scholarly journals –The role of audit review and the preparation of reports in the organization of insurance business in Iraq – applied research in the Office of Insurance and a sample of Iraqi insurance companies: دور المراجعة التفتيشية وإعداد التقارير في تنظيم أعمال التأمين في العراق – بحث تطبيقي في ديوان التأمين وعينة من شركات التأمين العراقية –

2019 ◽  
Vol 3 (1) ◽  
Author(s):  
Maryam Muzahim Abbas - Hamza Faik and Heib
Keyword(s):  
Regulatory System ◽  
Practical Aspect ◽  
International Standards ◽  
Insurance Companies ◽  
Regulatory Body ◽  
Insurance Company ◽  
Insurance Law ◽  
Audit Review ◽  
Insurance Business

Insurance companies are considered as the most important institutions for the savings container and the safety valve for the economy, so they must be subject to a proper regulatory system to ensure that they comply with the legislations and standards regulating their work and to ensure their work in accordance with the exact and in accordance with the processes and legislations, including the most important international standards for supervising insurance companies (26) principles issued by the International Organization for the Supervision of Insurance Companies (IAIS). The research dealt with the audit review and preparation of reports in addition to the organization of business and its foundations and the reasons for organizing insurance business and the international and local supervisory bodies of insurance companies and reaching conclusions and recommendations. The practical aspect included the preparation of the examination form, including a set of instructions and controls for the insurance sector to determine the extent of their application by the regulatory body responsible for supervision and supervision of the insurance companies and the research sample represented by the Iraqi insurance company, the National Insurance Company, Insurance. The research reached a number of conclusions, the most prominent of which is the weakness of the supervisory role of the insurance department of the insurance companies and the failure to apply the international standards for supervising the insurance companies, although stipulated in the Insurance Law No. 10 of 2005. The research reached a number of recommendations, most notably, the necessity of activating the supervisory role of the Insurance Bureau of the insurance companies. The application of the international standards for supervising the insurance companies as stipulated in the Insurance Law No. 10 of 2005.

Managing uncertainty in a general insurance company

1990 ◽  
Vol 117 (2) ◽  
pp. 173-277 ◽  
Author(s):  
C. D. Daykin ◽  
G. B. Hey
Keyword(s):  
Computer Model ◽  
Flow Model ◽  
Insurance Companies ◽  
Simulation Methods ◽  
Insurance Company ◽  
Practical Applications ◽  
General Insurance ◽  
Alternative Approaches ◽  
The Impact

AbstractA cash flow model is proposed as a way of analysing uncertainty in the future development of a general insurance company. The company is modelled alongside the market in aggregate so that the impact of changes in premium rates relative to the market can be assessed. An extensive computer model is developed along these lines, intended for use in practical applications by actuaries advising the management of genera1 insurance companies. Simulation methods are used to explore the consequences of uncertainty, particularly in regard to inflation and investments. Some comments are made on the role of actuaries in general insurance. Alternative approaches to describing the behaviour of an insurance firm in the market are considered.

Perlindungan Hukum Terhadap Pemegang Polis Asuransi Jiwa

2020 ◽  
Vol 2 (1) ◽  
pp. 105-113
Author(s):  
Agus Wasita
Keyword(s):  
Law Enforcement ◽  
Financial Stability ◽  
Research Literature ◽  
Insurance Companies ◽  
Insurance Company ◽  
Legal Research ◽  
Insurance Claim ◽  
Insurance Law ◽  
Lack Of Information ◽  
Time And Energy

Most of family in Indonesia do not have insurance to reserve enough fund that will provide financial stability to protect themself and their families . As a consequence, in the event of accident, family will go bankrupt because they take short cut sells all asset to overcome accident that happened. Base survey of some insurance companies, as high as 86 percents of our society are not yet have protected insurance because of misperception, l a large part of people not feel require insurance . Despite that, lack of understanding makes society have in mind that insurance as burden and viewed as expensive product that bring less benefit for them. Other Constraint is lack of information for insurance client in course of claim to get its rights . insurance claim process frequently become animus process between insurance client and insurance company even sometimes their dispute possibility continues become lawsuit which is wasting time and energy for both of them . Lack of understanding to insurance law makes society sometimes use the wrong ways to solve their insurance lawsuit. This research intention to returns the society perception to the correct ways.This research is part of the legal research literature by examining the library materials or the so-called normative legal research.The results showed that the country has made political efforts to protect the legal right of citizens with regard to insurance, but indeed such cases other law enforcement efforts is still a chore government never resolved.

