Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). The Coalition Against Insurance Fraud states, “fraud occurs in about 10% of property & casualty insurance losses” and insurance fraud steals at least $80 billion every year from American consumers. (The Coalition Against Insurance Fraud is working to update this figure in 2022). These are astonishing numbers which affect the premiums consumers pay and the goods and services they purchase, which leads to higher costs.
The seriousness of the global fraud problem is why Florida Peninsula Insurance Company and its wholly owned subsidiary, Edison Insurance Company, announced they will be participating in International Fraud Awareness Week, Nov. 14-20, 2021, as official supporters to promote anti-fraud awareness and education. The movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard policyholders and the insurance industry from the growing fraud problem.
Florida Peninsula and Edison Insurance Companies join hundreds of organizations who have partnered with the ACFE, the world’s largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign.
During Fraud Week, the Special Investigations Unit at Florida Peninsula and Edison will bring fraud awareness to the companys’ agents by providing fraud training as well as posting articles and videos on the companys’ websites.
“The support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness,” said ACFE president and CEO Bruce Dorris, J.D., CFE, CPA. “Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms.”
Dorris continued, “whether it’s a trusted employee stealing from a small business, or organized rings of fraudsters targeting seniors in our community, most people know someone who’s been victimized by fraud. That’s why it’s so important for organizations to join in this fight together to raise awareness during this week. It is a serious problem that requires a proactive approach toward preventing it and educating people is the first step.”
About Florida Peninsula Insurance Company
Founded by a team of veteran insurance professionals, Florida Peninsula Insurance Company is one of Florida’s top 10 largest companies offering multi-peril homeowners and flood insurance. The company has maintained a Financial Stability Rating® of A-Exceptional from Demotech. The company insures approximately 140,000 homes, condo and apartment units located throughout the state. Florida Peninsula markets through a network of 2,500 independent insurance agents. Our aim is to combine the latest technology with old-fashioned courtesy and customer service, providing efficient, cost-effective, peace-of-mind protection for our policyholders. Florida Peninsula was first issued a Certificate of Authority to do business in April 2005 by the Florida Office of Insurance Regulation. For more information or to get a comparison quote, please call (877) 229-2244 or visit our website at www.floridapeninsula.com
About the Association of Certified Fraud Examiners
Based in Austin, Texas, the ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. Together with nearly 90,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com.