Annual Report
2025
Data-Driven. Mission-Focused. Future-Ready.
President's Letter
NICB entered 2025 strong, continuing to build upon years of transformative change. We modernized our data and intelligence capabilities, sharpened our focus, and reinforced our position as a trusted leader in the fight against insurance crime and fraud. This year, we saw the results of those efforts: delivering greater value to our members, law enforcement partners, and the communities we serve.
Throughout 2025, NICB positively impacted our members and external partners through our continued advancements in intelligence-driven operations. Instead of simply responding to fraud after losses, we proactively anticipated where criminal activity would emerge next. By investing in advanced analytics, data integration, and investigative technology, we enhanced our ability to identify emerging threats, connect complex data points, and intervene earlier and more effectively.
This forward-looking approach remains central to our mission. As the bridge between the insurance industry and law enforcement, NICB translates data into actionable insight. In 2025, we expanded our capacity to deliver timely, relevant intelligence that empowers our partners to disrupt complex fraudulent schemes, protect policyholders, and reduce systemic fraud across the industry.
Working closely with federal, state, and local law enforcement agencies, NICB targeted organized fraud rings operating both domestically and internationally. Through our ongoing participation in auto theft task forces and fusion centers, we achieved meaningful results, including vehicle recoveries and the prevention of fraudulent claims before losses occurred.
We also prioritized prevention through preparation. In 2025, NICB broadened education and training efforts to address a more complex fraud landscape. Our Learning and Development programs reached more people than ever, offering enhanced coursework on emerging schemes, investigative techniques, and evolving best practices. These efforts solidify NICB’s role as a leading source of expertise for insurers and law enforcement professionals nationwide.
We made advocacy a critical focus as well. Throughout 2025, NICB engaged lawmakers and regulators at both federal and state levels to advance policies that strengthen fraud prevention and enforcement. By navigating state-by-state regulatory environments with deep industry knowledge, our Government Affairs team served as a vital resource for decisionmakers, helping ensure legislation supports effective crime-fighting tools and reflects real-world conditions.
As we advanced our capabilities, we also transformed our organization’s image. In recent years, NICB has redefined how we operate and how we present ourselves to the world. In 2025, we continued our multi-year brand modernization, aligning our people, members, law enforcement partners, and consumers around a strong brand committed to innovation, collaboration, and prevention. This evolution honors our legacy and positions NICB for the future.
Looking forward, we maintain a clear mission and unwavering resolve. The progress we achieved in 2025 reflects the dedication of our employees, the trust of our members, and the strength of our partnerships. Together, we will continue to adapt, innovate, and lead in the fight against insurance crime and fraud.
David J. Glawe
President and Chief Executive Officer
Operations, Intelligence, and Analytics
Preventing Crime Through Intelligence-Driven Action
Operations, Intelligence, and Analytics (OIA) continues to advance its mission of intelligence-driven operations to combat and prevent insurance crime, utilizing enhancements in fraud detection and investigations in 2025. Key priorities included implementation of focused investigative resources, emphasis on automation, creation of dynamic digital intelligence products, and stronger collaboration with member companies, law enforcement, and stakeholders.
Delivering Valuable Intelligence, Including Interactive Reports
NICB continues to modernize intelligence production in 2025 by delivering 15 dynamic digital intelligence reports that enhanced stakeholder experience through advanced visual analytics. The focus of proactive intelligence and identification of emerging and evolving risks were highlighted by our Insight products detailing questionable medical related therapies, predatory towing threats, and high-end vehicle transportation fraud. Additionally, Public Designated Insights were introduced to strengthen consumer protection, addressing threats like ghost brokers and a “spilled oil” scheme targeting used vehicle buyers.
Tackling Insurance Fraud of All Types
In 2025, NICB advanced its Life and Disability, Cargo, and Catastrophe programs significantly.
The Life and Disability program supported major investigations nationwide, assisted the Federal Bureau of Investigation (FBI) in a sheriff death case, and launched new life-focused training while publishing its second Life Threat Assessment on emerging fraud schemes like account takeovers and synthetic identities.
The Cargo program countered sophisticated theft tactics such as VOIP-enabled deception and GPS spoofing, recovered $24M in stolen goods, and influenced national policy through its 2025 Cargo Crime Threat Assessment.
