scholarly journals The structure of the deferred income tax and its influence on indicators describing the economic performance of commercial insurance companies

2007 ◽  
Vol 55 (3) ◽  
pp. 143-156 ◽  
Author(s):  
Hana Bohušová ◽  
Eva Vávrová
Keyword(s):  
Structure Analysis ◽  
Economic Performance ◽  
Income Tax ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Tax Rate ◽  
Commercial Insurance ◽  
Insurance System

The main objective of this paper is presentation of findings gathered through an analysis of items that cause deferred income tax in commercial insurance companies in the Czech insurance market. The evaluation of the subject is focused in accordance with the concept of the presented paper as regards structure analysis of the deferred tax, working with a selection of insurers – members of the Czech Insurance Association. We study, document and evaluate the influence of the deferred income tax being related with the given available income, as well as related to the effective income tax rate in a commercial insurance company. This analysis concerns the evaluation of the present-day degree of transformation and approximation of the Czech system of insurance in the process of harmonization with the European insurance system.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

scholarly journals MODERN TRANSFORMATION AND PROBLEMATIC ASPECTS OF TAXATION OF THE FINANCIAL RESULTS OF INSURERS IN UKRAINE

2017 ◽  
pp. 19-33 ◽  
Author(s):  
Oleksandr KVASOVSKYI ◽  
Mykola STETSKO
Keyword(s):  
Financial Performance ◽  
Income Tax ◽  
Legal Framework ◽  
Insurance Companies ◽  
Pension Insurance ◽  
Effective Tax Rate ◽  
Tax Rate ◽  
Direct Taxation ◽  
Legal Provisions ◽  
Before And After

Introduction. Today the problem of establishing an effective taxation technology of domestic insurers' financial results has not been finally solved. That technology would ensure achieving fiscal objectives of budget revenues improvement and the implementation of the regulatory capacity of the tax regime to enhance the development of the insurance market in Ukraine on the principles of transparency and legitimacy of the business. Purpose. The purpose of the article is critical analysis of recent transformations in the method of taxation of the financial performance of insurance companies in Ukraine, assessment of their impact on the dynamics of national insurance organizations budget revenues in recent years, a clear identification of legal conflicts and problematic aspects of the insurers' profit and income tax collecting procedures with a view to their elimination. Results. The article looks into the major differences in innovation and methodological approaches to taxation of the financial performance of domestic insurers before and after January 1, 2015. The work characterizes the dynamics of absolute and relative indicators of income tax on profits from insurance companies to the consolidated budget of Ukraine in 2012-2016 (compared to banks) from a position of impact of changes in tax regime for insurers. The research also revealed a number of legal contradictions and problematic issues in the current procedure for determining taxable profits of insurance organizations in the consideration of tax differences, calculating the income tax of taxable item in the neglecting of the revenues and transmission of insurance payments (contributions, premiums) for reinsurance operations and so on. Conclusion. A number of recommendations to improve the technology of direct taxation of insurance companies' corporate income tax and indirect taxes on insurance premiums, namely: clear distinction of mentioned fiscal duties; revision of the legal framework regarding the collection of insurers’ income tax (detailed definition of the list of costs for the calculation of financial results of the insurer before tax, establishing a list and approval of scientifically based methods of calculating insurance reserves for the calculation of taxable income, specification of legal provisions regarding taxation of insurance companies that specialize in life insurance, and longterm pension insurance); the introduction of preferential tax treatment of small profit insurance organizations through the establishment of progressive tax rates; gradual reduction of the effective tax rate for insurance companies.

scholarly journals INNOVATIVE MANAGEMENT STRATEGIES BY ACTIVITIES OF INSURANCE COMPANIES: INTERNATIONAL AND NATIONAL CONTEXT

2021 ◽  
pp. 65-70
Author(s):  
Vilenchuk O.
Keyword(s):  
Business Processes ◽  
Insurance Coverage ◽  
Management Strategies ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Investment Activity ◽  
Innovative Strategies ◽  
Innovative Management

