Welcomes Gulf Insurance Federation
Delegates and Participants
October 2015
Non Disclosure Agreement
EACH PERSON, BY VIEWING OR ACCEPTING A COPY OF THIS MEMORANDUM,
ACKNOWLEDGES THAT SUCH PERSON MAY RECEIVE CONFIDENTIAL
INFORMATION FROM US, AND AGREES NOT TO DISCLOSE ANY SUCH
CONFIDENTIAL INFORMATION TO OTHERS, AND TO USE SUCH CONFIDENTIAL
INFORMATION ONLY TO EVALUATE PARTICIPATION IN THE OPPORTUNITY
OFFERED HEREBY AND NOT FOR ANY OTHER PURPOSE.
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Estimated 10% of all insurance claims
across GCC include Fraud element*
*SAS Fraud & AML survey
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Motor Insurance Fraud
Only 20% of these are ever detected*
*SAS Fraud & AML survey
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Motor Insurance Fraud
Commonly detected Fraud Acts:
• Contrived Accidents
• Application Fraud
• Staged Accidents
• Induced Road Traffic Accidents
• Economic
• 3rd Party Banks/Brokers
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Motor Insurance Fraud
Contrived Accidents :
• Pre-meditated, significant planning
• High-value vehicles
• Can be claimed multiple times
• …and then exported to another GCC country
• Extremely difficult to detect
• Know Your Customer
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Total Loss Non-GCC Vehicles (Imported)
Vehicles are frequently imported from United States and Europe.
Imported vehicles come with no history and different specifications (“Non-GCC
Spec”) yet are always insured for same as GCC Spec.
Customers rarely advise vehicle Non-GCC. Insurance companies don’t ask.
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Insured Value: 322,000
Actual Value : 189,000
Insured Value : 233,000
Actual Value : 117,800
Vehicles Involved in multiple Claims across Multiple
Insurance Companies
5N1AA08B96NXXXXXX
5 Claims
3 Different Insurance Companies
During past 5 years!
WBAEK71025XXXXXXX
5 Claims
3 Different Insurance Companies
During past 5 years!
JN8AY25Y6AXXXXXXX
4 Claims
4 Different Insurance Companies
During past 5 years!
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Solutions
• Advanced technology
• Sharing of information between insurance companies
• Regulatory compliance
• Greater investment into Fraud Detection
• Consumer education
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Thank You
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