Internationally Perceived Threat of Russian Insurance Fraud and Business Risk Management

With the increase of the Russian insurance market international exposure, participants (insurance and re-insurance companies and brokers) are being confronted by wide-spread suspicion about the legitimacy of their operations. It seems that the West perceives practically all Russian insurers or re-insurers as tainted with fraudulent. This article explores the stereotype versus the practical approach to business risk management in developing Russian-Western insurance market transactions. What we are witnessing in this case is the international reputation-based sanctioning system at work...[more]