This review article is devoted to the study of innovative strategies for managing the activities of insurance companies. In the condi-tions of risky environment, rather high probability occurrence of threats of natural and technogenic character, problems concerning the necessity of a scientific substantiation of the process of the insurance market stakeholders’ interaction aggravate. It is established that insurance in the world economic space is an indispensable financial and economic tool for neutralizing a variety of risks, especially given today’s the socio-economic, financial, epidemiological dangers. It is proved that despite the key parameters’ positive dynamics of the Ukrainian insurance market development for 2009-2019, there is a need to intensify business and investment activity of its participants. The competitive environment of the insurance market requires insurance companies to implement innovative management strategies focused primarily on solving two interrelated problems: firstly, the expansion of property risks’ insurance coverage, as well as risks related to citizens’ life, health and ability to work, secondly, the formation of the insurers’ solvency and ensuring an acceptable level of insurance operations’ profitability in terms of certain types of insurance. It is determined that one of the primary tasks of the insurance company’s management is the management of its business processes aimed at forming a model of customer-oriented behaviour in relation to potential customers. The article emphasizes the need to use a variety of innovative management strategies to achieve medium-term and long-term goals of the company in the insurance market. In particular, the expediency of diversification and the use of alternative pricing strategies for insurance services for long-term and general types of insurance is argued. Proposals aimed at digitalization of the insurance market and wide application of FinTech technologies in the field of insurance services are formulated: automated underwriting, IOT-technologies; blockchain in insurance. Summarizing the results of the study, the author’s vision of the further insurance relations’ functioning of in society is specified. Keywords: risks, insurance company, insurers, insurance protection, insurance market stakeholders, management. Статтю присвячено дослідженню інноваційних стратегій управління діяльністю страхових компаній. В умовах ризикогенного середовища, досить високої ймовірності виникнення загроз природного та техногенного характеру загострюються проблеми щодо необхідності наукового обґрунтування процесу взаємодії стейкхолдерів страхового ринку. Аргументовано, що страхування у світовому економічному просторі є незамінним фінансово-економічним інструментом нейтралізації найрізноманітніших ризиків, особливо зважаючи на соціально-економічні, фінансові та епідеміологічні небезпеки сучасності. Визначено, що одним із першочергових завдань менеджменту страхової компанії є управління її бізнес-процесами, спрямованими на формування мо-делі клієнтоорієнтованості відносно потенційних клієнтів. Наголошено на необхідності використання різноманітних інноваційних стратегій управління для досягнення середньострокових та довгострокових цілей компанії на страховому ринку. Зокрема, аргу-ментовано доцільність здійснення диверсифікації та використання альтернативних стратегій ціноутворення на страхові послуги з довгострокових та загальних видів страхування. Сформульовано пропозиції, спрямовані на цифровізацію страхового ринку та широке застосування FinTech-технологій у сфері страхових послуг: автоматизований андерайтинг, ІОТ-технології; блокчейн у страхуванні. Узагальнюючи результати проведеного дослідження, конкретизовано авторські підходи до подальшого функціонування страхових відносин у суспільстві.Ключові слова: ризики, страхова компанія, страхувальники, страховий захист, стейкхолдери страхового ринку, управління.