The Catastrophe program highlighted a surge in billion-dollar disasters and detailed how third-party litigation funders may exploit events through tactics like spoofed FEMA sites and inflated claims, underscoring growing fraud complexity and regulatory risks. NICB supported eight catastrophic events in 2025. The Los Angeles Wildfires, impacting 82 member companies, resulted in NICB issuing 18 CAT Event Alerts, supporting three insurance villages, and assisting law enforcement in the inspection of 6,634 vehicles.
NICB’s Medical Program strengthened internal collaboration and introduced advanced tools to support medical and workers’ compensation investigations. Strategic partnerships with local, state, federal, and administrative boards enhanced prosecution efforts. One large scale health care fraud scheme investigation resulted in $9.7M in restitution ordered and the surrender of medical licenses. Leveraging technology and automation, Intelligence and Analytics produced 16 Medical Intelligence Reports in 2025, detailing emerging fraud tactics and schemes. Additionally, NICB utilized the Aggregated Medical Database to publish a quarterly medical billing trend report and provided analyses on interpretive billing services and workers’ compensation billing patterns.
Using Data to Detect Fraud Trends
Data Science advanced fraud detection initiatives by developing three key tools: an early detection model for workers’ compensation fraud, a questionable claims network model to uncover suspicious networks among questionable claims, and a large language model to streamline investigative workflows. Data Science also partnered with two research facilities to integrate cutting-edge methodologies into insurance fraud prevention and will strengthen collaboration with member companies in 2026, focusing on data access, tool requirements, and privacy-first machine learning model training.
Leveraging Partnerships and Campaigns to Amplify Efforts
The Property program engaged in initiatives and educational campaigns to combat contractor fraud, with a focus on multi-jurisdictional investigations involving predatory towing, roofing contractors, and remediation companies. OIA partnered with NICB’s Learning & Development and Strategy, Policy and Government Affairs on Contractor Fraud Awareness week and co-hosted a high-impact Property Fraud Conference.
In 2025, the Vehicle program initiated a data exchange with law enforcement and Department of Motor Vehicle (DMV) partners, to strengthen stolen vehicle detection and support NICB investigations amid evolving theft techniques and growing organized crime. NICB investigations identified 248 vehicle-related organized ring investigations, facilitated the recovery of 30,319 stolen vehicles and completed 12,653 vehicle inspections. Foreign Operations expanded partnerships in Africa, located over 3,400 stolen vehicles outside of the United States and repatriated 2,331 stolen vehicles.
NICB worked with stakeholders to expand states participating in the State Fraud Bureau Initiative and launched the NICB-State Fraud Bureau Intelligence Network—the first platform of its kind in the U.S. anti-fraud ecosystem. These programs strengthened collaboration, standardized investigative frameworks, and enhanced training, enabling a customized approach to sharing actionable intelligence. As a result, member companies and consumers benefit from a proactive, unified strategy to combat fraud.
Moving Forward with Innovation and Efficiency
Looking ahead to 2026, OIA strategies will focus on enhancing current efforts and outlining additional efficiency gains in all our programs to foster innovative insurance fraud detection and prevention through engagement with our member companies, law enforcement and stakeholders.
Accomplishments
| NICB investigations identified 248 vehicle-related organized ring investigations, facilitated the recovery of 30,319 stolen vehicles and completed 12,653 vehicle inspections. |
|---|
Learning and Development
Empowering Members and Partners Through Cutting- Edge Learning Experiences
Learning & Development (L&D) programs continued to drive excellence in member training by delivering innovative and impactful offerings aligned with our mission to provide an exceptional learning experience.
What our learners are saying:
Interesting and eye opening information about the REAL world we live in!
In 2025, L&D provided an expanded training portfolio with a wide variety of learning experiences—from instructor-led webinars, comprehensive eLearning courses, podcasts, microlearning and fraud academies—ensuring a tailored approach for members. By fostering a culture of continuous learning, leveraging cutting-edge technologies, and measuring outcomes through strong data analysis, L&D empowers our members to ensure learners have the tools and knowledge to be at the forefront of the insurance fraud fight.
I truly appreciate the training opportunities and how easy it is to register and participate. I’m grateful for everything you and NICB continue to provide.
