More than 13,000 cases of insurance fraud have been identified

According to a survey conducted by the Hellenic Association of Insurance Companies (EAEE) among its member insurance companies, 13,024 cases of insurance fraud against insurance companies were confirmed during the two-year period 2023–2024, with the estimated financial impact of these cases reaching €22 million. 

Insurance fraud is any attempt to deceive an insurance company with the aim of obtaining compensation or other financial benefit to which the insured or a third party is not entitled. In most cases, it involves false or exaggerated claims of losses and accidents. 

Insurance fraud does not only burden insurance companies. The cost of these illegal practices ultimately affects all policyholders, as it increases the total cost of claims and undermines the proper functioning of the insurance system. Addressing this issue is therefore a matter of protecting conscientious policyholders and ensuring the credibility of the insurance institution. 

In this context, insurance companies are constantly developing and strengthening mechanisms for the prevention, detection, and investigation of suspicious incidents, while the exchange of experience, expertise, and best practices among them has emerged as a key factor in more effectively combating the phenomenon. 

Mr. Karolos Saïas, Chairman of the Committee for the Prevention and Combating of Insurance Fraud, stated: “Insurance fraud is a long-standing problem for insurance markets worldwide, with significant repercussions primarily for honest policyholders, who are indirectly forced to bear the cost of such fraudulent behavior. For this reason, insurance companies systematically invest in developing mechanisms to prevent, detect, and investigate suspicious incidents, utilizing modern technologies, tools, and procedures. The survey results demonstrate the continuous improvement of the mechanisms implemented by the Greek insurance market to prevent and combat insurance fraud.”