The cyber-insurance market in Norway

2019 ◽  
Vol 28 (1) ◽  
pp. 54-67 ◽  
Author(s):  
Hayretdin Bahşi ◽  
Ulrik Franke ◽  
Even Langfeldt Friberg
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Supply Side ◽  
Insurance Company ◽  
Marine Insurance ◽  
Structured Interviews ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Cyber Insurance ◽  
General Data

Purpose This paper aims to describe the cyber-insurance market in Norway but offers conclusions that are interesting to a wider audience. Design/methodology/approach The study is based on semi-structured interviews with supply-side actors: six general insurance companies, one marine insurance company and two insurance intermediaries. Findings The Norwegian cyber-insurance market supply-side has grown significantly in the past two years. The General Data Protection Regulation (GDPR) is found to have had a modest effect on the market so far but has been used by the supply-side as an icebreaker to discuss cyber-insurance with customers. The NIS Directive has had little or no impact on the Norwegian cyber-insurance market until now. Informants also indicate that Norway is still the least mature of the four Nordic markets. Practical implications Some policy lessons for different stakeholders are identified. Originality/value Empirical investigation of cyber-insurance is still rare, and the paper offers original insights on market composition and actor motivations, ambiguity of coverage, the NIS Directive and GDPR.

Theoretical and practical aspects of analysis of competitiveness of insurance company

10.12737/585 ◽  
2013 ◽  
Vol 1 (2) ◽  
pp. 25-30 ◽  
Author(s):  
Медушевская ◽  
Inna Medushevskaya
Keyword(s):  
Price Competition ◽  
Swot Analysis ◽  
Insurance Market ◽  
Financial Ratios ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Group ◽  
Determining Factors

In the article the theoretical and practical aspects of the analysis of the competitiveness of the insurance company CJSC «Insurance Group Uralsib» as an example were revieled. The competitiveness of the insurance companies is based on the general principles and provisions of the theory of competition and competitiveness. It was detailed the concept of competition in the insurance market, revealed its specificity and the possible non-price competition on it. The competitiveness of the insurance company is considered as a multi-faceted category, its determining factors were reflected. The competitiveness of Penza branch based on the analysis of financial ratios was evaluated and conducted the SWOT-analysis. The recommendations were given.

scholarly journals ANALYSIS OF COMPETITIVE POSITIONS OF INSURANCE COMPANIES IN THE NON-LIFE INSURANCE MARKET IN UKRAINE

2019 ◽  
pp. 88-94
Author(s):  
O. Pakhnenko ◽  
O. Zhuravka ◽  
V. Podhorna ◽  
A. Sukhomlyn
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Motor Vehicle ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Premiums ◽  
Property Insurance ◽  
Financial Condition

The paper explores the practical aspects of forming a competitive environment in the non-life insurance market of Ukraine and analyzes the competitiveness and financial performance of leading insurance companies. Based on the analysis of non-life insurance market concentration indicators, the authors concluded that there is no clear leader in this market, the level of market concentration is negligible. Based on the analysis of non-life insurance market leaders by volume of gross insurance premiums in the whole market and by main types of non-life insurance (CASCO, motor vehicle liability insurance, property insurance, fire and catastrophe risk insurance, CARGO, health insurance) the authors found that the leadership of insurance companies in the market does not mean their leadership in all types of non-life insurance; some insurance companies specialize in certain types of insurance and not being leaders in the insurance market at all occupy leading positions in certain segments of non-life insurance market. In order to provide a general assessment of the competitiveness of individual insurance companies in the non-life insurance market, the following indicators were selected: the volume of gross insurance premiums, gross insurance payments, insurance reserves and the amount of equity. In order to assess the size of market share of an individual insurance company in a more objective way, it is suggested to calculate the average share of the insurance company. The calculations made it possible to identify the leaders of the non-life insurance market in 2018 and to explore the dynamics of changes in their competitive position during 2016-2018. For the three insurance companies that have been identified as the leaders of the Ukrainian market non-life insurance in 2018 (“UNIKA”, “AXA Insurance” and “PZU Ukraine”), the authors analyzed the main indicators of their financial condition, namely the profitability of insurance services, profitability of sales, return on assets, return on equity, overall liquidity, absolute liquidity and autonomy. It was found that all the analyzed insurance companies are profitable, however, among the three leading Ukrainian insurance companies, the most effective in 2018 was the insurance company “PZU Ukraine” and the least profitable – “UNIKA”. Keywords: competitiveness, insurance company, market concentration, market share, competition.