FraudSmart Webinars
L&D’s training, powered by instructors with extensive subject matter expertise, transforms complex fraud concepts into engaging courses and actionable knowledge.
For over 25 years, NICB’s FraudSmart instructor-led webinars have set the standard for addressing the insurance industry’s evolving fraud challenges. Offering a premier learning experience, FraudSmart webinars combine expert-led instruction with practical strategies that empower participants to anticipate and effectively combat today’s most critical fraud risks.
This training was the ideal setup for how I learn. It broke everything down into sections [followed by a] quiz. That really helped reaffirm what I had just learned.
In addition to webinars, L&D offers dynamic learning opportunities through accessible podcasts and interactive panel discussions, providing participants with diverse formats to deepen their knowledge and stay ahead of emerging fraud trends.
In 2025, FraudSmart delivered an exceptional year of training, hosting over 100 dynamic virtual courses for NICB members, law enforcement partners, and key industry stakeholders. Covering 50 critical fraud topics, these sessions earned an outstanding average satisfaction rating of 4.8 on a 5.0 scale, with participants reporting highly impactful instruction that directly advanced their ability to investigate fraudulent insurance claims. With one-hour sessions offered weekly, FraudSmart continues to provide timely, practical insights that keep professionals ahead of emerging threats.
This training opened my eyes that subjects in the auto fraud milieu may often span into other forms of insurance fraud.
NICTA eLearning
National Insurance Crime Training Academy (NICTA) represents the industry’s leading insurance fraud eLearning platform and offers engaging and high-impact courses. In 2025, over 169,000 learners took advantage of NICTA’s flexible training options to include in-depth courses which enabled deep skill development and a strong foundation in complex fraud concepts. In addition, shorter microlearning modules facilitated focused insights into emerging fraud trends, offering quick training on focused topics. Overall, a robust NICTA catalog of 70 interactive, scenario-based eLearning courses delivered comprehensive coverage of fraud topics, earning top ratings for relevance and effectiveness in supporting investigators’ critical roles. These results underscore NICTA’s position as the gold standard in fraud education through the delivery of knowledge and concepts professionals need to stay ahead in an ever-evolving threat landscape.
To further strengthen and complement NICTA’s eLearning platform, a new learning management system (LMS) was introduced and made available to NICB members. The upgraded LMS provided the groundwork for an improved learner experience with a modern, user-friendly interface, robust tracking of learner progress to support measurable outcomes, and a streamlined course enrollment process which makes accessing training faster and easier than ever.
A significant initiative to elevate the learning experience in 2025 was the seamless transfer of NICTA’s 501(c)(3) assets to NICB. This strategic alignment strengthens NICB’s ability to deliver superior member education offerings, creating a unified approach to fraud education. The transition marks a significant step and ensures resources and expertise are aligned to deliver enhanced training opportunities for NICB members.
Dedicated Training
Dedicated Training delivers a customized learning experience for NICB members and law enforcement partners. These curated training sessions are available throughout NICB’s seven regions and are led by knowledgeable instructors who provide expert insights. Each course is tailored to organizational needs, ensuring practical strategies that drive real results. In 2025, over 25,000 professionals took advantage of these unique training offerings on fraud topics such as vehicle crimes, unscrupulous contractor schemes, and worker’s compensation fraud.
L&D Academies and Symposiums
NICB’s virtual academies and conferences delivered exceptional impact, reaching hundreds of insurance fraud professionals and driving education-based crime prevention. The annual Fraud Investigations Academy (FIA) offered a structured curriculum developed by NICB experts, equipping participants with advanced investigative practices and insights into emerging fraud issues.
Following the event, attendees provided positive comments about their experience and the benefits of the academy.
One attendee stated: “As a LE, I specialize in auto insurance fraud and auto theft. This training opened my eyes that subjects in the auto fraud milieu may often span into other forms of insurance fraud …This session helped me to recognize how organized gangs manipulate insurance fraud and the vulnerabilities within the system.”
Likewise, the Medical Investigations Symposium (MIS) provided practical instruction on critical medical topics essential for fraud detection and claims evaluation. And attendees responded positively to the topics and quality of the speakers. The survey garnered general comments like: “One of the most informative and engaging presentations I’ve attended—three full days of
valuable insights.”
