Contrast and Comparison Paragraph by Tetiana Kurtova

Fraud in insurance and ways of its elimination

Tetiana Kurtova

Group 1

If you live in Ukraine and like to travel to the USA without becoming a victim of insurance swindler, you should be well informed about the features of frauds both in Ukraine and in the USA. Either Ukraine or the USA has problems at the insurance market. Fraud in insurance business in Ukraine is as dangerous as in the USA. Fraud in insurance both in Ukraine and the USA depends on the structure of insurance services. Unlike the Ukrainian swindlers, swindlers in the USA are operating in the field of medical insurance. For instance, as a result of frauds in the medical insurance field the losses of insurance companies reach 40 milliards dollars in a year. In Ukraine this type of insurance is undeveloped, whereas in the USA a volume of life-insurance payments is 30 percent of the given insurance services size. In contrast, in Ukraine this index reaches 4,6 percent. Unlike the USA, in Ukraine a fraud is mostly observed in the property insurance sector. Therefore, when you are going (traveling, moving) either to Ukraine or to the USA, everyone should pay attention to these features.