scholarly journals Institutional forms and their competitive analysis of organization of insurance activities in Ukraine

2018 ◽  
Vol 2 (1) ◽  
pp. 99-110
Author(s):  
Olga Slobodianiuk ◽  
Galina Tolkacheva
Keyword(s):  
Development Strategy ◽  
Competitive Analysis ◽  
Swot Analysis ◽  
Objective Assessment ◽  
Insurance Coverage ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Strategic Development ◽  
Ability To Act

Introduction. In the insurance market of Ukraine, there is a need for non-commercial insurance, which does not carry out business activities in favor of shareholders, but implements the principle of collective mutual assistance of insurance participants. Its necessity is determined, first of all, by the possibility at affordable prices to provide real insurance coverage to the general population, agricultural producers, small business representatives, and others like that. The development of the strategic development of the work of insurance companies prompts them to rational use of all their resources, in order to increase their efficiency at all stages of development. For this purpose, special methods of strategic management are used, which include the search for economic criteria that provide an objective assessment of the company's activities. Thus, conducting this analysis will enable each company to make it competitive on the insurance market. Aim and tasks. The purpose of the article is to reveal and substantiate the institutional forms and perform SWOT analysis to identify the weak and strong points of the organization of the insurance company and the strategic development of insurance activities in general. Research results. The article reveals the concept of institutional forms of organization of insurance activity in Ukraine. Conducted competitive analysis (SWOT-analysis) of strategic development of insurance companies and organization of insurance activity in Ukraine. The proposed ways of strategic development, weak and strong forms of organization of insurance activity are revealed. Conclusion. Insurance companies have financial institutionalization of their forms of activity. Under this concept is understood the process of consolidation of norms, roles, statuses, rules for bringing and combining them into the insurance system for the ability to act for insurance protection. The conducted analysis of the activity of the insurance company, its development strategy provides an opportunity to identify the most promising directions for its development and organization of work. Thus, the identification of weak and strong sides of the company, based on SWOT analysis, positively influences the development of the company's future strategy, its organizational structure, as well as the quality and price of insurance services.

scholarly journals COMPARATIVE ANALYSIS OF INSURANCE IN UKRAINE

2020 ◽  
Vol 1 (4(106)) ◽  
pp. 102-109
Author(s):  
І. В. Ліченко
Keyword(s):  
European Union ◽  
Comparative Analysis ◽  
Consumer Demand ◽  
System Development ◽  
Well Being ◽  
State Regulation ◽  
Insurance Market ◽  
Insurance Companies ◽  
The European Union ◽  
Insurance System

The relevance of the article is that bringing Ukrainian legislation in line with the insurance legislation of the European Union is one of the priority areas in the economy of Ukraine. The process of adaptation is a complex process given the large volume of regulations. The analysis of the comparative insurance process is the initial stage for determining the methods for implementing the norms of international cooperation at the domestic level. Insurance during the crisis (covid-19) and other negative political and economic events, the decline in the material well-being of the population has created a problem of significant reduction in consumer demand for insurance services. The problem of supporting consumer demand and the competitiveness of insurance companies is especially relevant today. The article provides a comparative comparative analysis of Ukrainian insurance legislation, the purpose of which is to identify regulatory relationships based on a comparison of national legislation and international regulations of one or different historical periods. It is concluded that significant differences in the parameters and proportions of the domestic market in accordance with the standards of the European insurance market indicate that on the path to European integration our country faces complex long-term challenges for the development of the domestic insurance system. In the EU there are unified methods and forms of state regulation of insurance activities, which are established by the relevant directives of the European Union on insurance. In this regard, the strategic perspective of Ukraine's insurance system development should be based on European standards, in particular, it is necessary to improve the work of the regulator, the legal framework, life insurance and health insurance, accident compensation limits, etc. Therefore, in order to create a proper basis for further development of the insurance market, increase its reliability, the regulatory framework should be based on clear, understandable and modern principles that will ensure proper performance of the functions assigned to them by insurers.

