IDENTITY THEFT INSURANCE
The burgeoning problem of identity theft is spurring new lines of insurance to cover the rising costs of consumers reclaiming their good names.
“Most of the insurance companies, the bigger companies, are offering it,” said John Schapperle, president of Island Insurance Cos. “I think the trend is following the scare in the nation … there’s a lot of publicity about it.”
Coverage is not just for wealthy individuals, Schapperle said. “It can happen to anybody and everybody at any time.”
art In addition to Island Insurance, most local insurers are offering coverage, said state Insurance Commissioner J.P. Schmidt.
Hawaii cases of identity theft shot up 188 percent from 2001 to 2004, according to the Federal Trade Commission. The most dramatic year-to-year increase — 167 percent — occurred between 2001, with 222 reported cases, and 2002, when 593 people reported stolen identities to the FTC.
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