scholarly journals Insurance Companies as an Element of the Credit System

2021 ◽  
Vol 8 (523) ◽  
pp. 150-156
Author(s):  
O. M. Romashko ◽  
◽  
N. О. Krykhivska ◽  
L. M. Savchyn ◽  
◽  
...  
Keyword(s):  
Financial Market ◽  
Life Insurance ◽  
Financial Services ◽  
Foreign Capital ◽  
Insurance Companies ◽  
Credit System ◽  
Present Stage ◽  
Research Issues ◽  
Factors Influencing ◽  
Banking Institutions

The article is aimed at researching the main indicators of the activities of insurance companies in Ukraine and determining their role in the structure of credit system. Generalizing scientific works on the research issues of the functioning of non-bank financial and credit institutions as a whole and insurance companies in particular, the authors determine the need to study certain issues of development of insurance market actors at the present stage (namely, indicators of the activities of insurance companies) and define their place in the credit system. Analyzing the dynamics and structure of the assets of the credit system in the context of its components – the banking and parabanking system, the bank-centric model of the financial market is determined, because the main share in the assets of the credit system is occupied by the assets of banking institutions. It is determined that financial and insurance companies play a significant role in the functioning of the credit system of Ukraine among parabanking institutions. The analysis of the main indicators of the activity of insurance companies and the dynamics of their number is carried out. It is found that despite the decrease in the number of insurance companies in dynamics, the volumes of gross insurance premiums and gross insurance payments are characterized by positive growing trends. Factors influencing such changes are the exit from the market of unreliable and financially insolvent insurers; change of views on life insurance, assets and liability, as well as an active development of partnerships with foreign counterparties and the emergence of insurance companies with foreign capital on the domestic market. The article also provides a rating of insurance companies by assets at the end of 2020 and defines their share in the assets of the credit system in general. Prospects for further research are to distinguish the main reasons for the downturn in the number of insurers and their impact on the state of the financial services market as a whole.

CURRENT STATE AND TRENDS IN THE DEVELOPMENT OF THE UKRAINIAN MARKET OF NON-BANK FINANCIAL SERVICES

2021 ◽  
Vol 1 (21(49)) ◽  
pp. 82-87
Author(s):  
Anna Novak ◽  
Yana Yukhimchuk
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Banking Sector ◽  
Analytical Data ◽  
Insurance Companies ◽  
Adverse Conditions ◽  
Current State ◽  
Banking Institutions ◽  
Crisis Conditions

The article highlights the concept of the market of non-banking financial services in accordance with the requirements of Ukrainian legislation and identifies the main intermediaries operating in this market. The study contains analytical data on the number of non-bank financial institutions operating in Ukraine, as well as the volume of assets of such financial institutions. The authors also present an analysis of the main trends in the development of the non-banking financial services market. For comparison, the structure of the financial market is presented in the form of the ratio of the number of banking and non-banking institutions. The article provides an analytical overview of the number of private pension funds, financial companies, pawnshops, credit unions and insurance companies operating in Ukraine over the past three years. The structure and volume of financial services provided by insurance companies have been studied separately. The authors state that despite the existence of non-bank financial institutions, the banking sector still prevails. Moreover, financial companies predominate in terms of assets among representatives of non-bank financial institutions. Despite the coronary crisis during 2016-2020, the number of financial companies and other non-banking institutions, including pawnshops and insurance companies, grew steadily. Such trends are assessed positively, as it indicates the development of the financial market and its stability in adverse conditions. In Ukraine, the market of non-banking financial services is underdeveloped compared to other countries, but despite the mentality and transition in the formation of the non-banking financial sector, it has good prospects for development. However, despite the positive changes, ways to improve the performance of non-bank financial institutions in crisis conditions have been proposed.

scholarly journals Bancassurance as a form of effective cooperation between banks and insurance companies

2020 ◽  
Vol 11 (2) ◽  
pp. 58-65
Author(s):  
R. Mamchur ◽  
◽  
О. Nazarenko ◽  
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Swot Analysis ◽  
Banking System ◽  
Insurance Market ◽  
Insurance Companies ◽  
Settlement Services ◽  
Banking Institutions ◽  
Number Of Customers ◽  
Further Development

