This year, the amount detected for insurance fraud in the first half reached 620 billion won, reflecting an increase in fraud cases, particularly in long-term insurance. The rise is attributed to excessive claims through falsified medical documents and manipulation of auto accident details.
According to the Financial Supervisory Service on September 28, the detected amount for insurance fraud in the first half of this year increased by 51.8 billion won (9.1%) compared to the same period last year. The number of individuals detected rose by 2,849 (5.6%) to 53,865.
By insurance type, auto insurance accounted for 288 billion won, or 46.5% of the total. Long-term insurance fraud amounted to 264.5 billion won, representing 42.7%. Notably, the detected amount for long-term insurance saw the largest increase, up 34.3 billion won from the previous year.
In terms of fraud types, the most common was manipulation of accident details, leading to excessive claims, which totaled 379.8 billion won (61.3%). This was followed by false accidents at 108.1 billion won (17.4%) and intentional accidents at 86.4 billion won (13.9%).
Among specific types, excessive claims through falsified medical documents increased by 39.9 billion won compared to the previous year, while manipulation of auto accident details rose by 18.5 billion won.
By age group, individuals in their 60s accounted for the largest share at 13,247 (24.6%), followed by those in their 50s at 12,259 (22.8%), 40s at 9,619 (17.8%), and 30s at 8,399 (15.6%).
In terms of occupation, company employees made up the largest group at 14,656 (27.2%). This was followed by homemakers at 5,855 (10.9%), unemployed or temporary workers at 4,942 (9.2%), and those in the transportation sector at 2,246 (4.2%). Compared to the previous year, the number of company employees increased by 2,058, homemakers by 1,233, and those in the insurance industry by 450.
To combat hospital-led insurance fraud, the Financial Supervisory Service plans to strengthen cooperation with relevant agencies, including the National Police Agency, the Ministry of Health and Welfare, the National Health Insurance Service, and the Health Insurance Review and Assessment Service. They aim to enhance collaboration from the investigation stage by activating a fast-track system to increase the rate of investigations and reduce the time taken for referrals.
Additionally, measures to expel insurance agents involved in fraud will be reinforced. A revised insurance business law that allows for the cancellation of registrations of insurance agents convicted of fraud has passed the National Assembly and is set to take effect in March next year.
According to the Financial Supervisory Service on September 28, the detected amount for insurance fraud in the first half of this year increased by 51.8 billion won (9.1%) compared to the same period last year. The number of individuals detected rose by 2,849 (5.6%) to 53,865.
By insurance type, auto insurance accounted for 288 billion won, or 46.5% of the total. Long-term insurance fraud amounted to 264.5 billion won, representing 42.7%. Notably, the detected amount for long-term insurance saw the largest increase, up 34.3 billion won from the previous year.
In terms of fraud types, the most common was manipulation of accident details, leading to excessive claims, which totaled 379.8 billion won (61.3%). This was followed by false accidents at 108.1 billion won (17.4%) and intentional accidents at 86.4 billion won (13.9%).
Among specific types, excessive claims through falsified medical documents increased by 39.9 billion won compared to the previous year, while manipulation of auto accident details rose by 18.5 billion won.
By age group, individuals in their 60s accounted for the largest share at 13,247 (24.6%), followed by those in their 50s at 12,259 (22.8%), 40s at 9,619 (17.8%), and 30s at 8,399 (15.6%).
In terms of occupation, company employees made up the largest group at 14,656 (27.2%). This was followed by homemakers at 5,855 (10.9%), unemployed or temporary workers at 4,942 (9.2%), and those in the transportation sector at 2,246 (4.2%). Compared to the previous year, the number of company employees increased by 2,058, homemakers by 1,233, and those in the insurance industry by 450.
To combat hospital-led insurance fraud, the Financial Supervisory Service plans to strengthen cooperation with relevant agencies, including the National Police Agency, the Ministry of Health and Welfare, the National Health Insurance Service, and the Health Insurance Review and Assessment Service. They aim to enhance collaboration from the investigation stage by activating a fast-track system to increase the rate of investigations and reduce the time taken for referrals.
Additionally, measures to expel insurance agents involved in fraud will be reinforced. A revised insurance business law that allows for the cancellation of registrations of insurance agents convicted of fraud has passed the National Assembly and is set to take effect in March next year.
* This article has been translated by AI.
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