The Commissioner of Insurance, Dr. Justice Ofori, says about 25% of insurance claims are fake.
In Accra on Tuesday, Dr. Ofori said about a quarter of all claims made on insurers, by clients, are fictitious; and are either inflated or staged, ostensibly to fleece the companies of their investments.
He said some clients even go as far as staging their own death or the death of a relative to claim life insurance.
He warned that the rising incidence of fraudulent claims on insurers, by the insuring public, risks raising the cost of insurance, resulting in corresponding increases in the premiums that clients must pay to insure themselves and properties against eventualities.
He said fraudulent claims stood at 40 per cent globally and stressed the need for insurance claims to be properly investigated to reduce the incidence of companies paying claims for events that did not occur.