At the present stage of financial market development, the needs of individual clients are constantly growing. Competition in the market of traditional services between banks, as well as between banks and non-banking institutions is intensifying. With this in mind, banks must constantly work to diversify their sources of income, develop new services for the banking system; as a result, there are products of cooperation such as bancassurance. However, the level of their development is quite low, which requires appropriate research and generalization of their results in order to develop appropriate recommendations to improve the efficiency and further development of this type of cooperation. The leader in the provision of parabanking services in Ukraine is the insurance market, but its level of development is much lower than in foreign countries. The combination of banking and insurance services is one way to maintain and even increase the number of customers and assets. The interaction of banks and insurance companies can take various forms, including bank insurance and the provision of banking services to insurance companies – placement of funds, settlement services and others. The article examines the emergence of the concept of bancassurance, as a relatively new type of interaction between banks and insurance companies. The formation of such cooperation in Ukraine took place during three main stages. The main advantages of bancassurance singled out separately for insurance companies, for banks and for the clients themselves – consumers of financial services. An analysis made in terms of five banks in the Ukrainian financial market, and the most relevant insurance products they offer and with which companies work closely selected. The study found that in the insurance market of Ukraine, the dynamics of net insurance premiums and payments tends to increase. Insurance companies through the sale of services in banking institutions receive about a third of income. For the purpose of generalization, a SWOT analysis of bancassurance presented, with a clear identification of advantages, disadvantages and opportunities for further development in the Ukrainian financial market. It is determined that bancassurance has many advantages and potential opportunities for further improvement and expansion within Ukraine, while the shortcomings and threats are based on the existing shortcomings of the domestic financial market.

The Appointed Actuary.

1987 ◽  
Vol 41 ◽  
pp. 559-629
Author(s):  
Edward A. Johnston
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Self Regulation ◽  
Professional Role ◽  
The Self ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Government Supervision ◽  
The Uk

1.1 A paper about the Appointed Actuary is essentially a paper about prudential supervision of life insurance companies. The system which has operated in the UK since the mid-1970's is only partly one of Government supervision. Through the professional role of the Appointed Actuary, it also contains elements of a system of self-regulation with the Institute and Faculty of Actuaries standing in place of SRO's. Unlike the self-regulatory arrangements of the Financial Services Act. though, this second part of the system has grown up by custom and practice and in certain respects it is not codified. However it enables the Insurance Companies Act to be operated successfully.

scholarly journals Impact of premium reserve on life insurance investments in the Western Balkans

2021 ◽  
Vol 16 (2) ◽  
pp. 355-376
Author(s):  
Jelena Tomašević ◽  
Milijana Novović-Burić ◽  
Ljiljana Kašćelan ◽  
Vladimir Kašćelan
Keyword(s):  
Financial Market ◽  
Life Insurance ◽  
Insurance Companies ◽  
Strong Positive Correlation ◽  
Western Balkans ◽  
Insurance Sector ◽  
Correlation And Regression Analysis ◽  
Country Level ◽  
Financial Investments ◽  
The Impact

The growing importance of life insurance in the world imposes a greater need for research in this area, particularly in the Western Balkans where the trend of growth has been closely accompanied by life insurance for the past two decades. Taking into consideration that life insurance companies are significant participants in the financial market, this research paper examines the impact of the premium reserve on the volume of financial investments of life insurance companies in Western Balkan countries, based on aggregate data on country level. In order to test its effect, linear correlation and regression models were used, based on data collected for the period 2006-2016. Additionally, comparative analysis was used to compare the position of life insurance companies in financial markets. The results obtained by applying correlation and regression analysis showed that there is a strong positive correlation between premium reserve and financial investments in all of the aforementioned countries in the region. This result is an important strategic guideline for the regulators and policymakers to make advancements in the life insurance sector as well as in the financial market of the Western Balkans.

scholarly journals Trust – the Intangible Asset of Policyholder Behavior on Insurance Market

2016 ◽  
Vol 63 (s1) ◽  
pp. 125-136 ◽  
Author(s):  
Gabriela-Mihaela Mureşan ◽  
Gabriel Armean
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Positive Impact ◽  
Multiple Correspondence Analysis ◽  
Insurance Market ◽  
Insurance Companies ◽  
Intangible Asset ◽  
Computer Assisted ◽  
Initial Sample

Abstract Our analysis aims to identify the typology of consumers’ behavior on insurance market. The initial sample consisted of 1579 individuals who were randomly selected by Metro Media Transilvania (MMT) with the Computer-Assisted Telephonic Interview (CATI) method. Using the Multiple Correspondence Analysis (MCA) and logistic regression, we are showing that higher levels of trust, pleasant experiences, income and education have a positive impact on insurance development. This theoretical approach is relatively new as there are no specialized studies to investigate the intangible asset in insurance companies in Romania’s case. This article should help the insurers to understand the role of trust and the importance of pleasant experiences in selling financial services such as life insurance and voluntary private pension.

scholarly journals MEASURING THE CUSTOMER PERCEIVED SERVICE QUALITY FOR LIFE INSURANCE SERVICES: AN EMPIRICAL INVESTIGATION

