Insurance Crime Prevention Bureau

What Does Insurance Crime Prevention Bureau Mean?

The Insurance Crime Prevention Bureau (ICPB) is a Canadian non-profit organization established in 1973 to combat insurance fraud and crime. It collects data on insurance-related crimes, investigates claims, and works to prevent and deter future incidents.

Insuranceopedia Explains Insurance Crime Prevention Bureau

The Insurance Crime Prevention Bureau functions as the investigative arm of the insurance industry, aiming to identify, investigate, and prosecute insurance fraudsters and criminals. Insurance fraud involves any illegal act committed with the intent to receive insurance benefits through fraudulent claims. Auto theft is one of the common categories the ICPB looks into, and drivers can lower their own risk by following basic steps to prevent car theft. It is also considered fraud when an insurer unjustly denies a legitimate claim. According to ICPB data, one-third of its formal investigations result in criminal convictions, another third in claim denials, and the remaining third in payments to the policyholder for legitimate claims. Businesses face their own exposure to insurance-related crime, which is one reason many carry commercial crime insurance and put internal controls in place to prevent employee theft and fraud.