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. 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.
