Traffic is not the only growing problem caused by the rise in auto sales as top insurance companies in the country have called on the government to help address the burgeoning problem of car insurance fraud.
Members of the Philippine Insurers and Reinsurers Association (PIRA) are set to gather experts in detection and prevention of car insurance fraud and top level insurance company executives at the 1st Motor Car Insurance Summit on July 19.
The experts expected to share their knowledge about the problem are Ramon Dimacali, president of FPG Insurance; P/Chief Supt. Arnold Gunnacao, head of the PNP Highway Patrol; Teodoro Olguera, president of the Association of Philippine Adjustment Companies; and Atty. Arturo Carlos Astorga, managing partner of Astorga and Ropel Law Offices.
"Insurance fraud is on the rise and we want to address it collectively through collaboration with various stakeholders," said Arturo Reyes, chairman of PIRA's Motor Car Committee.
The Insurance Commission has officially recognized car insurance fraud as a problem and has issued a circular to all companies to formulate plans to stop this problem
Car insurance fraud may be committed in numerous ways including fake car theft, fake car crashes, and fake car repairs.
The Philippine National Police Highway Patrol Group (PNP-HPG) and PNP Crime Laboratory, the Land Transportation Office (LTO), the National Bureau of Investigation (NBI) and the Department of Justice (DOJ) have expressed their commitment to attend the event.
The summit’s goal is for all the parties involved to come up with a feasible plan to fight car insurance fraud in the Philippines.