same period in 2021," Andrew said.
Aside from travel insurance fraud, one of the biggest and most vulnerable segments is motor insurance.
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