Roundtable Discussion: Insurance Fraud Detection and Prevention

At the recent roundtable on insurance fraud detection and prevention, the Center of Excellence in Finance (CEF) and the Insurance Supervision Agency of Slovenia (ISA) hosted more than 40 high-level officials of ministries of finance, insurance supervisory authorities, and insurance companies from Western Balkan countries, Moldova and Turkey.

The roundtable focused on sharing views and experiences regarding the deterrence, detection, and prevention of frauds in insurance business. Discussants agreed that insurance frauds should be regarded as socially unacceptable practices and discussed the meaning of international organization in preventing insurance frauds.

Speakers included representatives from the European Insurance and Occupational Pensions Authority, International Association of Insurance Supervisors, Insurance Europe, accounting and consulting firms Deloitte, Ernst & Young, KPMG, and insurance companies from Slovenia, Croatia and Serbia.

Since all countries face similar challenges in identifying and reducing fraud in the insurance sector and strive to ensure safety for the insurance policy holders, participants thought this event was a timely and useful contribution to the discussions on how to successfully combat insurance frauds.

“This event is an excellent platform and opportunity to share the experiences regarding the prevention and detection of insurance fraud among the representatives of insurance companies, supervisory authorities and audit companies,” said Petar-Pierre Matek, President of the Board of the Croatian Financial Services Supervisory Agency. Božana Šljivar, Director of the Insurance Agency of Republic Srpska, highlighted also the importance of cooperation between different institutions for the development of insurance business in Western Balkan countries.

The roundtable was held on October 10-11, 2013, at the CEF.