Employers' Liability Insurance

1931 ◽  
Vol 13 (1) ◽  
pp. 1-66 ◽  
Author(s):  
Hugh W. Brown
Keyword(s):  
Common Law ◽  
Liability Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Home Office ◽  
The Subject ◽  
Insurance Business ◽  
The Law ◽  
Workmen's Compensation

SynopsisUnder Common Law an employer has always been liable to his workmen for his own personal negligence, but it was not until 1897 that there was enacted the first of a series of Workmen's Compensation Acts which introduced a remarkable change in the law, inasmuch as the workman was given a statutory right to compensation for accident without requiring him to prove any negligence whatever.The evolution of the law relating to Workmen's Compensation is traced through the successive Acts of Parliament, and the provisions of the Workmen's Compensation Act 1925, which codifies the law on the subject, are summarised so far as they relate to the liability covered by an Insurance Policy. Under the Act the employer is liable for personal injury to his workmen by accident “arising out of and in the course of” the employment or by certain scheduled industrial diseases.An Insurance Policy covers the liability at Common Law and under the Employers' Liability Act 1880 as well as under the Workmen's Compensation Acts, and in addition makes the Insurance Company responsible for the cost of defending claims. The injured workman may have to consider whether he is likely to recover a larger sum by way of damages than he would receive in compensation by arbitration proceedings under the Workmen's Compensation Acts, and he can then elect which course to take.A description is given of the Returns of Compensations made by Insurance Companies to the Home Office on behalf of the employers in certain selected industries as required by the Workmen's Compensation Act 1925.The requirements of the Assurance Companies Act 1909 relating to Employers' Liability Insurance business are stated. In the Annual Returns to the Board of Trade under this Act, an Actuarial Valuation of the Outstanding Claims that have been in existence for five years or more is called for on an annuity basis, but no regulations are laid down for estimating the Liability in respect of Outstanding Claims of shorter duration. The present method is to take each of such claims and after considering the facts—nature of injury, rate of compensation, etc.—to make the best possible estimate of the ultimate cost to the Insurance Company. Later developments of the injury, however, may cause such estimate to be wide of the amount which the Company is called upon to pay. A plea is advanced for an investigation into the liability in respect of Outstanding Claims, in the hope that it may be found possible to arrive at average factors which could be used, with a suitable grouping of the Claims, to determine the Liability under the non-fatal Outstanding Claims from the first occasion of their becoming outstanding. When there is no recognised method based on past experience of making such an estimate, judgment may be influenced by factors not solely relevant to the ascertainment of the liability.All the leading Offices transacting Employers' Liability Insurance business are members of the Accident Offices Association. This Association was formed after the passing of the Workmen's Compensation Act 1906, by which the scope of workmen's compensation was widely extended. The Association controls the rates and policy conditions of the Tariff Offices, but as the regulations are in great measure confidential, detailed information can only be given regarding what is already common knowledge.A further step was taken in Government supervision of Insurance Companies by the Agreement made in 1923 between the Home Office and the Accident Offices Association, the effect of which is to limit to 37½% the expenses and profits in respect of the combined figures of the members of the Association.The trend of probable future legislation as recommended by the Departmental Committee in the Insurance Undertakings Bill is described, and the questions of Compulsory Insurance and State Insurance are touched upon.An account is given of an Undertaking made recently by the Accident Offices Association to furnish the Government with workmen's compensation statistics in connection with a Home Office Scheme of enquiry into the Incidence and Causation of Accidents.The subject is so extensive that it has only been possible to deal with it in broad outline, but in conclusion reference is made to various aspects that could with advantage be expanded.

scholarly journals Technical Efficiency and Super-efficiency of the Insurance Sector in Slovakia

