"WHAT I REALLY THINK..." ANONYMOUS OPINIONS FROM THE INDUSTRY...

"WHAT I REALLY THINK..." ANONYMOUS OPINIONS FROM THE INDUSTRY...

Is life about to get much more complicated for assistance and claims companies... with the financial penalties going to be used against any sanction busting payments, to any entity from Russian or Belorussia . Given the myriad  ownerships and interests designed to obfuscate and hide the flow of money this is going to prove to be an almost impossible task .

Cyprus is completely immersed within the Russian financial sphere and the private health care sector, as much as the hotels and banking... Turkey has a very close and complex relationship with its near neighbor across the Black Sea and the vast majority of its tourism originates in the Russian Federation along with massive investment in hotels and tourist infrastructure, which its reasonable to assume, includes private clinics and hospitals . The Greek islands perhaps to a lesser extent but there is still a substantial presence.

It seems that the only way errors and financial penalties can be avoided is if the Government flags clearly those entities that are embargoed... to leave it to the industry is an impossible task . While there is some capacity for forensic accounting the average claims manager is going to be at a total loss to distinguish fish from foul .

The assumption being made by the intelligence services is, as sanctions bite, the attempts at avoidance will become more determined and sophisticated... and every effort will be made to inflate and monetarize every transaction. This will of course included hotel costs as well as the obvious medical bills and medication .

We need strong guidance from Government... and a close exchange of information with cost containers to ensure no one through ignorance gets hit with some pretty savage fines not only from our own Government but legal entities from the USA and EU .

Welcome to the post pandemic bounce back!