FraudSurvey
Global Claims
We identified an increased average number of fraudcases from 2016 to 2023 –79 cases in 2016 to
115.3
or greater than
3.8%
(based on our criteria)
of claims
Fraud affects
#1
as the
most important consideration
Fraud ranked
Top finding 1
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when processing claims.
2024
1 of 30.
casesin 2023.
3x
as longto process.
Cases involvingsuspected fraud take
of insurers currently have
dedicated teams to investigate and combat fraud.
78%
insurers use
expert systems/
machine learning
1 in 3
falsifieddocuments
48%
68%
expect fraud to increase in thenext five years.
Top findings83 respondents globally
Top finding 2
Top finding 3
Top finding 4
Top finding 5
Top finding 6
Top finding 7
(vs. 63% in 2016)
to help combat fraud.
2024
to help combat fraud.
(vs. 63% in 2016)
of respondents
see
key risk from AI-assisted claims.
as the
key risk from AI-assisted claims.
see
of respondents
as the
Climate Change
South African views on
climate change risks or initiatives
are lack of prioritization, lack of useful information, and insufficient resourcing/funding.
to addressing
challenges
The biggest cited
9
ESG reports.
currently publish
– of insurance respondents
A little more than half –
53%
8
for “green insurance products.”
50%
of respondents believe that environmentally conscious consumers will be willing to
pay more
Nearly
7
emissions (reducing emissions from operations) and have yet to include any climate-change-related changes to pricing, underwriting, and product development.
1 and 2
Scope
Insurers are currently focusing on
6
utilise their regulatory and reporting functions in climate change risk management.
50%
risk functions, while
of respondents involve their
85%
5
to manage climate change risks and opportunities.
sustainability program
of participants either have implemented or plan to implement a
58%
4
years.
5-10
on their business in the next
55%
of respondents believe that climate change will have a
material impact
In addition,
3
moderate or high priority
rating it as a
45%
rated it as low or no priority, and
55%
to place on climate change.
level of priority
However, insurers have a mixed view on the
2
high risk
rating it as
15%
of respondents rating it as such, and a further
65%
to life and health insurers, with
moderate risk
In South Africa, climate change is viewed predominantly as a
1