Interaction Configurations between Banks and Insurance Companies Necessary to Ensure their Sustainable Development in the Face of Global Challenges

The purpose of the article is to analyze the reasons, principles and configurations of interaction between banks and insurance companies in order to ensure their sustainable development in the face of escalating global challenges; and to suggest practical guidance for the further development of cooperation between banks and insurance companies in Ukraine. Factors that hinder this interaction and factors that stimulate it are analyzed, including the customers’ growing need in comprehensive services both in banks and insurance companies; banks' understanding of the necessity to provide comprehensive insurance protection, development and active implementation of new products in the new sphere etc. The preconditions, principles, forms and types of interaction between banks and insurance companies, in particular, mutual investment in capital, customer relations, partnerships, integration, etc. are studied, the peculiarities of the relationship between banks and insurance companies at different levels of integration are analyzed. The ways to intensify and modernize interaction between banks and insurance companies in Ukraine in the face of the escalating global challenges are defined. The analysis of diagnostic indices of banks and insurance companies shows that the financial indicators of banks are not strongly affected by the presence of an insurance company, and as for insurance companies, the presence of banks as a part of financial conglomerates allows such companies to increase the volume of insurance contracts and receive gross insurance premiums. Prospects for further research in this area can be the following: to carry out correlation and regression analysis of the relations between the financial performance of banks subject to the presence of an insurance company in the financial conglomerate, on the one hand, and the financial performance of insurers subject to their interaction with a banking institution, on the other; to analyze the formation of an organizational mechanism in banks and insurance companies; to analyze the ways of improving the system of state supervision over the relations and cooperation between the abovementioned entities.

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Formulating Modes of Cooperative Leaning for Education for Sustainable Development

Sustainability ◽

10.3390/su13063465 ◽

2021 ◽

Vol 13 (6) ◽

pp. 3465

Author(s):

Jordi Colomer ◽

Dolors Cañabate ◽

Brigita Stanikūnienė ◽

Remigijus Bubnys

Keyword(s):

Sustainable Development ◽

Real Life ◽

Education For Sustainable Development ◽

Professional Life ◽

Global Challenges ◽

Life Problems ◽

The Face ◽

Contemporary Education ◽

The Impact

In the face of today’s global challenges, the practice and theory of contemporary education inevitably focuses on developing the competences that help individuals to find meaningfulness in their societal and professional life, to understand the impact of local actions on global processes and to enable them to solve real-life problems [...]

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Claims Management and Financial Performance of Insurance Companies in Rwanda: A Case of SONARWA General Insurance Company Ltd.

Journal of Financial Risk Management ◽

10.4236/jfrm.2020.93011 ◽

2020 ◽

Vol 09 (03) ◽

pp. 190-210

Author(s):

Alphonse Ntwali ◽

Alice Kituyi ◽

Athanas Osiemo Kengere

Keyword(s):

Financial Performance ◽

Insurance Companies ◽

Insurance Company ◽

General Insurance ◽

Claims Management

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SUSTAINABLE DEVELOPMENT CONSORTIUM: CHALLENGES AND PROSPECTS IN THE FACE OF GLOBAL CHALLENGES

ПОВЫШЕНИЕ ЭФФЕКТИВНОСТИ УПРАВЛЕНИЯ УСТОЙЧИВЫМ РАЗВИТИЕМ ЛЕСОПРОМЫШЛЕННОГО КОМПЛЕКСА ◽

10.38006/907345-73-7.2020.6.10 ◽

2020 ◽

Author(s):

E. G. Popkova

Keyword(s):

Sustainable Development ◽

Global Challenges ◽

The Face

В статье показана востребованность консорциума устойчивого развития для успешной адаптации российских университетов к новым предъявляемым к ним требованиям в контексте реализации целей устойчивого развития. Обозначена роль консорциума устойчивого развития в научном ответе на большие вызовы современности. Отражены основные направления деятельности консорциума устойчивого развития и ключевые достигнутые им результаты, включая создание фреймворков, разработку датасетов, проведение датасет-исследований и укрепление позиций российских вузов в университетских рейтингах

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Corporate Governance and Financial Performance of Insurance Companies in Nepal

International Research Journal of Management Science ◽

10.3126/irjms.v4i0.27888 ◽

2019 ◽

Vol 4 ◽

pp. 99-117

Author(s):

Rajendra Maharjan

Keyword(s):

