Younger generations more tolerant of fraud
Source: Asia Insurance Review | Jul 2023
Younger generations in the US tend to show a high level of tolerance to insurance fraud according to a new survey of insurance consumers.
A new 72-page study ‘Who Me?’ Who commits insurance fraud and why by Verisk and the Coalition Against Insurance Fraud reveals that a significant number of Americans aged 44 years and younger are relatively more tolerant of insurance fraud.
The study found that while nearly all Americans over age 55 view insurance fraud as a crime, about 75% of those between 25 and 44 consider it a crime – and the percentage goes down to 64% for those between ages 18 and 24.
Coalition Against Insurance Fraud executive director Matthew Smith said, “While it is marginally reassuring that 84% of Americans participating in the study consider insurance fraud a crime, the 16% that do not consider it a crime potentially represent more than 53m Americans.”
The study included more than 1,500 responses from a group of insurance-purchasing consumers matching the demographic standards worked out on the basis of the US census of 2020. It analyses how American policy purchasers view insurance fraud and insurance crime.
The research also studies the psychology of insurance fraud through in-depth interviews with those convicted of insurance fraud to understand their motivations and justifications.
The study said these attitudes and acceptance of fraud should be a warning call that such actions, if they continue, may cause great peril and harm in the ability to effectively fight insurance fraud in the decades ahead.
Nearly 20% of survey respondents between the ages of 18 and 24 justified insurance fraud because they believe “insurance companies rip people off, so it’s fair.” A