scholarly journals Integration of environmental, social and governance principles in pension funds and insurance companies activities

VUZF Review ◽  
2020 ◽  
Vol 5 (3) ◽  
pp. 31-39
Author(s):  
Stanislav Dimitrov
Keyword(s):  
Climate Change ◽  
Financial Institutions ◽  
Action Plan ◽  
Pension Funds ◽  
Insurance Companies ◽  
The European Union ◽  
Good Corporate Governance ◽  
Potential Problems ◽  
Sustainable Finance

Sustainable finance has been one of the modern topics in recent years. The main reason is the growing need for active steps and measures to preserve nature and avoid the risks of climate change and its consequences. A basic concept in sustainable finance is the adoption and follow-up of ESG principles. The latter refers to environmental “E”, social “S” principles and good corporate governance “G” policies. Financial institutions are considered as the conductor of policies in the field of ESG principles. The European Union is following an action plan to implement these principles and policies in the financial sphere. This report examines the integration of ESG principles into the activities of insurance companies and capital pension funds. Potential problems are identified and possible solutions are presented.

scholarly journals Financial situation of insurance sector for example, a Stock – Exchange Company PZU

2014 ◽  
Vol 15 (1) ◽  
pp. 55-67 ◽  
Author(s):  
Paweł Trippner
Keyword(s):  
Economic Development ◽  
Financial Markets ◽  
Financial Institutions ◽  
Stock Exchange ◽  
Financial System ◽  
Insurance Companies ◽  
The European Union ◽  
Financial Systems ◽  
Insurance Sector ◽  
Financial Condition

Abstract The insurance system is a very important element of the financial system of a country. As institutions of public trust, insurance companies play a crucial role in the process of transforming savings into investments, which directly affects the country’s economic development. Maintaining the insurance sector in a good financial condition guarantees stability of the financial system and economic development of Poland. The article aims to present the essence of operations of insurance companies as financial institutions, present their role in the economy, and describe various methods of appraising their financial condition. In order to fulfil the above goals, a research hypothesis is put forward stating that the financial condition of the insurance sector in Poland deteriorated in the analysed period as a result of an adverse impact of turbulence in financial markets and problems in financial systems in the European Union countries.

scholarly journals Corporate ownership structure and risk-taking: evidence from Japan

2017 ◽  
Vol 6 (4) ◽  
pp. 39-52 ◽  
Author(s):  
SunEae Chun ◽  
MinHwan Lee
Keyword(s):  
Financial Institutions ◽  
Ownership Structure ◽  
Risk Taking ◽  
Pension Funds ◽  
Insurance Companies ◽  
Risk Level ◽  
Managerial Ownership ◽  
Firm Risk ◽  
Concentrated Ownership ◽  
Corporate Risk

We examine the relationship between ownership structure and corporate risk-taking in Japan over the sample periods of 2000 2010. Reflecting the ongoing changes in the ownership structure in Japan, we incorporate the various kinds of insider and outsider ownership in the analysis. Ownership such as concentrated ownership, ownership by closely related parties, financial institutions comprising banks and insurance companies and managers are categorized into inside ownership, while ownership by foreigners or financial institution such as investment trusts or pension funds are categorized into outside ownership. The ownership structure is found to have a different impact on the firm’s risk-taking behavior. The study shows that concentrated ownership or ownership by closely related parties affect the firm risks in a convex manner and encourages the firm management to take more risk when the firms have growth opportunities. On the other hand, ownership by financial institutions such as bank and insurance companies, does not seem to affect the firm risk level. This implies that the financial institutions fail to play their role of a shareholder monitor. When managerial ownership is allowed, it is found that Japanese managers’ incentives are aligned with those of shareholders. Contrary to the conventional entrenchment hypothesis, however, managers seem to take more risk as the share of managerial ownership increases. Foreign investors are found to enhance corporate risk-taking in a monotonic manner and do not bias corporate investment in a conservative direction in pursuit of their short-term gains. Domestic institutions such as investment trusts or pension funds are found to neither affect the firm risk level nor enhance the firm value.

scholarly journals Variables para la evaluación y seguimiento de empresas aseguradoras: Revisión y análisis bibliométrico.

