Who Pays For Insurance Fraud? | Attorney General - State of Colorado

Who Pays For Insurance Fraud?

Finger pointing at you

You do.  If an insurance company is swindled out of money, those added costs are ultimately passed on to consumers. 

The insurance industry estimates that approximately $80 billion is stolen each year as a result of insurance fraud.  Most American families spend thousands of dollars per year on insurance premiums and the FBI estimates that those premiums are increased $400 - $700 annually, as a direct result of insurance fraud. 

In response, the Insurance Fraud Unit helped to pass legislation, which will now make submitting false insurance applications or claims a Felony in Colorado.

If you believe you have witnessed, been victimized by insurance fraud, or wish to report suspicious activity, please file a report here.