Insurance fraud claims rise 9% in Korea

Fraudulent insurance claims increased by more than 9 percent in the first half of the year, with the overall number of fraud cases also increasing, the financial watchdog said Monday.

Insurance scammers took 620 billion won ($455 million) through wrongful filings in the January-to-June period, up 51.8 billion won, or 9.1 percent, from a year earlier, according to the Financial Supervisory Service (FSS).

Insurance fraud has risen steadily, hitting a record 1.16 trillion won in 2025, from 1.08 trillion won in 2022, according to the financial watchdog.

The number of suspects involved in such cases rose 5.6 percent on year to some 53,865.

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

Yonhap