scholarly journals Risk transfer solutions for the insurance industry

2009 ◽  
Vol 54 (180) ◽  
pp. 57-90 ◽  
Author(s):  
Vladimir Njegomir ◽  
Rado Maksimovic
Keyword(s):  
Future Development ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Foreseeable Future ◽  
Insurance Risk ◽  
Risk Transfer ◽  
Alternative Solutions

The paper focuses on the traditional and alternative mechanisms for insurance risk transfer that are available to global as well as to domestic insurance companies. The findings suggest that traditional insurance risk transfer solutions available to insurance industry nowadays will be predominant in the foreseeable future but the increasing role of alternative solutions is to be expected as the complementary rather than supplementary solution to traditional transfer. Additionally, findings suggest that it is reasonable to expect that future development of risk transfer solutions in Serbia will follow the path that has been passed by global insurance industry.

scholarly journals Corporate governance on financial performance of insurance industry

2015 ◽  
Vol 13 (1) ◽  
pp. 1201-1209 ◽  
Author(s):  
Gardachew Worku Fekadu
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Financial Institutions ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Regulatory Body ◽  
Discretionary Power ◽  
Insignificant Effect ◽  
The Impact

The role of corporate governance in financial institutions differs from that of non- financial institutions for the discretionary power of the board of directors would be limited especially in regulated financial systems where financial institutions are obliged to function through legislative and prescriptive procedures, policies, rules and regulations. This study, therefore, was aimed at examining the impact of corporate governance on the performance of closely regulated Ethiopian insurance Industry. The study employed explanatory research design with an econometric panel data of 10 Insurance companies that covers the period 2007 to 2014. Board size, board independence and board diversity have negative and insignificant effect on the performance of insurance companies while size and independence of audit committee and frequency of board meetings have positive but insignificant effect on the performance of insurance companies in Ethiopia. Thus it could be concluded that all corporate governance mechanisms have insignificant effect on the performance of insurance companies measured by return on asset. This vividly affirms that the role of board of directors in closely regulated financial sector is dismal and insignificant for they have limited discretionary power to exercise as board of directors. Thus it would be recommendable if the regulatory body could relax its prescriptive and stringent policies and devolve its power to board of directors without endangering the viability of insurance companies.

scholarly journals CURRENT STATE OF REGIONAL INSURANCE BY THE EXAMPLE OF THE KEMEROVO REGION

2017 ◽  
Vol 2017 (1) ◽  
pp. 39-46
Author(s):  
Ольга Козлова ◽  
Olga Kozlova
Keyword(s):  
Third Party ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Risk ◽  
Current State ◽  
Insurance Portfolio ◽  
Compulsory Insurance ◽  
Hazardous Production ◽  
Car Insurance

<p>The article considers the current state of insurance market in the Kemerovo region, as well as trends affecting the market. In the crisis year of 2015, the insurance market of Russia and Kemerovo region was developing due to the growth of compulsory insurance and life insurance, whereas classical insurance saw a decline. Comparative analysis of insurance market in Russia showed a preferential development of optional medical insurance and compulsory third party car insurance in the regional insurance market. The article features an analysis of the structure of the insurance portfolio of the regional insurance companies, the place and the role of the regional insurance companies in the insurance market of the Kemerovo region. Regional insurance organizations specialize in voluntary health insurance, which reflects the specifics of the regional insurance risk, but its overall development is not steady, without regard to regional peculiarities. Conclusions are drawn about the lack of a regional perspective, the need for the development of regional insurance, since regional insurance organizations are able to take into account the specifics of the site and agree to cover relevant risks. An example is the compulsory insurance of civil liability of owners of hazardous production facilities, where a significant role belongs to the regional insurance organizations.</p>

How customer orientation enhances salespeople’s performance? A case study from an international market

2018 ◽  
Vol 25 (7) ◽  
pp. 2460-2477
Author(s):  
Amjad Abu ELSamen ◽  
Mamoun N. Akroush
Keyword(s):  
Job Satisfaction ◽  
Customer Orientation ◽  
Insurance Industry ◽  
Personal Characteristics ◽  
Insurance Companies ◽  
Sales Managers ◽  
Content Type ◽  
Adaptive Selling ◽  
Mediating Role