In addition, attendees responded to the variety of training formats: “The panel was highly knowledgeable and brought valuable insights to the table. I especially appreciated the use of real-life cases supported by solid data and actual research.” Other attendees called out their desire to get more information on the valuable topics: “I learned so much and would love to see some of these topics offered as stand-alone classes in the monthly training, even if for a fee. Great job NICB! You out did yourselves.”
Together, these training programs amplify NICB’s training reach and reinforce L&D’s role in the fight against insurance crime.
Accomplishments
Strategy, Policy, and Government Affairs
Advocating for Member Needs on the Legislative Floor
In 2025, NICB’s Strategy, Policy, and Government Affairs (SPGA) team secured key victories on behalf of our members through impactful advocacy at the local, state, and federal levels—strengthening partnerships and the legal landscape to more effectively combat fraudsters, and elevating NICB’s role as the trusted, nonpartisan expert on insurance crime.
SPGA testified 46 times—and held 370+ meetings with lawmakers—across the country to support anti-fraud legislation.
SPGA significantly expanded its advocacy and policy engagement on NICB’s core priorities in 2025, testifying 46 times in statehouses and regulatory forums across the country. SPGA’s impact—through strong collaboration with OIA and Communications—was highlighted on the national stage in July 2025 when NICB’s President and CEO testified before the United States Senate in support of the bipartisan Combating Organized Retail Crime Act, a bill to strengthen criminal penalties and improve law enforcement coordination against organized retail and cargo theft. NICB’s testimony highlighted the sophisticated and evolving threat landscape, the economic impact of cargo theft on all consumers, and underscored the need for coordinated public-private solutions and improved information-sharing.
Beyond in-person testimony, SPGA drove public policy outcomes that support our members through strategic advocacy and direct assistance to lawmakers in crafting anti-fraud legislation. On behalf of NICB, SPGA submitted 230 letters to state and federal legislatures in support of bills that combat insurance crime—helping advance tougher penalties, improved investigative authorities, and clearer statutory frameworks that reduce the opportunities for fraud. SPGA also continued to strengthen NICB’s relationships with key decisionmakers, holding over 370 meetings with lawmakers and regulators to share NICB’s latest trends and assessments, discuss enforcement challenges, and help shape effective solutions.
SPGA also strengthened alignment across the anti-fraud ecosystem by presenting in 67 industry panels or events and holding 165 meetings with NICB member companies and 424 meetings with partner trade associations. Through these opportunities, the SPGA team provided NICB’s unique vantage point and expertise, identifying shared priorities, coordinating advocacy strategies, and supporting multi-industry collaborations that help strengthen our collective stand against fraudsters.
Reflective of SPGA’s impact, legislatures passed 83 bills to combat insurance fraud and crime, including measures that target legal system abuse and third-party litigation funding, predatory towing, contractor fraud, and vehicle crimes. SPGA also helped to defeat 53 bills that threatened to undermine the anti-fraud ecosystem and hinder NICB’s vital information-sharing role.
Collectively, SPGA’s efforts in 2025 reinforced NICB’s position as the preeminent organization fighting insurance crime—translating intelligence into action, driving public policy that disrupts criminal activity, and building and sustaining the partnerships required to keep pace with evolving threats.
Key 2025 Accomplishments
- Supported NICB’s high-profile public affairs campaign on the need for predatory towing reforms, including an NICB segment on NBC’s TODAY Show.
- Coordinated NICB’s eighth annual—and largest ever—National Conference of Insurance Crime Attorneys (NCICA), bringing together member company attorneys and prosecutors from across the country to discuss emerging tactics and trends, highlight impactful cases and best practices, and strengthen collaboration in the investigation and prosecution of fraudsters.
- Secured the adoption by the National Council of Insurance Legislators (NCOIL) of the Motor Vehicle Glass Model Act, as well as amendments that strengthened the Insurance Fraud Model Act and Storm Chaser Consumer Protection Model Act.
- Directly supported the enactment of third-party litigation funding (TPLF) reforms in Georgia, Kansas, Oklahoma, and multiple other states across the country, strengthening transparency and accountability over TPLF and combating its ability to serve as a facilitator of fraud.
