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On February 4 Robert Hartwig, president of the Insurance Information Institute, delivered testimony on the problem of rapidly escalating no-fault auto insurance fraud in New York State before the state Senate Insurance Committee. The testimony, which is illustrated by a number of charts, focuses on the following issues: the magnitude of New York’s State’s no-fault problem measured in terms of dollars, rate of claim cost increase and cost relative to other states; drivers of claim costs in New York’s no-fault system; and history of no-fault fraud and abuse in New York. The report notes that in 2009 no-fault auto insurance fraud in New York cost consumers and insurers almost $230 million, or 22 percent of every no-fault claim, and the average cost of a no-fault claim soared 55 percent from $5,615 in 2004 to $8,690 in 2009.
Robert P. Hartwig, Ph.D., CPCU, President, submits written testimony to the New York State Senate Insurance Committee on February 4, 2010.
The hearing focused on "No-Fault Auto Insurance Fraud In New York State". You can download the testimony below.
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