scholarly journals FEATURES OF THE FORMATION AND VALUATION OF INSURANCE RESERVES

2021 ◽  
Author(s):  
Maxim Kompaniets ◽  
Inna Kysilyova
Keyword(s):  
Insurance Companies ◽  
Insurance Company ◽  
Strategic Decisions ◽  
Method Of Calculation ◽  
Loss Reserve ◽  
Management Efficiency ◽  
The Status ◽  
Conducting Research ◽  
Economic Nature ◽  
Lower Limits

The purpose of the paper is research of practice of making insurance reserves of the insurance companies in Ukraine and summarizes the ways of improvement of methods for their calculation with the purpose of increasing management efficiency of an organization. The article addresses the characteristics and economic nature of certain types of technical reserves of insurance organizations in particular the unencumbered premiums reserve, the loss reserve and the catastrophe reserve, and the characteristics of their formation. Major methods for calculating the reserve of unencumbered premiums reviewed and recommended adjustment to method 1/36 , and use of the reserve calculation method of unencumbered premiums, which takes into account inflation ratio. The method of calculation and formation of the loss reserve is considered as well as the characteristics of the reserve for past but undeclared losses and reserves for asserted but unresolved losses. The system of indicators of sufficiency of insurance reserves of insurance organizations was analyzed; the calculation formulae and recommended values are given. Insurance reserves sufficiency ratios refers to the status of insurance reserves and determine the adequacy of insurance reserves to the risks taken into insurance. Sufficiency ratio (based on premiums) and sufficiency ratio (based on payments) determine, respectively, the upper and lower limits of insurance reserves. For conducting research and substantiation of relevant conclusions, the indicators of dynamics and structure of insurance reserves of insurance company JSC IC “INGO” are analyzed. Sufficiency ratios for insurance reserves of JSC IC “INGO” are also calculated and Evaluation of the company’s insurance reserves has been performed. The results of the study can be applied by the heads of the financial divisions of insurance companies for the development of tactical and strategic decisions that allows to yield optimal condition of insurance reserves and their reliable valuation of insurance company and to perform the quick analysis of the state of insurance reserves of insurance company.

scholarly journals Formation of the optimal portfolio of insurer’s services of the voluntary types of insurance

2016 ◽  
Vol 7 (1) ◽  
pp. 45-51 ◽  
Author(s):  
Valentyna Levchenko ◽  
Myroslav Ostapenko
Keyword(s):  
Portfolio Optimization ◽  
Optimization Model ◽  
Optimization Problem ◽  
Optimal Portfolio ◽  
Optimal Structure ◽  
Insurance Companies ◽  
Insurance Company ◽  
Strategic Decisions ◽  
General Insurance ◽  
Insurance Portfolio

The article studies the possibility of using optimization modelling to form the optimal structure of insurance services’ portfolio of insurance companies. Based on the data of net insurance payments and profitability of the voluntary types of insurance in 2005-2015, the authors conducted their analysis according to the possibility to be included in the general insurance portfolio of the insurance company. The optimization model is based on the approach developed by G. Markowitz. The formation of insurance services portfolio is conducted by solving the optimization problem to maximize the portfolios’ profitability or to minimize the portfolio’s risks. The obtained results can be used in making strategic decisions by the management regarding the development of insurance companies. Keywords: insurance company, insurance service, insurance portfolio, portfolio optimization

Magnetic Resonance Imaging Utilization in Iran

2021 ◽  
Author(s):  
Sajad Ramandi ◽  
Mahya Abbasi ◽  
Ali Mohammad Mosadeghrad
Keyword(s):  
Magnetic Resonance Imaging ◽  
Magnetic Resonance ◽  
Private Insurance ◽  
High Rate ◽  
Insurance Companies ◽  
Insurance Company ◽  
Resonance Imaging ◽  
Statistical Population ◽  
Study Results ◽  
The Status