Purpose The purpose of this paper is to examine the mediating role of salespeople’s customer orientation on the relationship between sales manager personal characteristics, fellow salespeople’s characteristics, job satisfaction and adaptive selling and salespeople’s performance in the insurance industry in Jordan. Design/methodology/approach A structured and self-administered survey was employed targeting 500 insurance salespeople working at insurance companies operating in Jordan. The final sample size was 320 salespeople representing a response rate of 64 percent. A Confirmatory factor analysis was used to assess the research constructs dimensions, unidimensionality, validity and composite reliability. Structural path analysis was also used to test the hypothesized relationships of the research model. Findings The empirical findings indicate that salespeople’s customer orientation fully mediates the effect of fellow salespeople’s characteristics and adaptive selling on salespeople’s performance. Sales managers’ personal characteristics have a direct effect on salespeople’s performance, contrary to job satisfaction that had no effect on salespeople’s performance. Research limitations/implications This paper has examined only five factors that affected directly and indirectly salespeople’s performance; meanwhile other factors may affect their performance, such as salespeople experience, internal marketing and corporate image. Additionally, the fact that paper’s sample consisted only of insurance salespeople working at insurance companies limits its generalization potential to other industries. Practical implications The findings emphasize the importance of fostering good relationships among fellow salespeople’s characteristics and adaptive selling strategies. Further, sales managers’ personal characteristics directly affecting salespeople’s performance signifies the importance to hire managers with the right personal approach. Originality/value This paper represents one of the early attempts that investigate factors affecting salespeople’s performance through the mediating role of customer orientation. Accordingly, the findings shed more light into the strategic role of this construct in enhancing salespeople’s performance. Also, the paper is the first of its kind to build and examine an integrated model of salespeople’s performance in the insurance market of Jordan, which provides valuable empirical evidence concerning the drivers of salespeople’s performance in the insurance industry in Jordan.

Catastrophic Risk, the Disequilibrium of Agricultural Insurance Markets and Reinsurance - Based on the Data from Hubei

2013 ◽  
Vol 798-799 ◽  
pp. 846-850
Author(s):  
Hui Ru Xing ◽  
Jiang Ping Tao ◽  
Wei Zhao
Keyword(s):  
Agricultural Production ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Insurance Risk ◽  
Agricultural Insurance ◽  
The Sustainable Development ◽  
Catastrophic Risk ◽  
Risk Transfer ◽  
Transfer Mechanisms

Catastrophic risk existing objectively in agricultural production is the main cause for the imbalance of the agricultural insurance markets, and to promote the sustainable development of the agricultural insurance, it is necessary to improve the agricultural insurance risk transfer mechanisms. Under the condition of farms and insurance companies expected utility maximum, we develop an agricultural insurance market equilibrium model based on the M-V preference function, and then demonstrate that catastrophic risk leads to the imbalance in the agricultural insurance market. Insurance companies involved in reinsurance arrangements helps rectify the imbalances in agricultural insurance market. Based on this analysis we verify the development of Hubeis agricultural insurance market, and then simulate the reinsurance arrangement of Hubei agricultural insurance. The theoretic and empirical analysis has an implication for the design of agricultural insurance catastrophe risk transfer tools.

Board Independence and Audit-Firm Type

2001 ◽  
Vol 20 (1) ◽  
pp. 97-114 ◽  
Author(s):  
Mark S. Beasley ◽  
Kathy R. Petroni
Keyword(s):  
Board Of Directors ◽  
Audit Quality ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Board Independence ◽  
Brand Name ◽  
The Board Of Directors ◽  
Firm Type ◽  
External Auditor

This paper investigates the role of outside members of the board of directors in the choice of external auditor for property-liability insurance companies. Consistent with our hypothesis that we derive from theories of both corporate governance and audit quality, we find that the likelihood of an insurer employing a brand name auditor that specializes in the insurance industry is increasing in the percentage of the members of the board of directors that are considered outsiders. However, we do not find a significant association between board composition and the choice of using a nonspecialist brand name (Big 6) auditor and a nonbrand name auditor, suggesting specialization is considered to be important, but not brand name in this setting.

scholarly journals THE NIGERIAN INSURANCE INDUSTRY COMPETITIVE ADVANTAGE: THE ROLE OF INNOVATION CAPABILITY

2021 ◽  
pp. 059
Author(s):  
Sunday Abayomi Adebisi ◽  
Joyce M. Odiachi ◽  
Abdul-Hammed A. Sulaimon
Keyword(s):  
Competitive Advantage ◽  
Insurance Industry ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Primary Data ◽  
Innovation Capability ◽  
Cross Sectional ◽  
Insurance Sector ◽  
Multistage Sampling

Emerging technologies have given rise to greater opportunities within the insurance sector with innovations upturning the traditional business model. This study examined competitive advantage and the relationship with innovation capability in Nigerian insurance sector. Employing a cross sectional research design, the study utilised primary data obtained from selected insurance companies through the use of a structured questionnaire. Multistage sampling technique was used and data collected was analysed using regression analysis. The findings revealed innovation capability had a significant influence on competitive advantage. The study concluded that there was a need to pay attention to this capability with a capacity to boost the activities of the industry and recommendations were made.

scholarly journals UKRAINIAN INSURANCE MARKET AND ITS POSITIONING AMONG THE WORLD'S LEADING INSURANCE MARKETS

2018 ◽  
pp. 104-116
Author(s):  
Evgeniia VOYNOVA
Keyword(s):  
Financial Services ◽  
Insurance Industry ◽  
Limited Range ◽  
International Standards ◽  
Insurance Market ◽  
Insurance Companies ◽  
Real Economy ◽  
Developed Economies ◽  
The Ideal

