| 1 comment |
PLAYERS in the insurance industry are being accused for not doing enough to deal with fraud because they can recoup any losses by charging consumers higher premiums.
The claim was made by an industry insider, who requested anonymity to openly discuss the matter with the Jamaica Observer, after seeing our story on Sunday which showed that $60 billion in claims has been paid out by the insurance sector since 2019, with no definitive idea about the portion which is fraudulent, though it is believed to be significant.
The industry insider shared with the Business Observer that a technical solution to the problem was shared with the Insurance Association of Jamaica (IAJ) and its member companies by an international company as far back as 2016, but no response has been forthcoming.
Leave A Comment