Abstract Background: The increased use of diagnostic and therapeutic equipment and services increases the costs of the health system and insurance organizations. Evaluating the status of utilizing these services can provide a clear picture of the demand rate, responding process and methods of providing the relevant services. This study aimed to examine the status of using magnetic resonance imaging (MRI) services among the insured people by one of the insurance companies.Methods: This research was a descriptive and cross-sectional study. The studied statistical population included all insured persons covered by a private insurance company that had used the MRI services provided in hospitals and other diagnostic and treatment centers in 2018-2019. The data were analyzed using STATA and GIS statistical software.Results: In one contractual year, 22,738,215 medical expenses records have been filed in the entire country, out of which, 119,761 records (0.5% of all cases) were related to MRI services. The shares of the basic (main) insurer and supplemental insurance related to this service of the total MRI costs were estimated as 52,946,159,376 Rials (1,259,860.6077 USD) and 231,303,021,838 Rials (5,503,884.87252 USD), respectively. In the study, 102,024 people have used MRI at least once a year. The average cost of using MRI services at each time in the country was 2,373,470 Rials (56.47702 USD). The average number of referrals in the whole country was 0.07 times. The highest frequency of referrals was in Lorestan and Qom provinces, while Kerman and Sistan and Baluchestan provinces had the lowest frequency of referrals. The overall rate of utilization of MRI services in the country was estimated to be 6%.Conclusion: In general, the study results suggested a high rate of using MRI services in Iran, which can be due to the 100% coverage of costs by insurance companies and the increased access to health diagnostic and treatment services in the country.

scholarly journals Application of C4.5 Algorithm for Late Payment Classification of Insurance Premiums

2021 ◽  
Vol 9 (2) ◽  
pp. 100-113
Author(s):  
Jefry Antonius Karlia ◽  
Wawan Nurmansyah
Keyword(s):  
Insurance Companies ◽  
Insurance Company ◽  
Test Results ◽  
Customer Data ◽  
Insurance Premiums ◽  
Premium Payment ◽  
C4.5 Algorithm ◽  
The Status ◽  
Number Of Customers

The problem that often arises in insurance companies is the number of customers who do not smoothly pay premiums. The procedure that applies to the insurance during the grace period is 30 days. The insured customer must follow the premium payment procedure, if the customer does not pay the premium, the insurance policy will be canceled, this is part of the company's loss. An insurance company has a lot of data and this data can be processed to produce information on how to find out potential customer delays from a pattern formed using the C4.5 method. This research was conducted by applying the C4.5 algorithm using insurance customer data. The results of this study are a classification system for late payment of insurance premiums that can classify insurance customer premium payment status as a consideration for accepting insurance customers. The system test results show that the system can classify the status of insurance customer premium payments with a classification accuracy of 88%. Keywords: Algorithm C 4.5, Insurance, Classification, Premium

On the issue of assessing the adequacy of the reserves of insurance companies with various methods for determining the loss of business

2020 ◽  
pp. 46-53
Author(s):  
Margarita Naslednikova ◽  
Alexandr Zamalov
Keyword(s):  
Comparative Analysis ◽  
Health System ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Insurance Companies ◽  
Insurance Company ◽  
Reporting Standards ◽  
Loss Ratio ◽  
Qualitative Characteristic ◽  
Financial Reporting Standards

The article discusses methods for calculating the loss ratio of insurance companies, including compulsory medical insurance, which is the basis for building a health system; su’ciency of formed reserves, which are created in connection with the possibility of losses. Variants of interpretation of calculated indicators into a qualitative characteristic of the insurance company. A comparative analysis of the calculation of indicators of loss-making of insurance companies and the adequacy of the formation of reserves of insurance companies according to Russian accounting standards and in accordance with the requirements of international financial reporting standards.

