The illegal act of fraud knows no boundaries. In the property and casualty industry, fraud ranges from exaggerated losses
to fabricated claims to organized rings whose webs can entangle several insurance companies and spread across geographic borders.
It has been said if insurance fraud were a business, it would rank among the Fortune 500 companies.
It's not only insurance companies that suffer financially as a result of fraud. Good customers are penalized as well since
fraudulent claims contribute to an increase in all premiums. In many countries, the cost of fraud has grown to be a sizable
percentage of each premium dollar a customer pays.
Chubb Insurance's position on fraud is explicit: We will not pay a fraudulent claim. In fact, we will spare no expense when
We have been engaged for many years in educating our claim staff to identify signs of fraud, helping agents and brokers with
procedures to report fraud, and aligning our company with law enforcement agencies to prosecute suspected fraud perpetrators.
We believe fighting fraud is a responsibility we owe our policyholders, our agents and brokers, our shareholders, our employees
and the communities where we do business.