- Led efforts to enact or substantially advance predatory towing reforms in the City of Chicago—the epicenter of rogue towers—as well as in Connecticut, Indiana, Kentucky, Michigan, and multiple other states.
- Strengthened protections against contractor and public adjuster fraud and inflated billing in Iowa, Kentucky, Oklahoma, Virginia, and multiple other states.
- Reinforced NICB’s vital information-sharing role by expanding to 18 the number of state consumer data privacy laws enacted with entity-level exemptions for NICB.
- Supported NICB’s annual Contractor Fraud Awareness Week (CFAW) by securing proclamations and resolutions in 20 states, including a first-ever resolution in California, adopted unanimously on the floor of the California State Senate.
Partner Engagement and Member Services
Driving Member Value
Partner Engagement and Member Services (PEMS) spent 2025 listening to, representing, and acting on our members’ interests and needs to help them fight insurance fraud.
Between including our members in NICB committees and project discussions and delivering on their request for in-person connection, we achieved a 102% renewal rate.
Aligning Action with Member Needs
Over the past year, PEMS learned of a desire for more member input across NICB products and services. In 2025, PEMS worked across our membership to ensure a variety of member company perspectives were heard on key projects and initiatives and represented on NICB committees and enterprise-wide efforts. As we work to modernize the Questionable Claims submission process, member feedback and experience remain key to our success. Prioritizing tactical improvements based on scope and impact to members creates a pathway to assure our efforts and results align with member needs and create member value.
As NICB works to streamline our website, we sought member feedback on the proposed structure. Ultimately, we will continue to create resources for our members, but they are only valuable if members can easily access them. Therefore, we asked a group of members to test drive the site structure and provide user experience feedback. That information will help ensure NICB makes the right moves for our future.
Delivering Value Leads to Member Retention
Membership retention and growth remain strong. In 2025, six active members and three associate members joined NICB, which increased our market share to 96% of the nation’s personal auto carriers and 83% of the nation’s property/casualty insurers. The six new active members consisted of 28 individual insurers. Additionally, PEMS brought on two VINFinder Subscribers. While these inquiries started as Strategic Partnership discussions, they quickly evolved into an opportunity better suited for NICB to support the location and recovery of financed vehicles. Between including our members in NICB committees and project discussions and delivering on their request for in-person connection, we achieved a 102% renewal rate.
Building on Member-Centric Actions
For 2026, PEMS plans to capitalize on the member-requested momentum driving face-to-face connection. The Membership Directors’ regional visits, coordinated with Regional Directors and their staff, will continue to ensure our members feel seen and heard. The PEMS team’s efforts coupled with the advancements happening across the organization will showcase NICB’s unmatched value and ongoing commitment to working with members to support our mission.
Finding Value of In-Person Meetings and Training
NICB members expressed interest in getting together in-person after years of virtual meetings. In 2025, PEMS held its first in person SIU Leaders Meeting at NICB Headquarters since the pandemic, conveniently aligned with another industry conference held in Chicago that same week. This interaction was the most engaging SIU Leaders Meeting in recent years.
Additionally, PEMS completed its tenth year of the Vehicle Fraud and Crime Conference (VFCC), co-sponsored by NICB Associate Member Ally Financial. This in-person NICB event, specifically geared to our associate members, provides attendees with important information about vehicle finance fraud and offers industry professionals a chance to network with one another. After receiving stellar feedback on previous years’ conferences, NICB’s PEMS team increased the 2026 conference to two full days, and spots filled quickly.
Public Affairs and Communications
Serving as the Industry's Voice on Insurance Fraud and Crime
NICB’s Public Affairs and Communications team drives strategic partnerships and nationwide public awareness campaigns that prevent and deter insurance fraud. The team refines outreach strategies to engage key stakeholders on the channels and media platforms they use most and continuously enhance the member experience, so members stay informed about the latest products, tools, and training opportunities available to them.
Greater Collaboration on Public Awareness Campaigns
In 2025, Public Affairs strengthened relationships with members, law enforcement partners, industry associations, media outlets, and internal teams to elevate awareness of emerging crime and fraud schemes that impact our members and their policyholders.
Through proactive outreach and rapid response engagement with top-tier national, regional, and local media, NICB led the national conversation on insurance fraud. Media outlets cited NICB expertise and data in more than 16,000 news stories, reaching an audience of over 21 billion. Major broadcast networks—including NBC News, Fox News, and Nexstar Broadcasting—featured NICB experts multiple times throughout the year.