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 Description of the epidemiological characteristics of work-related eye injuries in Spain: a retrospective study

BMJ Open ◽  
2020 ◽  
Vol 10 (10) ◽  
pp. e035696
Author(s):  
Sergio Martin-Prieto ◽  
Cristina Álvarez-Peregrina ◽  
Israel Thuissard-Vasallo ◽  
Carlos Catalina-Romero ◽  
Eva Calvo-Bonacho ◽  
...  
Keyword(s):  
Injured Workers ◽  
Insurance Companies ◽  
Secondary Outcome ◽  
Ocular Injury ◽  
Insurance Company ◽  
Age Group ◽  
Eye Injuries ◽  
Manual Task ◽  
Work Related ◽  
Epidemiological Characteristics

ObjectiveTo describe the epidemiological characteristics and trends of work-related eye injuries (WREIs) in Spain over a 10-year period by sex, age and occupational sector.Design and settingsA descriptive, retrospective and longitudinal study based on data from workers insured by a labour insurance company in Spain from 2008 to 2018 was presented. The study considered the ratio of the number of WREI per 100 000 population and the relative risk of suffering an ocular injury. WREIs were characterised by sex, age and occupational sector of injured workers.Primary and secondary outcome measuresRatio of the number of WREI.ParticipantsIn Spain, all workers are insured by a labour insurance company that provides cover in the event of work-related accidents. In this study, we have included all workers insured by one of these insurance companies, IBERMUTUA, with workers in all areas of Spain.ResultsThe study included 50 265 WREI in the company over the 10-year period. Most of the injuries occurred in males (44 445; 88.4%), in 35–44 age group (15 992; 31.8%) and in industry workers (18 899; 42.6%). The average incidence was 429.75 per 100 000 workers insured and 4273.36 per 100 000 IBERMUTUA accidents (related and not related to eyes). Males, 16–24 age group and industry occupational sector group, have the highest incidence for WREI. The incidence of WREI decrease over the study period in all variables. Males have 6.56 (95% CI 6.38 to 6.75) times more risk of suffering WREI than females. 16–24 age group have 1.77 (95% CI 1.71 to 1.83) times more risk than in the group of workers older than 55. Finally, industry workers have 7.73 (95% CI 7.55 to 7.92) times more risk than services workers.ConclusionsThe risks of suffering WREI is higher for males, younger and less experienced workers, and for those who works in a manual task.

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.

Loss reserve variability and loss reserve errors

2014 ◽  
Vol 15 (3) ◽  
pp. 248-263 ◽  
Author(s):  
Enoch Nii Boi Quaye ◽  
Charles Andoh ◽  
Anthony Q.Q. Aboagye
Keyword(s):  
Insurance Companies ◽  
Content Type ◽  
Main Research ◽  
Loss Reserve ◽  
Smooth Flow ◽  
Regulatory Standards ◽  
Sources Of Variation ◽  
Regulatory Bodies ◽  
Property And Liability Insurance ◽  
Industry Trends

Purpose – The purpose of this study is to assess the level and variability of Ghanaian property and liability insurer’s reserve estimates to examine its sources and ascertain if reserve errors are random or not (i.e. manipulated or not). Design/methodology/approach – It uses information on insurer claim reserve provisions, claims outstanding, claims incurred and claims paid for the period of 2000-2010. Categorizing the sources of variation as endogenous and exogenous, the authors use the panel correlated standard error regression model to determine sources and magnitude of industry reserve error. Findings – The study finds that size, age, lag of loss reserve error, inflation rate and real gross domestic product are significant in determining the degree of reserve error variation. Type of ownership (domestic or foreign) is, however, not a significant source of variation. Further, the authors found that industry reserve errors are random (not manipulated) across firms, suggesting that sampled insurers act independently on reserve error decision making and are not influenced by industry trends and competition. Research limitations/implications – The main research study limitation is the difficulty involved in obtaining annual statements from insurance companies in Ghana. Reluctance of companies to make statements available impeded on the smooth flow of the study during data collection. Practical implications – Policy-wise, this suggest that regulatory bodies can uniquely set reserve error levels for existing firms with little influence on competition. Further, the Ghanaian insurance regulator does not to focus on the type of ownership (foreign or local) when setting regulatory standards. However, size of the company and age (length of operation) should be considered. Originality/value – This paper is the first empirical study to examine the loss reserve error and loss reserve variability of Ghanaian property and liability insurance companies.

