Remembering some of the cases of life insurance fraud that came out of the aftermath of 9/11, I was curious about the situation in Asia. Given the much larger scope in terms of area, lives lost, and different jurisdictions I think the fraud could end up being in the Billions.
Hard to say, but the potential is certainly there. Too many unidentified bodies means that it may be impossible to verify death. So I dunno how the insurance companies plan to handle this.
Any fraud is guaranteed. Hell, it happened down here in Florida where God tried to kill us all with four hurricanes. Some of those who survived did get checks from FEMA. Here's the thing: some people who did get money had no damage at all and were not in the path of any of the four hurricanes and some of those who did get significant damage received only token checks of $1.37.
I can almost guarantee you that this will go on in Asia, even if less people have insurance. People might start hoarding aid, or something like that.
Of course some greedy people will try to stiff the system built to help them. But take the good with the bad. Any support to this disaster-stricken piece of the world is better than nothing.