Twenty-nine states have recognized CFAW in the past five years of this campaign.
Working closely with NICB’s Strategy, Policy, and Government Affairs (SPGA) team, Public Affairs launched a national public awareness campaign in early 2025 focused on predatory towing and critical reforms. During the campaign, NICB secured a lengthy segment on NBC’s TODAY Show, follow-up coverage across local NBC affiliates nationwide, and a national interview with Fox News. Public Affairs reinforced this visibility with a coordinated social media campaign and new television and radio public service announcements (PSAs).
In May, Public Affairs partnered with 83 members, law enforcement partners, federal and state agencies, and industry trade associations on the fifth annual Contractor Fraud Awareness Week (CFAW). Public Affairs executed a week-long training series for members and law enforcement partners that addressed the latest contractor fraud trends and schemes. The team also launched a consumer-focused social media campaign and conducted a national media tour with 24 news outlets, reaching 15.6 million people. In partnership with SPGA, we secured 20 official state proclamations recognizing CFAW, including California’s first-ever recognition through a unanimous Senate floor vote. Twenty-nine states have recognized CFAW in the past five years of this campaign.
Weeks later, Public Affairs and SPGA launched a national cargo theft awareness campaign that elevated the issue of organized crime and supply chain vulnerability. As a result of this leadership, the United States Senate Judiciary Committee invited NICB President and CEO David J. Glawe to testify in support of the Combating Organized Retail Crime Act (CORCA). Following the testimony, Public Affairs amplified momentum for CORCA’s passage through coordinated on-camera interviews, press releases, and targeted social media engagement.
Later in 2025, Public Affairs and SPGA partnered with a digital risk intelligence firm, 4WARN, to expose the connection between third-party litigation funding (TPLF) and excessive litigation driven by fraudulent digital tactics. This campaign positioned NICB at the forefront of a rapidly emerging risk issue for the insurance industry.
Refining Social Media Strategy to Reach Key Audiences
In 2025, Public Affairs overhauled NICB’s social media strategy to better align content, platforms, and audience behavior. These refinements delivered measurable results: NICB achieved an 8.2% engagement rate across all social media channels—significantly exceeding the typical brand average of 1% to 3.5%.
To drive this performance, Public Affairs deployed short-form videos, carousel graphics, and testimonials on LinkedIn to engage member companies and law enforcement professionals with information about conferences, investigations, and training opportunities. The team also executed targeted paid campaigns to reach lawmakers ahead of key legislative action on Capitol Hill. To connect directly with consumers, Public Affairs distributed PSAs, shortform videos, reels, and infographics on Facebook and Instagram, and piloted targeted advertising on NextDoor to reach communities at the local level.
Evolving Our Member Experience
Public Affairs and Communications strengthened the member experience in 2025 by improving how we deliver information and reduce message fatigue.
In July, the Communications team launched Informer Brief, a monthly member newsletter that consolidated updates on new tools, upcoming conferences and training opportunities, recent investigations, legislative wins, and emerging fraud trends. This centralized approach reduced single-topic emails while increasing member visibility into the full scope of NICB’s work.
In partnership with SPGA, the Communications team also introduced a monthly Legislative Alert that delivers timely policy insights and analysis directly to government affairs leaders at member companies.
Communications also completed the first year of a comprehensive two-year project to revamp and redesign NICB.org. The new site architecture improves navigation and enables members to quickly access product and service information, fraud trend reports, data insights, and training resources.
In 2026, the Communications team will launch a robust search engine optimization (SEO) strategy to increase visibility for NICB and key insurance fraud-related terms across traditional search platforms. Communications will also implement a generative engine optimization (GEO) strategy to ensure NICB content appears prominently in AI-powered search environments, including ChatGPT, Gemini, and Google’s AI Overview.
