Seoul:Fraudulent insurance claims increased by more than 9 percent in the first half of the year, with the overall number of fraud cases also rising, the financial watchdog announced on Monday.
According to Yonhap News Agency, insurance scammers wrongfully claimed 620 billion won (US$455 million) in the January-June period. This figure marks an increase of 51.8 billion won, or 9.1 percent, from the same period the previous year, as reported by the Financial Supervisory Service (FSS).
Insurance fraud has been on a consistent upward trajectory, reaching a record 1.16 trillion won in 2025, compared to 1.08 trillion won in 2022, according to the FSS. Additionally, the number of individuals implicated in these fraudulent activities rose by 5.6 percent year-on-year, totaling approximately 53,865 suspects.
The FSS has stated its intention to intensify efforts to combat fraudulent insurance claims. This will involve collaborations with other related agencies, including the police, to address and reduce the incidence of such frauds.