UDA AKADEM ◽  
2019 ◽  
pp. 52-87
Author(s):  
Carlos Horacio Rueda-Suárez ◽  
Jairo Núñez Rodríguez ◽  
Jairo González Bueno ◽  
Sergio Bayona Gómez
Keyword(s):  
Bibliometric Analysis ◽  
Insurance Industry ◽  
Action Plan ◽  
Monitoring And Evaluation ◽  
Added Value ◽  
Insurance Companies ◽  
Human Beings ◽  
Relevant Variables ◽  
Number Of Citations

A lo largo del tiempo, la industria del seguro ha permitido suavizar los efectos de múltiples situaciones adversas (muerte, invalidez, desastres naturales, etc.) que puede tener el ser humano, mediante la protección del patrimonio de las familias, las empresas y/o del Estado (Agudelo, 2011). Según la Federación de Aseguradores Colombianos (Fasecolda, 2011) existían 45 empresas afiliadas y operando en el país, por lo que una competencia tan intensiva requiere que cada una de las empresas posea una planeación estratégica que le permita tener cierta ventaja con respecto a las demás; sin embargo, contar con una estrategia definida solo es el primer paso. Para poder alcanzar los objetivos planteados, una empresa debe tener un plan de acción que conlleve a un seguimiento y evaluación del cumplimiento de lo que se quiere lograr; sin esto, no es posible diagnosticar el estado de la empresa frente a sus metas. Con este estudio, se buscan determinar las variables para la evaluación y seguimiento de la competitividad de las empresas aseguradoras, a partir de la revisión literaria y el análisis bibliométrico. Los resultados obtenidos, permitieron la identificación de variables relevantes en el sector, como la utilización del reaseguro, la satisfacción de intermediarios, el índice de reclamaciones, la siniestralidad, el uso de canal de distribución directo e indirecto, el coeficiente intelectual de valor agregado entre otras, soportadas en los artículos de mayor impacto según el número de citaciones, los autores y las revistas científicas de mayor frecuencia de publicación.Palabras clave: análisis bibliométrico, seguro, estrategia, desempeño. AbstractOver time, the insurance industry has made it possible to soften the effects that multiple adverse situations (death, disability, natural effects disasters, that etc.) multiple can have adverse on situations human beings (death, by disability, protecting natural disasters, etc.) can have on human beings by protecting the assets of families, disasters, businesses etc.) can and/or have the on State. human (Agudelo, beings by 2011). For 2011, according to the Federation of Colombian Insurers - Fasecolda, there are 45 effects disasters, that etc.) multiple can have adverse on situations human beings (death, by disability, protecting natural the assets of families, disasters, businesses etc.) can and/or have the on State. human (Agudelo, beings by 2011). protecting For 2011, the according to the Federation of Colombian Insurers - Fasecolda, there are 45 affiliated companies operating in the country, so such intensive competition requires that each of the companies has a strategic planning that allows it to have some advantage over the others. However, having a defined strategy is only the first step, in order to achieve the objectives set a company must have an action plan that leads to monitoring and evaluation of compliance with what you want to achieve, without this, it is not possible to diagnose the state of the company against its goals. With this study, it is sought to determine the variables for the evaluation and follow-up of the competitiveness of the insurance companies, from the literary revision and the bibliometric analysis. The results obtained allow the identification of relevant variables in the sector, such as the use of reinsurance, the satisfaction of intermediaries, the claims index, the claims rate, the use of direct and indirect distribution channels, added value intellectual coefficient among others, supported in the articles with the greatest impact according to the number of citations, the authors and the scientific journals with the highest publication frequency. Keywords: bibliometric analysis, insurance, strategy, performance.

scholarly journals Green Bonds: Between economic incentives and eco-change

2020 ◽  
Vol 14 (1) ◽  
pp. 236-245
Author(s):  
Răzvan Hoinaru ◽  
Cedine Benson ◽  
Georgiana Oana Stănilă ◽  
Florin Dobre ◽  
Daniel Buda
Keyword(s):  
Climate Change ◽  
Action Plan ◽  
Economic Incentives ◽  
Bond Market ◽  
Market Development ◽  
Private Capital ◽  
Financial Products ◽  
Sustainable Finance ◽  
Climate Crisis ◽  
The Eu

