Insurance Fraud Widespread in Iceland Skip to content

Insurance Fraud Widespread in Iceland

By Iceland Review

The cost of insurance fraud in Iceland amounts to at least ISK 3 billion (USD 23 million, EUR 18 million) each year. According to an evaluation by VÍS Insurance, insurance companies are being defrauded in ten to 15 percent of cases where insurance benefits are paid out.

Copyright: Icelandic Photo Agency.

The company has now established a special website where people can report insurance fraud anonymously, reports.

A Capacent Gallup survey indicates that every third Icelander knows someone who has practiced insurance fraud and that more than 50 percent of people are prepared to report such incidents anonymously.

CEO of VÍS Gudmundur Örn Gunnarsson said the company is looking towards insurance companies in the other Nordic countries and in the UK which have undertaken similar actions with good results.

He is confident that Icelanders will shed light on insurance fraud and save money which honest people are being deprived of.

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