Communication strategies of insurance companies in theconditions of market transformation

2016 ◽  
Vol 11 (4) ◽  
pp. 194-202
Author(s):  
Мироненко ◽  
A. Mironenko
Keyword(s):  
Communication Strategy ◽  
Insurance Market ◽  
Brand Identity ◽  
Insurance Companies ◽  
Market Development ◽  
Insurance Company ◽  
Consumer Loyalty ◽  
Communication Policy ◽  
Historical Experience ◽  
Market Transformation

The article substantiates the need for the implementation of the communication strategy of the company. Some problems of the market development of insurance services are revealed. Based on the analysis of trends of the insurance market development, the areas of implementation of communication policy are listed, taking into account the historical experience of the communication policy in the crisis periods of the last century. The author offers the structure of the formation of the brand identity of the insurance company. The mechanisms of the formation of the consumer loyalty to the insurance company are considered as a basis for the formation of the insurance brand and features of applications used in social networks are highlighted. The stages of the development of the communication strategy of the insurance company are presented.

scholarly journals Key Aspects of Online Insurance

2020 ◽  
Vol 2 (97) ◽  
pp. 64-74
Author(s):  
E.T. Prokopchuk ◽  
◽  
Y.V. Ulianych ◽  
S.A. Ptashnyk ◽  
N.V. Butko
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
The Internet ◽  
Internet Services ◽  
Insurance Company ◽  
Insurance Policy ◽  
Internet Technologies ◽  
Advantages And Disadvantages ◽  
On Line ◽  
Insured Event

In the conditions of virtualization of economic relations, the subjects of the insurance market can not stay away from these processes, so in order to improve the quality and level of availability of insurance services it is necessary to spread internet technologies in insurance. The main incentive for the introduction of Internet services by insurance companies is the need to reduce costs, expanding the geography of activities, ensuring diversification of risks. No less important factors are simplicity and comfort of on-line purchase of insurance product. The Ukrainian insurance market is at the stage of development and formation, having a number of problems and uncertainties. Therefore, its further information and technological development should receive priority in the economic and social aspects of government policy, taking into account its European integration guidelines. The article deals with the concept of Internet insurance. It is established that the approaches of scientists to the disclosure of the content of the concept of "Internet insurance" have differences. However, they converge on the definition of the Internet insurance as a process of interaction between the insurance representative and the insurer, connected with the provision of insurance services by the insurer, their service, performance of insurance payments in case of occurrence of an insured event due to the use of Internet technologies. The main advantages and disadvantages of online insurance are presented. The list of main advantages includes: simplification of the insurance process, efficiency of registration, simplicity and universality of payment methods, minimization of "human" factor, automation of calculation of the sum insured and tariffs with the help of insurance multicalculator. The list of main drawbacks includes: a much smaller number of insurance products are placed on the Internet sites of insurance companies for sale, the need for the client to understand the nuances and subtleties of working with the site of the insurer, set certain options for insurance amounts, which the client can not change. The stages of obtaining the insurance service through the Internet system have been considered, the offer of services by insurance companies of Ukraine "in live" and "on-line" and innovations on the Internet insurance market of Ukraine have been analyzed, the main spectrum of Internet services providing insurance companies in the Internet has been investigated, the number of insurance companies for the last years has been considered in dynamics. For the further development of Internet insurance it is necessary to improve the legal framework on this issue; it is necessary that the sites of insurance companies contain sufficient information content and for the customers a number of opportunities: obtaining true information about the activities of the insurance company and its services; calculation of the cost of the insurance policy with the help of online calculator; filling in an application for insurance; in case of an insured event, the implementation of remote payment of the insurance policy and insurance payments; delivery of the insurance policy to the customers; and delivery of the insurance policy to the customers.

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