Independent research conducted by Axis Capital Inc. to its group of insurance and reinsurance companies shows gathered data from its head office in Bermuda to its branches in Singapore, Australia, United Kingdom and in more than 10 states in the United States of America in which 15% of insurance claims are fraudulent. The loss may not be evident immediately after the act is made but accumulated claims in the annual review can reflect the fake report, long enough time for the culprit to spend the money earned.