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Dadparvar
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The Tunisian Federation of Insurance Companies (TFIC) announced to the local media Monday the creation of the Agency to Combat Fraud and Scams (ALFA) in the insurance sector. This decision was shared with the public via a social media post.
The ALFA’s aim is to tackle the increasing issues of fraud and scams within the insurance sector. Such fraudulent activities not only harm the insurance companies who have to bear significant financial losses but also clients who are consequently forced to pay higher insurance premiums.
According to a statement made by the TFIC’s executive director Hatem Amira, the ALFA will ensure the coordination and exchange of information between its different members and authorities to support the judicial and security systems in their efforts to counter insurance fraud. The specialized agency will also be responsible for examining fictitious accident files and fraud cases. Its activity also includes publishing studies about scams and fraud in the insurance sector.
In another statement, Amira further detailed that although insurance fraud, particularly in car insurance, has been going on for decades, the number of cases and the complexity of the techniques used have increased significantly in recent years. Typically, motorists commit fraud to claim compensation from companies, which they then use to replace or repair damaged parts of their vehicles. However, the phenomenon got dangerously worse with the involvement of criminal networks in insurance fraud.
The TFIC’s executive director also highlighted that the financial losses caused by insurance fraud account for 10 percent of the total value of compensations, amounting to over 80 million Tunisian Dinars in 2023, in a country with 24 insurance companies.
Amira commended the establishment of the new anti-fraud agency and said that its creation strengthens the ongoing efforts of insurance professionals to combat one of the most dangerous threats to national economic security. The ALFA is set to start its activity in 2025.
The post Tunisia insurance company federation announces agency to combat insurance fraud appeared first on JURIST - News.
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The ALFA’s aim is to tackle the increasing issues of fraud and scams within the insurance sector. Such fraudulent activities not only harm the insurance companies who have to bear significant financial losses but also clients who are consequently forced to pay higher insurance premiums.
According to a statement made by the TFIC’s executive director Hatem Amira, the ALFA will ensure the coordination and exchange of information between its different members and authorities to support the judicial and security systems in their efforts to counter insurance fraud. The specialized agency will also be responsible for examining fictitious accident files and fraud cases. Its activity also includes publishing studies about scams and fraud in the insurance sector.
In another statement, Amira further detailed that although insurance fraud, particularly in car insurance, has been going on for decades, the number of cases and the complexity of the techniques used have increased significantly in recent years. Typically, motorists commit fraud to claim compensation from companies, which they then use to replace or repair damaged parts of their vehicles. However, the phenomenon got dangerously worse with the involvement of criminal networks in insurance fraud.
The TFIC’s executive director also highlighted that the financial losses caused by insurance fraud account for 10 percent of the total value of compensations, amounting to over 80 million Tunisian Dinars in 2023, in a country with 24 insurance companies.
Amira commended the establishment of the new anti-fraud agency and said that its creation strengthens the ongoing efforts of insurance professionals to combat one of the most dangerous threats to national economic security. The ALFA is set to start its activity in 2025.
The post Tunisia insurance company federation announces agency to combat insurance fraud appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.