Corporate Governance ◽

Financial Performance ◽

Audit Committee ◽

Multiple Linear Regression Model ◽

Insurance Companies ◽

Insurance Company ◽

Board Meeting ◽

Board Size ◽

Ceo Duality ◽

Explanatory Variables

This paper aims to examine the effect of corporate governance practice on financial performance of insurance companies in Nepal. The study used board size, number of board meetings, CEO duality, Audit committee are the explanatory variables for corporate governance. Firm size and age of the firms are considered as control variables. The dependent variable performance has been measured using Return on Assets (ROA) and return on equity ROE. The study employed descriptive cum causal relational research design. All the 23 listed insurance companies are considered as the population of the study. Only 18 insurance companies (13 non-life and 5 life) is taken as sample based on availability of data representing 78.26 % sample. The secondary data of profitability has been extracted from annual report of the company. The explanatory variables related to corporate governance has been collected through structured survey questionnaire. The study period accounts for the eight years from 2011 to 2018 with 141 firm year observations. Data has been analyzed using a multiple linear regression model. The study concludes that there exists strong relationship between the corporate governance practices and firms’ performance. The board meeting and audit committee were found to positively affect the financial performance of insurance companies. Board size is found to be negative but not significant. The study also concludes CEO duality has the negative impact on the performance of the insurance company. Firm with large in size with high board meeting tend to perform well. Age of the company also positively influenced on the financial performance of insurance companies in Nepal.

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“MAQASID SHARIA INDEX”: ARAH BARU KINERJA KEUANGAN PERUSAHAAN ASURANSI SYARIAH DI INDONESIA

IJAB : Indonesian Journal of Accounting and Business ◽

10.33019/accounting.v1i1.5 ◽

2019 ◽

Vol 1 (1) ◽

pp. 60-76

Author(s):

Nugroho Heri Pramono

Keyword(s):

Financial Performance ◽

Sampling Technique ◽

Simple Random Sampling ◽

Social Reporting ◽

Insurance Companies ◽

Insurance Company ◽

Test Results ◽

Islamic Insurance ◽

Positive Effect ◽

Research Show

This reseacrh is aimed to analyze the influence of Islamic social reporting index and sharia compliance disclousure to financial performance of Islamic insurance company in Indonesia which is proxied by the value of maqasid sharia. This research was conducted from 2012 to 2014. The sample were used in this reseacrh 34 observations obtained from 12 Islamic insurance company in Indonesia for three years from 2012 to 2014. The sampling technique was used simple random sampling. The results of simultaneous research show that together Islamic social reporting index and sharia compliance disclousure have a significant positive effect to the financial performance of sharia insurance companies proxied with maqasid syariah index. However, based on the partial test results of Islamic reporting index variables and sharia compliance disclosure does not affect the financial performance of sharia insurance companies proxied with the value of maqasid syariah index.

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DETERMINANTS OF SHARIA INSURANCE COMPANY PROFITABILITY

AFEBI Accounting Review ◽

10.47312/aar.v4i01.222 ◽

2019 ◽

Vol 4 (01) ◽

pp. 41

Author(s):

Maman Suherman ◽

Irman Firmansyah ◽

Medina Almunawwaroh

Keyword(s):

Financial Performance ◽

Firm Size ◽

Quantitative Research ◽

Sampling Technique ◽

Insurance Companies ◽

Insurance Company ◽

The Public ◽

The People ◽

Islamic Insurance ◽

Positive Effect

The growth of sharia insurance in Indonesia continues to occur. This is a sign that the people in Indonesia have good risk management because the company's growth is supported by the increase in customers in sharia insurance companies. This condition must be supported again by the conditions in which the company has a good performance, so the company must find a way to continue to improve its performance. This study is aimed to determine the effect of leverage, firm size, and company age on the financial performance of sharia companies. The method used is through quantitative research using multiple regression. The method of data collection uses a purposive sampling technique carried out to all populations, namely all Islamic insurance companies in Indonesia from 2012 to 2018. The results of the study show that leverage and age of the company do not succeed in influencing financial performance, while firm size has a positive effect on financial performance. Therefore it is important for companies to continue to increase their assets, especially in collecting funds from the public as the company's ingredients in managing their finances to improve their financial performance.Keywords: Age, Financial Performance, Leverage, Size

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Implementation of International Financial Reporting Standard as a Tool for the Performance of Nigerian Insurance Companies

