Consumer protection policy in the Polish life insurance market in the aspect of current legal regulations

The paper presents the phenomenon occurring in recent years on the Polish life insurance market, which enforced corrective protective actions by investment consumers of insurance products. The essence and assumptions of the new financial market paradigm are discussed, presenting the process of changes in supervisory and regulatory standards, adopted and implemented strategies in the development of protective policy together with the review of the most important legal regulations, solutions in terms of increasing product transparency and creating a new life insurance policy model to highlight pro-consumer activities. The practical implications of the study are grounded on the analysis of main problems of life insurance market in Poland and indicate the possibilities of applying appropriate solutions in the field of insurance distribution based on the latest legal regulations, recommendations and consumer needs, setting new standards and practices that raise the level of consumer safety, and in the future can become a possibility for development of the investment products market.

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The impact of the coronavirus pandemic on the insurance market of Uzbekistan and ways to develop funded life insurance

E3S Web of Conferences ◽

10.1051/e3sconf/202129606028 ◽

2021 ◽

Vol 296 ◽

pp. 06028

Author(s):

Dinora Baratova ◽

Khayrullo Khasanov ◽

Ikromjon Musakhonzoda ◽

Shokhruh Abdumuratov ◽

Khusniddin Uktamov

Keyword(s):

Life Insurance ◽

External Factor ◽

Insurance Market ◽

Insurance Policy ◽

Investment Return ◽

The World ◽

The Impact

This article puts the emphasis on the impact of the coronavirus pandemic on the Uzbek insurance market and ways to elaborate funded life insurance. In addition, analyzed international practice in the development of life insurance in the world is analyzed. Scientists and experts have also conducted research on the impact of the COVID-19 coronavirus pandemic on the insurance market of Uzbekistan. It worthy to note that the insurer is a specific entity operating under the laws of Uzbekistan, and the consumer can be real (with a life insurance policy) and potential (which can be insured under accumulative life insurance). The questionnaires developed by us for research purposes were divided into four groups, and a survey was conducted. In addition, the impact of inflation as an external factor, the rate of investment return arising from the results of the insurer’s investment activities, was assessed. In addition, indicators on the mass of risk were offered for the insurer. Conclusions and recommendations were made on the impact of the coronavirus pandemic on the insurance market of Uzbekistan and ways to develop funded life insurance.

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Pandemic Crisis: Malaysian Takāful Market

TURKISH JOURNAL OF ISLAMIC ECONOMICS ◽

10.26414/a2378 ◽

2021 ◽

Vol 8 (Special Issue) ◽

pp. 387-400

Author(s):

Nur Farhah Mahadi ◽

Azman Ismail

Keyword(s):

Financial Market ◽

Life Insurance ◽

Preventive Measures ◽

Positive Impact ◽

Human Life ◽

Qualitative Approach ◽

Insurance Market ◽

Adequate Response ◽

Catastrophic Risks ◽

Solvency Capital

With the progressive number of COVID-19 cases, this pandemic has adversely impacted the Takāful market in different forms containing liquidity impact, financial market volatility and solvency capital. This study describes the Malaysian takāful and insurance market throughout the COVID-19 crisis as well as its response to alleviate the burden faced by policyholders/ certificate holders of life insurance and family takāful plans from the economic and Sharīʽah point of views. Qualitative approach is applied in this study to collect information, documents and data accordingly concerning to the topic discussed. The data will be explored using qualitative content, narrative, and discourse analysis to deliver its results and discussion. By understanding the precarious scenario of the Malaysian takāful and insurance market during the COVID-19 pandemic, we can further enhance the support to the regulator who has taken the initiative to direct the insurance and takāful industry to initiate adequate response to facilitate policyholders/ certificate holders during the outbreaks and decide what the best way forward would be as aligned with Maqāṣid al-Sharīʽah. This will ensure its positive impact in the Takāful market, not only to nurture sustainability in our ecosystem, stabilize the socio-economic but to safeguard policyholders/certificate holders accordingly so they could withstand pre, present and post pernicious outbreaks and pandemics. This study inspires Takāful practitioners, policyholders/ certificate holders, academicians, and the society to recognise the importance of takaful industry and it’s preventive measures to avoid takāful loss in this swift spread of COVID-19 comprising catastrophic reserves by takāful operators to mitigate adverse catastrophic risks to human life, and building a more humanising takāful which is in tandem with Maqāṣid al-Sharīʽah that attracts more potential policyholders/ certificate holders.

