Anecdotal reports from insurance companies revealed the industry could be experiencing the highest number of fraudulent claims since 1992 - the last time "we had a recessionary environment".
"History would suggest in times of recession we see an increase in fraudulent claims.
We are seeing a bit more of a blip and we are having a closer look at things."
Insurance investigators would closely review any suspicious claim, including the financial situation of a claimant, which was often a motive, Mr Ryan said.
"A lot of people take incredible risks with their livelihoods."
Anyone found to have filed a fraudulent claim could be barred from taking out future insurance policies and face prosecution, he said.
A 2007 Insurance Council survey found fraudulent insurance claims cost the industry about $150 million a year, but could be as high as $330 million.
Yesterday, a former Milton man was jailed for two years after setting fire to more than $100,000 of property, including a shed and two vehicles, in 2006.
The judge said financial gain was the motive.
Mr Ryan said the ability to detect crimes such as arson had increased markedly in recent years, and it was "just not worth the risk".