Key 2025 Public Awareness Campaigns
January–February: Contractor fraud awareness and safety messaging following catastrophic wildfires in California
February–April: Predatory towing awareness nationwide and support for legislative reforms
March: Vehicle thefts decreased 17% nationwide in 2024 thanks in part to collaborative efforts
between NICB and state and local law enforcement
March–August: Contractor fraud awareness and safety messaging in states impacted by tornado,
severe thunderstorm, and wildfire catastrophes
May: Contractor Fraud Awareness Week
June–July: Cargo theft awareness nationwide, leading to U.S. Senate testimony in July
September: Identity theft awareness nationwide. Vehicle thefts decreased in first half of 2025
October–December: Third-party litigation funding fraud awareness and support for federal legislation
Financial Statements
As a leader in the insurance fraud industry, NICB is honored by the relationships it maintains with its 1,200 members, associate members, and strategic partners. The challenges that lay ahead demand responsible stewardship of resources and tools, as well as responsiveness, creativity, and diverse talent and viewpoints. As NICB harnesses the power of data and advanced analytics, it will enhance its dedication to fighting insurance fraud and crime.
These financial statements have been prepared by management in conformity with generally accepted accounting principles and include all adjustments which, in the opinion of management, are necessary to reflect a fair presentation. This presentation represents a summarization from audited financial statements.
Statements of Financial Position
Years ended December 31
| Assets | 2025 | 2024 |
|---|---|---|
| Current assets | $11,489,998 | $14,140,937 |
| Investments | 74,981,710 | 64,394,024 |
| Property and equipment, net | 3,156,514 | 3,436,664 |
| Right-of-use assets, net | 5,021,226 | 5,351,912 |
| Other assets | 35,121 | 31,180 |
| TOTAL ASSETS | $94,684,569 | $87,354,717 |
| Liabilities and Net Assets | 2025 | 2024 |
|---|---|---|
| Current liabilities | $12,449,304 | $12,395,307 |
| Operating lease obligation, net of current portion | 5,041,378 | 5,517,985 |
| Other long-term liabilities | 70,902 | 72,667 |
| Accrued post-retirement obligation, net of current portion | 13,005,000 | 14,106,000 |
| TOTAL LIABILITIES | 30,566,584 | 32,091,959 |
| NET ASSETS WITHOUT DONOR RESTRICTIONS | 64,117,985 | 55,262,758 |
| TOTAL LIABILITIES AND NET ASSETS | 94,684,569 | 87,354,717 |
Statements of Activities
| Revenue | 2025 | 2026 |
|---|---|---|
| Assessments and member services | $66,487,607 | $62,996,799 |
| Data related and strategic partnership | 2,164,850 | 1,860,699 |
| Investment return, net for operations | 1,811,027 | 1,879,201 |
| Miscellaneous income | 434,958 | 465,890 |
| Geospatial member assessment | - | 716,743 |
| Net assets released from restriction | - | 58,576 |
| TOTAL REVENUE | $70,898,442 | $67,977,908 |
| Expenses | 2025 | 2026 |
|---|---|---|
| Salaries | $41,648,295 | $39,901,801 |
| Employee and retiree benefits | 13,479,287 | 11,371,766 |
| Technical fees and services | 6,019,036 | 7,275,360 |
| Automobile operations | 2,289,688 | 2,103,805 |
| Computer and equipment maintenance | 1,779,216 | 1,388,350 |
| Insurance | 1,075,057 | 1,198,383 |
| Travel and group meetings | 1,263,796 | 1,132,053 |
| Office expense | 861,454 | 721,352 |
| Depreciation and amortization | 546,030 | 421,749 |
| Other | 2,842,976 | 3,571,458 |
| TOTAL EXPENSES | $71,804,835 | $69,086,077 |
| Change in net assets without donor restrictions from operations | ($906,393) | ($1,108,169) |
| Non-operating changes in net assets without donor restrictions | ||
| Investment return, net for operations | (1,811,027) | (1,879,201) |
| Investment return, net | 10,587,647 | 6,328,711 |
| Change in net assets without donor restrictions before post-retirement related changes other than net periodic post-retirement costs | $7,870,227 | $3,341,341 |
| Post-retirement related changes other than net periodic post-retirement costs | 985,000 | (704,000) |
| TOTAL CHANGE IN NET ASSETS WITHOUT DONOR RESTRICTIONS | 8,855,227 | 2,637,341 |
| Net assets released from restriction | - | (58,576) |
| Total change in net assets with donor restrictions | - | (58,576) |
| CHANGE IN NET ASSETS | 8,855,227 | 2,578,765 |
| Net assets, beginning of year | 55,262,758 | 52,683,993 |
| Net assets, end of year | 64,117,985 | 55,262,758 |
Functional Program Expenses
| Program Services | 2025 | 2024 |
|---|---|---|
| Investigations | $42,018,192 | $38,952,410 |