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What if the worst happened? Life insurance in London as a two-faced technology

Journal of Consumer Culture ◽

10.1177/1469540515623610 ◽

2015 ◽

Vol 18 (1) ◽

pp. 43-59 ◽

Cited By ~ 1

Author(s):

Sofía Ugarte

Keyword(s):

Life Insurance ◽

Family Relations ◽

Early Death ◽

Cultural Practice ◽

Insurance Market ◽

Western Society ◽

Insurance Policy ◽

The People ◽

Consumer Device ◽

Caring Relations

This article portrays the way life insurance as a consumer device lives through kinship ties of care in London in order to harness the uncertainties and limits of mortality and loss. A life insurance policy is a private contract people subscribe to, along with paying monthly premiums, to get money if the policyholder dies unexpectedly. Based on ethnographic material of the life insurance market in London, this work aims to illustrate life insurance as a social and cultural practice that informs family relations in contemporary western society. For Londoners, taking a life insurance policy is an anticipatory action that helps families cope with the irreducible possibility of early death, controlling and sustaining caring relations across time among intimate kin. Through the transformation of the policyholder into an immortal (monetary) figure that extends relations beyond death, life insurance becomes a ‘technology of care’ that mediates and bonds intimate kin in absence, as well as a ‘technology of governance’ that creates new subjectivities in the form of privatized risk inside the family. As such, this article seeks to address the ethnographic understanding of an everyday consumer practice within a wider scope of neoliberal modes of governance in western society, taking into account the consequences that buying a life insurance has for both the people and their families. In doing so, this study also contributes to the comprehension of the life insurance market and its specific situatedness in a contemporary neoliberal reality.

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Development of insurance market in Slovak Republic and Czech Republic

Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie ◽

10.5604/18998658.1232707 ◽

2016 ◽

Vol 17 (4) ◽

pp. 0-0

Author(s):

Jana Masárová ◽

Eva Ivanová

Keyword(s):

Czech Republic ◽

Financial Market ◽

Life Insurance ◽

Social Factors ◽

Slovak Republic ◽

Insurance Market ◽

Insurance Companies ◽

Insurance Markets ◽

National Insurance ◽

Number Of Factors

National insurance market, which is part of the financial market is influenced by number of factors of national economy and the global economic environment. Czech Republic and Slovakia were until 1993 part of one state, after the split, both insurance markets of independent republics under the influence of various economic and social factors started to develop differently. The aim of this article is to identify commonalities and differences in the development of insurance markets in Slovakia and Czech Republic through a comparison of selected indicators. The analysis focuses on the following indicators of the insurance market: the number of commercial insurance companies, the share of life insurance premiums written on the insurance market and the concentration calculated according to the Herfindahl – Hirschman Index. Selected indicators are observed for the period during 2004 – 2014.

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Assessing the Impact of Suicide Exclusion Periods on Life Insurance

Crisis ◽

10.1027/0027-5910/a000023 ◽

2010 ◽

Vol 31 (4) ◽

pp. 217-223 ◽

Cited By ~ 1

Author(s):

Paul Yip ◽

David Pitt ◽

Yan Wang ◽

Xueyuan Wu ◽

Ray Watson ◽

...

Keyword(s):

Life Insurance ◽

Accidental Death ◽

Insurance Policy ◽

Death Rates ◽

Insurance Policies ◽

Suicidal Death ◽

Insured Individual ◽

The Impact ◽

Insurance Data ◽

The Relationship

Background: We study the impact of suicide-exclusion periods, common in life insurance policies in Australia, on suicide and accidental death rates for life-insured individuals. If a life-insured individual dies by suicide during the period of suicide exclusion, commonly 13 months, the sum insured is not paid. Aims: We examine whether a suicide-exclusion period affects the timing of suicides. We also analyze whether accidental deaths are more prevalent during the suicide-exclusion period as life-insured individuals disguise their death by suicide. We assess the relationship between the insured sum and suicidal death rates. Methods: Crude and age-standardized rates of suicide, accidental death, and overall death, split by duration since the insured first bought their insurance policy, were computed. Results: There were significantly fewer suicides and no significant spike in the number of accidental deaths in the exclusion period for Australian life insurance data. More suicides, however, were detected for the first 2 years after the exclusion period. Higher insured sums are associated with higher rates of suicide. Conclusions: Adverse selection in Australian life insurance is exacerbated by including a suicide-exclusion period. Extension of the suicide-exclusion period to 3 years may prevent some “insurance-induced” suicides – a rationale for this conclusion is given.

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Polish Insurance Market Compared to Selected European Countries in the Years 2000-2010

Olsztyn Economic Journal ◽

10.31648/oej.3424 ◽

2012 ◽

Vol 7 (2) ◽

pp. 229-238

Author(s):

Justyna Witkowska

Keyword(s):

Financial Market ◽

European Countries ◽

Insurance Market

This paper presents the insurance market in Poland and selected European countries. The most important parameters characterising this segment of the financial market were used. The premiums written, population and GDP were analysed to outline the major changes occurring among the insurers operating in Poland and the CEA1 member countries.

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