Most Canadians agree insurance fraud drives up premiums. But new TD Insurance research released to conclude Fraud Prevention Month in March suggests many may not recognize how some everyday actions could affect their own coverage
Did you know? Many Canadians didn’t realize that failing to update mileage after driving more frequently or leaving a regular driver off an auto policy could be considered insurance fraud.
Key findings
- 96% of Canadians believe others commit “small frauds,” yet only 7% say they’ve ever done anything that could be considered insurance fraud themselves.
- 90% of Canadians say insurance fraud raises premiums, and 82% believe financial pressures make fraud more likely today than five years ago.
- On average, only 58% of Canadians can correctly identify common real-world scenarios as insurance fraud.
The findings highlight a behavioural gap between what Canadians consider fraud and what insurers actually classify as fraud.
Niro Kandasamy, Associate Vice President, Fraud and Special Investigations, TD Insurance spoke about the most common accidental insurance fraud scenarios Canadians encounter, and how to avoid them.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024, 2025 and 2026.
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