2015 ◽  
Vol 63 (6) ◽  
pp. 2205-2211 ◽  
Author(s):  
Emília Zimková
Keyword(s):  
Technical Efficiency ◽  
Insurance Companies ◽  
Regulatory Body ◽  
Insurance Company ◽  
Super Efficiency ◽  
Insurance Sector ◽  
Incentive Policy ◽  
Long Run ◽  
Dea Models ◽  
Radial Model

In this paper, the technical efficiency and the super-efficiency of a representative sample of insurance institutions in Slovakia is analyzed with the aid of data envelopment analysis (DEA). This paper differs from the so far published literature, as it extends the application of radial DEA models (the CCR model of Charnes, Cooper and Rodes; the BCC model of Banker, Charnes and Cooper) by a non-radial model (the SBM model of Tone) and a super-efficiency model. The supper-efficiency can be used either to rank efficient units or to indicate outliers in the analyzed group of decision making units. Achieved results also reveal that in the year 2013, among 13 Slovak insurance companies under evaluation, the AXA poisťovňa, a. s. was the super-efficient insurance company. The implications of gained results are then drawn for managerial and regulatory purposes. Firstly, it is shown how the management of the insurance institutions with the poorest performances should change their managerial procedures and adopt enhanced-incentive policy. Secondly, the regulatory body of the insurance institutions should utilize the gained technical efficiency of the analyzed institutions for the prediction of their competitiveness in the long run.

scholarly journals The Role Of Insurance Companies in Financing Investment Comparative Study between Qatar Commercial Company and Qatar Islamic Insurance Company

2018 ◽  
Vol 4 (3) ◽  
pp. 8
Author(s):  
Ammar Shihab Ahmad
Keyword(s):  
Financial Institutions ◽  
Insurance Companies ◽  
Insurance Company ◽  
Local Production ◽  
Economic Cycle ◽  
Commercial Company ◽  
Weak Side ◽  
Islamic Insurance ◽  
New Jobs

Insurance companies are one of the most important financial institutions in the financial sector, as they play a very important role of transferring the risk from the weak side of the (insured) who can be a natural person and Omnawi to the most able to bear the risk of the (insured) The insurance company, and hence when the insured contract with the insured receives compensation when the risk agreed by the insurance company in return for payment of insurance premiums for the company, and this role is important in the continuity of the insured in the exercise of their economic and social activities and non-stop as a result of receiving compensation at the time of danger , Which is not They are in their normal lives practicing if they have insurance for their requirements or the survival of their companies within the economic cycle if they have a lock on their companies, and the insurance companies Which will contribute to giving insurance companies an opportunity to invest the accumulated premiums directly through the establishment of companies by them, or investing the premium money indirectly through the provision of loans or purchase of securities from disability units Which provides the appropriate funding for the establishment of its companies, which leads to increase local production and provide new jobs for the members of the community in which it operates, and there are two types of insurance companies (commercial and Islamic) and both types serves the economy in which they work, but whichever is the best ? Hence, the goal of the research is to compare between them and to indicate which is better.

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.

A NEW MULTIVARIATE ZERO-INFLATED HURDLE MODEL WITH APPLICATIONS IN AUTOMOBILE INSURANCE

2022 ◽  
pp. 1-24
Author(s):  
Pengcheng Zhang ◽  
David Pitt ◽  
Xueyuan Wu
Keyword(s):  
Model Performance ◽  
Insurance Companies ◽  
Hurdle Model ◽  
Automobile Insurance ◽  
Insurance Company ◽  
Computational Statistics ◽  
Count Models ◽  
Insurance Portfolio ◽  
Insurance Business ◽  
One Year

Abstract The fact that a large proportion of insurance policyholders make no claims during a one-year period highlights the importance of zero-inflated count models when analyzing the frequency of insurance claims. There is a vast literature focused on the univariate case of zero-inflated count models, while work in the area of multivariate models is considerably less advanced. Given that insurance companies write multiple lines of insurance business, where the claim counts on these lines of business are often correlated, there is a strong incentive to analyze multivariate claim count models. Motivated by the idea of Liu and Tian (Computational Statistics and Data Analysis, 83, 200–222; 2015), we develop a multivariate zero-inflated hurdle model to describe multivariate count data with extra zeros. This generalization offers more flexibility in modeling the behavior of individual claim counts while also incorporating a correlation structure between claim counts for different lines of insurance business. We develop an application of the expectation–maximization (EM) algorithm to enable the statistical inference necessary to estimate the parameters associated with our model. Our model is then applied to an automobile insurance portfolio from a major insurance company in Spain. We demonstrate that the model performance for the multivariate zero-inflated hurdle model is superior when compared to several alternatives.