2010 ◽  
Vol 3 (3) ◽  
pp. 171 ◽  
Author(s):  
Masood H Siddiqui ◽  
Tripti Ghosh Sharma
Keyword(s):  
Customer Satisfaction ◽  
Service Quality ◽  
Life Insurance ◽  
Financial Planning ◽  
Financial Services ◽  
Corporate Image ◽  
Insurance Companies ◽  
Perceived Service Quality ◽  
Insurance Sector ◽  
Effective Strategies

Liberalization of the financial services sector has led to insurance companies functioning increasingly under competitive pressures; so companies are consequently directing their strategies towards increasing customer satisfaction and loyalty through improved service quality. The present study strives to develop a valid and reliable instrument to measure customer perceived service quality in life-insurance sector. The resulting validated instrument comprised of six dimensions: assurance, personalized financial planning, competence, corporate image, tangibles and technology. Further the results of analytical hierarchy process highlighted the priority areas of service instrument with assurance is the best predictor, followed by competence and personalized financial planning. The gap scores show that there is ample room for improvement in all the aspects related to service quality. These results would help the service managers to efficiently allocate attention and resources among these dimensions on the differential basis, consistent with the customer priorities. These findings can be transformed into effective strategies and actions for achieving competitive advantage through customer satisfaction and retention.

FINANCIAL SERVICES OFFERED BY LIFE INSURANCE COMPANIES

1980 ◽  
Vol 15 (4) ◽  
pp. 65-65
Author(s):  
T. Gregory Morton ◽  
Holly B. McGuire
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Insurance Companies

scholarly journals DETERMINAN SURPLUS UNDERWRITING DANA TABARRU’ PADA ASURANSI JIWA SYARIAH DI INDONESIA

2020 ◽  
Vol 7 (10) ◽  
pp. 2004
Author(s):  
Rohishotu Rohmah ◽  
Dian Filianti
Keyword(s):  
Panel Data ◽  
Life Insurance ◽  
Financial Services ◽  
Secondary Data ◽  
Insurance Companies ◽  
Net Income ◽  
Purposive Sampling ◽  
Panel Data Regression ◽  
Data Regression ◽  
Investment Returns

ABSTRAKTujuan penelitian ini merupakan untuk menganalisis pengaruh kontribusi neto, klaim, hasil investasi, dan reasuransi syariah terhadap surplus underwriting dana tabarru’ perusahaan asuransi jiwa syariah periode 2014-2019. Penelitian ini menggunakan pendekatan metode kuantitatif dengan unit analisis regresi data panel. Data yang digunakan dalam penelitian ini adalah data sekunder, menggunakan metode purposive sampling. Data yang digunkan peneliti adalah laporan keuangan perusahaan asuransi jiwa syariah periode 2014-2019, yang berjumlah 15 sampel perusahaan asuransi jiwa syariah yang terdafkat di Otoritas Jasa Keuangan. Secara parsial hasil temuan dari penelitian ini yang diaproksiasikan melalui variabel Kontribusi Neto, memiliki pengaruh positif signifikan, Klaim memiliki pengaruh negatif signifikan, sedangkan hasil investasi dan Reasuransi Syariah memiliki pengaruh tidak signifikan terhadap surplus underwriting dana tabarru’. Secara simultan Kontribusi Neto, Klaim, Hasil Investasi, Reasuransi Syariah memiliki pengaruh signifikan terhadap surplus underwriting dana tabarru’ dengan tingkat signifikan 0.000 < 0.05. Dengan nilai Adjusted R2 menunjukkan hasil senilai 0.941663 yang artinya 94%, sedangkan sisanya 6% dipengaruhi oleh variabel lain diluar penelitian ini.  Kata kunci: Surplus Underwriting Dana Tabarru’, Asuransi Jiwa Syariah, Regresi Data Panel ABSTRACTThe purpose of this study is to analyze the effect of net income, claims, investment returns, and sharia reinsurance on the underwriting surplus of tabarru funds in Islamic life insurance companies for the period 2014-2019. This research used a quantitative method approach with panel data regression analysis unit. The data used in this research is secondary data, using purposive sampling method. The data used by researchers is the financial statements of sharia life insurance companies for the period 2014-2019, which can assess 15 samples of sharia life insurance companies registered in the Financial Services Authority. Partially the results of the research findings which are applied through the Net Contribution variable, have a significant positive effect, Claims have a significant negative effect, while investment returns and Sharia Reinsurance have no significant effect on the tabarru 'underwriting fund surplus. Simultaneously Net Contribution, Claims, Investment Results, Sharia Reinsurance have a significant effect on the tabarru fund underwriting surplus with a significant level of 0.000 <0.05. With the Adjusted R2 value shows the calculation result of 0.941663, which means 94%, while the remaining 6%, other variables are outside this study.Keyword: Surplus Underwriting Tabarru’ Fund, Sharia Life Insurance, Panel Data Regression

scholarly journals Improving state regulation of the insurance services market

2020 ◽  
Vol 45 (2) ◽  
pp. 99-107
Author(s):  
Olha Klymenko
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
State Regulation ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Regulation System ◽  
Positive Trend ◽  
The European Union ◽  
Insurance Premiums

