Seoul: Fraudulent car insurance claims rose 4.2 percent in terms of payments last year, the financial watchdog said Thursday.
According to Yonhap News Agency, the Financial Supervisory Service (FSS) reported that fraudulent auto insurance claims reached 570 billion won (US$393 million) last year, up from the previous year's 548 billion won. This amount represented approximately 49.6 percent of the total fraudulent insurance claims recorded last year.
The FSS noted that it had referred 431 policyholders to the police over fraudulent insurance claims. The agency has been intensifying its crackdown on insurance scams in collaboration with related state agencies, including the prosecution and police.