FINANCIAL MANAGEMENT IN THE ACTIVITY OF INSURANCE COMPANIES

2020 ◽  
Vol 18 (Suppl.1) ◽  
pp. 395-400
Author(s):  
Ts. Andreeva
Keyword(s):  
Risk Management ◽  
Financial Management ◽  
Insurance Companies ◽  
Complex Nature ◽  
Insurance Company ◽  
Independent Unit ◽  
Integrated Risk ◽  
Analysis And Synthesis ◽  
Integrated Risk Management

The article defines the essence and justifies the need for financial management in the activities of insurance companies. PURPOSE: The aim of the article is to bring out the specifics of financial management in insurance and outline the advantages of controlling as a function and part of the management of the insurance company to ensure the necessary solvency. METHODS: The systematic and structural approach, analysis and synthesis, including, study of literature sources and analysis of the existing situation in the practice of the insurance company are used. RESULTS: The results are about highlighting the role of risk management in financial management, as well as the importance of factors - gross technical provisions and others, for risk management of the insurance company. CONCLUSION: Тhe complex nature of financial management requires integrated risk management, which requires the establishment of an independent unit and / or position in financial management and risk management.

scholarly journals THE ROLE OF KNOWLEDGE MANAGEMENT IN RAISING THE EFFICIENCY OF EMPLOYEES :APPLIED STUDY IN THE NATIONAL INSURANCE COMPANY

2021 ◽  
Vol 03 (06) ◽  
pp. 337-349
Author(s):  
Shooroq Sabah JABBER
Keyword(s):  
Knowledge Management ◽  
Statistical Significance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Business Organizations ◽  
General Managers ◽  
Applied Study ◽  
National Insurance ◽  
Important Means

The issue of raising the efficiency of workers has gained great importance for business organizations, especially in light of the challenges facing institutions today and their ability to adapt to technological changes. The knowledge economy is also one of the most important means that raise the efficiency of workers and increase their productivity. Therefore, the researcher found that insurance companies suffer from not giving importance to the concept of knowledge management and how to take advantage of knowledge to improve the performance level of workers and raise the efficiency and productivity of the worker, which will be reflected on the performance of the bank as a whole. In order to find out the causes of the problem and develop solutions to it, a sample of 40 managers in the National Insurance Company was selected, which included general managers, heads of departments, and directors of departments and branches to test the research hypothesis, which stipulated (there is a moral relationship with statistical significance between knowledge management and raising the efficiency of workers’ performance). The aim of the research is to clarify the role of knowledge management in raising the efficiency of workers and increase their productivity and to reach proposals that try to help the bank in question to improve the concept of knowledge management and how to apply it. The research also reached a number of recommendations, the most prominent of which is that insurance companies try to draw a clear path for the application and development of knowledge management and how to benefit from it in raising the efficiency of workers, and the bank should work permanently to generate knowledge and try to apply it to individuals working in the bank.

FINANCIAL STABILITY MANAGEMENT OF THE INSURANCE COMPANY

2021 ◽  
Vol 3 (4) ◽  
pp. 128-135
Author(s):  
E. A. RUSETSKAYA ◽  
◽  
L. V. AGARKOVA ◽  
V. V. AGARKOV ◽  
◽  
...  
Keyword(s):  
Financial Stability ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Individual State ◽  
State Control ◽  
Management Decisions ◽  
State Institutions ◽  
Insurance Business

When substantiating the relevance of management decisions to ensure the financial stability of insurance companies, both for the insurers themselves and for individual state institutions, it is necessary to point out the tightening of the practice of state control and regulation of the insurance business in order to comply with the requirements of insurance legislation, protect the interests and rights of policyholders, insurers, the state and other subjects of the insurance market. The article is devoted to the study of the issues of financial stability of the insurance company and the substantiation of the mechanism for managing this category, which includes a sequence of interrelated stages. The priority directions for improving the mechanism for managing the financial stability of an insurance company are presented.

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