Introduction.The insurance market is an important infrastructure component of highly developed economies, playing the role of an accumulator of money from the population and enterprises, and redistributing them through financial mechanisms to the real economy. Therefore, it is noteworthy to find out what the «ideal» insurance market is it and how this situation can be achieved in Ukraine. Purpose. The aim of the article is to analyze the criterion of determination the category “ideal” insurance market, to discover the Ukrainian insurance market and to identify how far the Ukrainian market from the ideal one. Results. Absolute indicators of the insurance industry development in Ukraine are very small in comparison with international indicators. The Ukrainian insurance market is integrated into the world one, and although it presents a limited range of insurance products, this is likely due to the small demand, which makes it irrational to implement more. Conclusion. The insurance market of Ukraine operates on a market basis, insurance companies meet the international standards and requirements of Ukrainian legislation. It is effective in terms of compliance with the current market conditions in Ukraine, but is far from perfect in terms of the potential of providing financial services to consumers and the use of accumulated insurance premiums in the financial system of the country.

scholarly journals Service Redesign General Sharia Insurance – Renewal Account

2020 ◽  
Vol 3 (3) ◽  
pp. 9-16
Author(s):  
Amalia Suzianti ◽  
Syabila Anjani ◽  
Darisa Syahrini ◽  
Andrien Pramono
Keyword(s):  
Service Quality ◽  
Insurance Industry ◽  
Service Design ◽  
Insurance Companies ◽  
Design Element ◽  
Customer Needs ◽  
Service Redesign ◽  
Design Recommendation ◽  
Alternative Solutions ◽  
Service Blueprint

On present day, sharia insurance industry is having a significant growth yearly. The annual growth is around 3%-5% and potentially could achieve 20% yearly in growth. This research used the current existing service design element problems in sharia insurance industry as the basis for this research. Steps taken in this research is by using service quality in order to get the needs of the customer. The aims of this research are to design the renewal service of insurance in accordance with the customer needs and provide alternative solutions to the problems by conducting the research in one of sharia insurance companies in Indonesia. Further purpose of this study is to implement the renewal service design recommendation that match the customer needs. The methods used in this research are TRIZ with service quality and service blueprint in seeking the current and improved condition. This research also uses service design method as the basic theory in creating high quality service system in accordance to customer requirements and service redesign method for recreating an improved version of the service. The output of this research is the improved service design recommendation mapped in service blueprint. Furthermore, the research also gives alternative solutions on the existing problem which can be applied to the service.

Strategies for Indian Insurance Companies – Post Liberalisation

2002 ◽  
Vol 6 (2) ◽  
pp. 41-52
Author(s):  
Rajat Shuvro Bakshi
Keyword(s):  
Driving Force ◽  
Insurance Industry ◽  
The State ◽  
Insurance Companies ◽  
State Control ◽  
Theoretical Concepts ◽  
The Future ◽  
Indian Insurance

The process of evolution for the Indian Insurance Industry has been rather slow due to prolonged state control. This article starts with theoretical concepts and examines them in the light of the post liberalisation scenario, with a touch of strategizing for the future. Hence the role of Insurance Regulatory and Development Authority coming into existence is so very significant. Trust of customers will remain the major driving force and to build it overnight by the private players, is not an easy proposition, especially when the state -owned very large insurers are gearing themselves up for competition.

Communication relational outcomes in the insurance industry

2018 ◽  
Vol 30 (5) ◽  
pp. 1294-1318 ◽  
Author(s):  
Anabela Maria Bello de Figueiredo Marcos ◽  
Arnaldo Fernandes de Matos Coelho
Keyword(s):  
Structural Equation ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Content Type ◽  
Mediating Role ◽  
Relational Commitment ◽  
Relational Outcomes ◽  
Car Insurance ◽  
The Relationship

PurposeThe purpose of this paper is to understand the role that communication plays in the insurance industry, as well as its relational outcomes.Design/methodology/approachThis investigation proposes a theoretical model tested using structural equation modelling. A questionnaire survey was developed to explore the relationships among communication, reputation, trust, commitment, loyalty and word-of-mouth (WOM). For this study, 744 valid questionnaires were collected from a sample of Portuguese car insurance holders.FindingsThe results show that communication directly influences reputation, trust and commitment. Communication also indirectly influences loyalty through reputation, trust, and commitment and communication indirectly influences WOM via trust and commitment. In turn, reputation influences trust and trust impact on relational commitment. Finally, loyalty influences WOM.Originality/valueThis investigation examines the mediating role of reputation, trust and relational commitment in the relationship among communication and loyalty and WOM, in a relational perspective. It fills a gap in the literature by exploring the importance of communication in the insurance industry. Thus, this study will be useful to decision makers in the insurance industry seeking to improve their insurance holders–insurance companies relationships.

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