An urgent task in the field of public administration of non-banking financial services markets is to improve the regulation of the insurance market. On the example of the insurance services market, the problems of the functioning of the financial market regulation system are highlighted. Suggestions for its improvement are presented to increase the competitiveness of these markets. The development of the Ukrainian insurance market after 2015 to the present has a positive trend, which indicates the effectiveness and managerial ability of the state regulation system. The indicators of the state of the insurance market of Ukraine in comparison with similar indicators of such markets in the countries of the European Union are considered. The dynamics of concentration of the insurance market of Ukraine over the past 15 years has been analyzed. The main trends in the development of competition in this financial sphere have been identified. The necessity of state regulation of the concentration of the insurance market is substantiated. Views on the methodology and tools used in the study of the concentration and competitiveness of the insurance market are presented. Suggestions for improving the methods are given. It is shown that from 2012 to 2019 the Herfindahl - Hirschman index for risky types of insurance and for the insurance market as a whole has been increasing. It is established that according to the gradation of financial market concentration levels using the Herfindahl - Hirschman index, the insurance market of Ukraine corresponds to the degree of low concentration. According to the value of the Herfindahl - Hirschman indicator, the concentration of the life insurance market during 2003 – 2019, with the exception of 2015, is moderate. But the total share of gross insurance premiums collected by the three largest insurance companies in 2017 – 2019 exceeded 50 % of all gross insurance premiums. According to the Ukrainian law, such a market is considered a monopoly. It is shown that when analyzing the state and development of the insurance market of Ukraine, it is advisable to supplement the values of the Herfindahl - Hirschman index with corrective coefficients that take into account regional characteristics of the market, types of insurance, additional indicators of its functioning efficiency. Measures are proposed to accelerate the development of the insurance market of Ukraine by improving its regulation system.

Insurance Industry in India: Structure, Performance, and Future Challenges

2005 ◽  
Vol 30 (3) ◽  
pp. 93-120 ◽  
Author(s):  
S Krishnamurthy ◽  
S V Mony ◽  
Nani Jhaveri ◽  
Sandeep Bakhshi ◽  
Ramesh Bhat ◽  
...  
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Distribution Systems ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Demand For Insurance ◽  
Market Shares ◽  
The Future

With the liberalization and entry of private companies in insurance, the Indian insurance sector has started showing signs of significant change. Within a short span of time, private insurance has acquired 13 per cent of the life insurance market and 14 per cent of non-life market. However, there is still a huge untapped demand for insurance. Insurance companies have a pivotal role in offering insurance products which meet the requirements of the people and, at the same time, are affordable. Some of the challenges faced by the insurance sector pertain to the demand conditions, competition in the sector, product innovations, delivery and distribution systems, use of technology, and regulation. To understand the growth and development and the future prospects of this sector, this colloquium addresses the following issues: What will be the demand for insurance? What types of innovative strategies of insurance education and awareness will we require to encourage the Indian consumers? With the changes following bank participation in insurance, will the nature of competition in this sector intensify? What kind of competitive and risk pressures will the insurance businesses experience? What are their implications for profitability, margins, and efficiency? The average size of the polices will continuously decline as the insurance companies increase the geographic coverage. As a result of this, the intermediation costs will go up. What are the implications of these on average costs? What will be the product market scenario? Has the insurance sector benefited from the knowledge base of global companies? To what extent have the technology gains in telecommunications, computer information, and data processing contributed to increased efficiency and productivity of insurance companies? The following key points emerged from the responses of the panelists: The future in life insurance will be determined by the increase in pure protection products, a refreshing look at unit-linked plans, launch of customized plans, and improved service levels. The insurance sector will grow steadily rather than rapidly. While the law and regulations are in place to ensure financial strength and solvency of insurers, the regulator's challenge lies in monitoring compliance. The opportunity for financial services is increasing all over the world. Big domestic companies with significant market shares in the local countries will have the opportunities to commence business in other markets. Keeping in mind the complexities of the industry, multi-product, multi-channel, and multisegment route needs to be followed for growth. The challenge of successfully implementing bancassurance lies in training the staff, integrating the insurance products, and ensuring best quality service. Agents in the insurance sector are critical for its success and, in order to gain competitive advantage, quality people are needed but attracting and retaining agents is a challenge.

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