| Intelligence and analytics | 13,875,899 | 13,978,975 |
| Learning & Development | 5,160,236 | 4,793,104 |
| Strategy, Policy and Government Affairs | 3,115,265 | 2,941,520 |
| Communications | 2,362,778 | 2,254,956 |
| Geospatial Intelligence | - | 938,998 |
| TOTAL PROGRAM SERVICES | $66,532,370 | $63,859,963 |
| Administrative and General | 5,272,465 | 5,226,114 |
| TOTAL FUNCTIONAL EXPENSES | $71,804,835 | $69,086,077 |
Notes to Financial Statements
Assessment Revenues
The activities of the National Insurance Crime Bureau (“NICB”), conducted principally in the United States, are financed through assessments of its member insurance carriers. Such assessments are determined according to a formula based upon gross premiums for certain lines of business written by member companies and annual verification received from them. During the years ended December 31, 2025 and 2024, twelve member organizations made up approximately 57% and 60% of NICB’s assessment and member service revenues, respectively.
Receivables – Assessments and Related
NICB’s accounts receivable consist of assessments, international operations and data-related activities. Accounts receivables are due based on contract terms and stated at amounts due from members net of an allowance for credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. NICB determines its allowance for credit losses by considering a number of factors, including the length of time past due, NICB’s past write-off history, reasonable and supportable forecasts, the member’s current ability to pay, and the condition of the general economy and industry as a whole. NICB writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for credit losses.
Net Assets
NICB has net assets without donor restrictions and are not subject to donor-imposed stipulations or time restrictions. These funds support operational investments, strategic growth, program expansion and building reserves reflecting strong financial health.
Related-Party Transactions
National Insurance Crime Training Academy (NICTA) was a 501(c)(3) organization set up to provide training support to NICB members, law enforcement agencies and other interested parties to prevent insurance fraud. On December 31, 2025, NICB entered into an asset transfer agreement with NICTA. The assets sold to NICB included NICTA course materials and all intellectual property rights, including the NICTA name, brand and logo, as well as all NICTA trademarks. The name of the remaining 501(c) (3) organization was changed to the “NICB Foundation.”
Geospatial Intelligence
During calendar year 2024, NICB’s contract for GIC assessment revenues and expenses terminated, the activity is no longer a program for NICB in 2025. NICB expended $0 and $938,998 to support the existing program, which includes $0 and $222,255 of indirect costs for the years ended December 31, 2025 and 2024, respectively.
Lease Commitments
NICB has operating lease agreements for office space and vehicles with lease terms ranging from 1 to 11 years. As permitted within the guidance of ASC 842, NICB has elected to use a risk-free rate for all leases, using a period comparable with that of the lease term.
NICB Post-retirement Plan
NICB provides certain healthcare and life insurance benefits for retired employees. Employees hired prior to April 1, 2004 are eligible to receive this benefit. The NICB Post-retirement Plan is unfunded. As of December 31, 2025, recognition of the net unfunded status of the NICB Post-retirement Plan resulted in current liabilities of $842,000 and non-current liabilities of $13,005,000 for a total benefit obligation of $13,847,000.
Litigation
NICB has been named as a defendant in certain lawsuits wherein the plaintiffs seek to recover damages based upon various allegations arising from certain of these organizations’ investigations. After considering the merits of these actions and the opinions of outside counsel, together with the organizations’ liability insurance coverage, management of NICB believes that the ultimate liability for these matters, if any, will not have a material adverse effect on the NICB financial statements.
Tax Status
NICB has received a favorable determination letter from the Internal Revenue Service dated September 9, 1991, and reaffirmed in 2001, stating that it qualifies as a not-for-profit corporation as described in Section 501(c)(4) of the Internal Revenue Code (IRC) and, as such, is exempt from federal income taxes on related income pursuant to section 501(a) of the IRC. NICB continues to qualify as a not-for-profit corporation under Section 501(c)(4).
Board of Governors
