Seoul: Fraudulent insurance claims rose to an all-time high last year, although fraud cases fell, the financial watchdog said Tuesday. Insurance scammers took a record 1.16 trillion won (US$757 million) through wrongful filings last year, up 6.9 billion won, or 0.6 percent, from a year earlier, according to the Financial Supervisory Service (FSS).

According to Yonhap News Agency, insurance frauds have been on a steady rise, reaching 1.08 trillion won in 2022 and 1.12 trillion won the following year. The number of suspects involved in such cases fell 3 percent on-year to some 105,700 in 2025.

The FSS stated it will further step up efforts to crack down on fraudulent insurance claims in cooperation with other related agencies, including the police.