Asian Journal of Advanced Research and Reports ◽

10.9734/ajarr/2019/v4i430120 ◽

2019 ◽

pp. 1-10

Author(s):

J. C. Unachukwu

Keyword(s):

Financial Performance ◽

Organizational Performance ◽

Financial Reporting ◽

Ordinary Least Squares ◽

Regulatory Control ◽

Insurance Companies ◽

Insurance Company ◽

Statistical Tools ◽

Reporting Standard ◽

International Financial Reporting Standard

Implementation of international financial reporting standard (IFRS) in terms of quality financial reporting, information disclosure pattern, transparency, auditing, reporting standards, regulatory control and flexibility, corporate governance, and financial scandals have an influence on organizational performance. This study sought to investigate the influence of implementation of IFRS on organizational performance with specific reference to the Nigerian insurance industry. Purposive sampling method was used to select the accountants and auditors of twenty- nine (29) insurance companies listed on the Nigerian Stock Exchange (NSE) market, totaling 58 respondents. The data collection instruments for the study were structured questionnaires designed for the study. Data analysis was performed with the aid of descriptive statistical tools such as frequencies, percentages and mean, and inferential statistical tools such as Pearson Product Moment Correlation Coefficient and Ordinary Least Squares (OLS) method of estimation. The finding revealed that there is a strong relationship between financial performance and implementation of IFRS. The finding also indicated that implementation of IFRS has a significant influence on investment decision making. This connotes that the implementation of IFRS is a veritable tool to financial performance of Nigerian insurance companies. Subsequently, the study recommended that the management of insurance companies should embrace International Financial Reporting Standard (IFRS) with immediate effect so that the sector can attract both local and foreign investors. Also, National Insurance Commission (NAICOM) should sanction any insurance company fails to implement IFRS on or before the year 2020.

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MASIH TEPATKAH ROA SEBAGAI PENGUKURAN KINERJA KEUANGAN INDUSTRI ASURANSI DI INDONESIA?

Jurnal Manajemen dan Pemasaran Jasa ◽

10.25105/jmpj.v11i1.2508 ◽

2018 ◽

Vol 11 (1) ◽

pp. 81

Author(s):

Oyo Sukarya ◽

Farah Margaretha

Keyword(s):

Financial Performance ◽

External Factor ◽

Positive Influence ◽

The Other ◽

Insurance Companies ◽

Insurance Company ◽

Significant Positive Effect ◽

Negative Effect ◽

Positive Effect ◽

Significant Positive Influence

The problem of this research was the determinants of financial performance in insurance company in indonesia, both of internal and external factor. There are some factors that influence positively and the other side influences negatively on the financial performance. The objectives of this research was to examine the factors that affect the financial performance of insurance companies in Indonesia, which was viewed from profitability. The methodology of this research was multiple regression. The object of research is 64 insurance companies listed in Otoritas Jasa Keuangan (OJK) period 2011-2015. Finding and contribution in this research showed that leverage, equity, and management competence index proved to have a significant positive influence, on size, ownership and age, and they were proved to have a significant negative effect on retention ratio had a non-significant positive effect, and Underwriting Risk negatively influenced insignificantly into financial performace (ROA). Implication in this research was that companies need to monitor the fluctuation of leverage and Equity, that positively influence the financial performance, where leverage depends on ratio of debt to equity. In addition assets and ownership negatively affect financial performance, in order to monitor the iincrease in line with the profit increase.

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TINJAUAN KEGIATAN ASURANSI KREDIT PEMILIKAN RUMAH OLEH LEMBAGA PERBANKAN BERDASARKAN PRINSIP PERSAINGAN USAHA TIDAK SEHAT

Mimbar Keadilan ◽

10.30996/mk.v13i1.2645 ◽

2020 ◽

Vol 13 (1) ◽

pp. 22-31

Author(s):

Anthony Dio Wijaya

Keyword(s):

