Exaggerated Claims Fraud
Exaggerated claims fraud is a type of insurance fraud where a policyholder intentionally inflates the value of a legitimate insurance claim to receive a higher payout from their insurance company. This type of fraud can occur with any type of insurance, including home/domestic, industrial, motor, or medical insurance.
Exaggerated claims fraud can have serious financial consequences to us, as it will result in increased costs that are passed on to other policyholders in the form of higher premiums. As Britam, we often investigate suspicious claims to identify instances of exaggerated claims fraud and may take legal action against those who engage in this illegal activity.