The Pioneer in American Life Insurance Marketing

1938 ◽  
Vol 12 (5) ◽  
pp. 65-75
Author(s):  
J. Owen Stalson
Keyword(s):  
United States ◽  
Eighteenth Century ◽  
North America ◽  
Life Insurance ◽  
General Public ◽  
Colonial America ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Company ◽  
Fire Insurance

Colonial America gave little thought to life insurance selling. The colonists secured protection against marine risks from private underwriters, first in London, eventually at home. It has been asserted that Philadelphia had no fire insurance until 1752; Boston none before 1795. The first corporations formed in this country for insuring lives were those of the Presbyterian Ministers Fund (1759) and a similar company organized for the benefit of Episcopal ministers (1769). Neither of these corporations offered insurance to the general public. In the last decade of the eighteenth century many insurance companies were formed in the United States. At least five were chartered to underwrite life risks, but only one, The Insurance Company of North America, appears to have accepted any. There is no basis for saying that any of these early companies tried to sell life insurance.

scholarly journals INCREASING THE COMPETITIVENESS OF INSURANCE COMPANY PRODUCTS AND SERVICES USING ECONOMIC AND MATHEMATICAL MODELING METHODS

2021 ◽  
Author(s):  
Mykhailo Demydenko ◽  
Ihor Pistunov
Keyword(s):  
Mathematical Model ◽  
Social Activity ◽  
Insurance Companies ◽  
Comprehensive System ◽  
Insurance Company ◽  
Competitive Advantages ◽  
Insurance Policy ◽  
Insurance Policies ◽  
The Impact

The competitiveness of an insurance company depends on the competitiveness of the products and services it introduces in the market. The competitive advantages of the insurance company are expressed in the attractiveness and competitiveness of insurance policies. An economic and mathematical model of increasing the competitiveness of the insurance company is proposed, which allows to calculate the integrated indicator of competitiveness of the insurance policy based on a comprehensive system of indicators characterizing the reliability of the insurance company, quality of its services, competitiveness, social activity. To analyze the impact of these indicators on the competitiveness of the insurance policy and identify areas for improving the efficiency and competitiveness of the insurance company. The competitiveness of an insurance company depends on the competitiveness of the products and services it introduces in the market. The assessment of the quality of insurance company services is compliance with the needs, requirements, and insurance interests of customers. This assessment is performed each time an individual client chooses to cooperate with an insurance company that meets his insurance interests and wishes. Therefore, the overall competitiveness of the enterprise depends on the competitiveness of products and services offered on the market. The competitive advantages of the insurance company are expressed in the attractiveness and competitiveness of insurance policies. The insurance market in recent years has shown consistently high growth, which makes it attractive for doing business. In these conditions, the task of modeling the activities of the insurance company in a highly competitive market environment becomes relevant. A mathematical model of increasing the competitiveness of the insurance company is proposed, which allows to calculate the integrated indicator of competitiveness of the insurance policy based on a comprehensive system of indicators characterizing the reliability of the insurance company, quality of its services, competitiveness, social activity. With the proposed model, insurance companies can objectively assess their weaknesses and strengths to ensure continuous growth and decent competition in a competitive market environment. The model allows you to select performance indicators and perform modeling and determine the consequences of changes in this indicator, analyze the impact of these indicators on the competitiveness of insurance policies and identify areas for improving the efficiency and competitiveness of the insurance company. By conducting such experiments, insurance companies can make more informed choices and decisions, analyze areas of competitiveness, and more efficiently allocate resources.

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