News Regulations24 Apr 2019

Korea:Regulator reports surge in false insurance fraud claims in 2018

According to Korean regulator Financial Supervisory Service (FSS), fraudulent insurance scammers claimed an all-time high of KRW798.2bn ($698m) in 2018, up 9.3% from the previous year. Out of the total fraud amount, FSS identified KRW130bn through its own investigation while insurance companies identified KRW670bn.

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