Life Insurance ◽

Competition Law ◽

Insurance Companies ◽

Insurance Company ◽

Insurance Product ◽

The Future ◽

Banking Institution

In running its business in the field of providing Homeownership Credit facilities by Bank Rakyat Indonesia as a banking institution, it is required to cooperate with insurance companies to bear the risks that might arise in the future for the applicant, in this case as KPR applicant customer. Therefore KPR applicant customers are required to use insurance services from Bank Rakyat Indonesia partner insurance companies for the housing for which the credit is requested. Customers should be given the freedom to choose the insurance product they will choose, rather than being required where the customer has no choice to use insurance other than a consortium between PT. Bringin Life and Heksa Eka Life Insurance, which is against Article 15 paragraph 2 of Law Number 5 of 1999 or often referred to as Business Competition Law. BRI, together with its partner insurance companies, have also conspired in determining the insurance company that will become BRI's partner, because this will benefit all three if there are no other insurance companies that become BRI partners. This certainly gives difficulties for other insurance companies that are not BRI's partners to run their business.Dalam menjalankan usahanya di bidang jasa pemberian fasilitas Kredit Pemilikan Rumah oleh Bank Rakyat Indonesia selaku lembaga perbankan diharuskan untuk bekerjasama dengan perusahaan asuransi guna menanggung resiko yang akan mungkin muncul di kemudian hari pada diri pemohon dalam hal ini selaku nasabah pemohon KPR. Oleh karena itu nasabah pemohon KPR diwajibkan untuk menggunakan jasa asuransi dari perusahaan asuransi rekan Bank Rakyat Indonesia untuk rumah yang diajukan kredit tersebut. Seharusnya nasabah diberikan kebebasan untuk memilih produk asuransi yang akan mereka pilih, bukannya diharuskan di mana nasabah tidak memiliki pilihan untuk menggunakan asuransi selain konsorsium antara PT. Bringin Life dan Heksa Eka Life Insurance, di mana hal tersebut adalah bertentangan terhadap Pasal 15 ayat (2) Undang-Undang Nomor 5 Tahun 1999 atau yang sering disebut dengan Undang-Undang Persaingan Usaha. BRI bersama sama dengan perusahaan asuransi rekanannya juga telah melakukan persekongkolan dalam hal penentuan perusahaan asuransi yang akan menjadi rekanan BRI, karena hal tersebut akan memberikan keuntungkan bagi ketiganya apabila tidak ada perusahaan asuransi lain yang menjadi rekanan BRI. Hal tersebut tentu memberikan kesulitan bagi perusahaan perusahaan asuransi lain yang bukan merupakan rekan dari BRI untuk menjalankan usahanya.

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INTEGRATED MODELS FOR EVALUATING THE PROBABILITY OF INSURER BANKRUPTCY IN MODERN CONDITIONS

WORLD OF FINANCE ◽

10.35774/sf2017.04.099 ◽

2017 ◽

pp. 99-110

Author(s):

Nataliia NALUKOVA ◽

Mykhailo HUZELA

Keyword(s):

Insurance Companies ◽

Insurance Company ◽

Probability Models ◽

The Real ◽

Doing Business ◽

Probability Of Bankruptcy ◽

Bankruptcy Probability ◽

The One ◽

Real State ◽

Critical Moments

Introduction. Assessment of the probability of insurance companies insolvency in modem conditions will determine not only the real state of doing business, but also identify critical moments in the activities ofinsurers. Purpose. The purpose of the article is to assess the probability of bankruptcy of a functioning insurance company on the basis ofmodels used in world practice. Results. The authors argue that the assessment of the probability of insurance companies insolvency in modern economic conditions will determine not only the real state of doing business, but also identify critical moments in the activities ofinsurers. The basis of the analysis of the insurer's predisposition to bankruptcy is discriminant bankruptcy probability models used by both ordinary enterprises and insurers. Based on the one-factor discriminant analysis, a model is developed which enables us to assess the general state of the insurer according to individual criteria-indicators, without using weight of coefficients and values of indicators.. An overview of the methods forassessing the probability of bankruptcy and their comparative characteristics is reviewed, the factors of problems ofthe use offoreign discriminatorymodels in Ukraine are determined. Conclusion. A critical assessment ofthe prevailing in foreign practice and the theory methodological approaches to the analysis of the bankruptcy probability allows us to conclude that some models are contradictory because, with the simultaneous use of them, it is possible to obtain conclusions opposite to each otherregarding the bankruptcyprobabilityofa particularentity. Despite some disadvantages, these models have high probability of evaluation and are very effective in practice. Discriminant models can be used to confirm the results both separately and in aggregate, however, with a certain correction. The most significant relationship between models in dynamics, because one-time analysis may not give correct results. All models contain a set ofdiffer-entindicators thathave territorial specificity, and none ofthem can claim to be universal.

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