Fighting against insurance fraud yields significant results

A seven-month special operation targeting insurance fraud has yielded significant results, officials said during a press conference on Friday.

From April to November last year, over 1,400 insurance fraud crime cases involving more than 1.5 billion yuan ($205.5 million) were solved, and more than 300 criminal gangs were dismantled through a joint crackdown by the Ministry of Public Security and the National Financial Regulatory Administration, according to Hua Liebin, head of the ministry's economic crime investigation bureau.

"Traditional forms of insurance fraud, such as those involving car and personal accident insurance, remain prevalent," he said. "The tactics used by criminals are rapidly evolving, and new forms of fraudulent insurance are emerging."

He also highlighted that these fraudsters often infiltrate the industry under various guises, frequently collaborating with insiders. "There is an increasing trend of organized crime in the sector," he added.

Li Youxiang, an official from the administration's investigation bureau, said "during the joint operation, financial regulatory bodies at various levels provided over 12,000 clues to the police".

He emphasized that insurance fraud disrupts the financial market and raises operating costs for insurance products. He urged consumers to be more vigilant, to recognize fraud schemes, and to take proactive measures to avoid falling victim to them.

Li Shangyi contributed to this story.