AbstractAs the investor base committed to financing sustainable companies in an attempt to combat the climate crisis expands, green financial products have become more attractive to issuers, corporate and sovereign alike. As a result, the EU is attempting to create favourable market conditions which mobilise the allocation of private capital for investments that reduce the contribution to climate change. As part of the EU Commission’s Action Plan for Sustainable Finance, it intends to create Green Bond Standards which aim to support the transition to greener securities investments. As a foundation, we provide an overview of the green bond market development. We then consider investment challenges such as incentivisation and transparency and discuss whether the Green Bond Standards shall likely resolve these issues. Furthermore, we confer that enforceability of current green securities regulations is weak to non-existent and propose possible policy approaches which address these issues.

The Climate Change Policy: The Position of the European Union

1998 ◽  
Vol 9 (4) ◽  
pp. 449-461
Author(s):  
Peter Palinkas
Keyword(s):  
Climate Change ◽  
Greenhouse Gases ◽  
Climate Change Policy ◽  
Emission Trading ◽  
Active Role ◽  
The European Union ◽  
Change Policy ◽  
The Eu

The EU has always tried to play a major role in coordinating the activities of its now 15 Member States in the broad area of climate change policy. This active role of the EU was demonstrated in the first climate protection negotiations (Rio de Janeiro, 1992), the follow-up conferences (Berlin 1995 and Geneva 1996) and finally at the Kyoto-Conference in December 1997. At the Kyoto-Conference the EU negotiators had to abandon their original negotiating position of 15% reduction based on three greenhouse gases. The final Protocol requires a collective EU reduction by 8% based on 6 gases. This modification is, however, closer to the initial EU position than it indicates, since the final commitment based on six gases is roughly equivalent to a 13% reduction based on 3 gases only. Further compromise made by the EU was on the issue of differentiation. Keeping the “EU-bubble” approach, the EU had to accept country-specific reduction targets as initially proposed by the Japanese delegation. The EU also had to agree on including emissions-trading and joint implementation in the Protocol. During the negotiations EU representatives expressed their concern that trading must not become a substitute for any domestic actions. Consequently, in the Protocol any emission trading is declared as supplementary to domestic actions. Despite the number of unavoidable concessions made by the EU negotiators, the European Commission recognized that the Kyoto protocol is an important first step toward reversing the upward trend in the emissions of greenhouse gases. However, the EU Commissioner Ritt Bjerregaard expressed a certain disappointment in not reaching agreement on even more ambitious commitments.

scholarly journals Operational evidences on the engagement duty of Italian institutional investors

2019 ◽  
Vol 1 (1) ◽  
pp. 8-16 ◽  
Author(s):  
Francesco Drigo
Keyword(s):  
European Union ◽  
Institutional Investors ◽  
Stock Exchange ◽  
Pension Funds ◽  
Insurance Companies ◽  
The European Union ◽  
Local Engagement ◽  
Asset Managers ◽  
Collective Engagement

Directive 2017/828 is the main legislative text of reference of the European Union (“EU”) in relation to the engagement duty of institutional investors (insurance companies, pension funds and asset managers) towards investee companies. This paper is intended to provide an overview of the engagement activities of Italian institutional investors and to outline possible developments with respect to local engagement practices. In general, evidence has shown a lack of activism by pension funds and domestic insurance companies, as well as the adoption of a selective/opportunistic approach by asset managers, mainly through collective engagement. Further, the Italian stock exchange showed a certain degree of proactivity in promoting the dialogue between issuer companies and investors. In this scenario, it may be worthy to investigate the opportunity for pension funds and insurance companies to exercise engagement activities in collective form as well.

scholarly journals NON-STATE PENSION PROVISION IN THE SYSTEM OF SOCIAL PROTECTION OF THE UKRAINIAN POPULATION

2019 ◽  
pp. 121-138 ◽  
Author(s):  
Iryna PRYIMAK ◽  
Bohdana VYSHYVANA
Keyword(s):  
Financial Institutions ◽  
Life Insurance ◽  
Pension Fund ◽  
Social Protection ◽  
Pension System ◽  
Pension Funds ◽  
Insurance Companies ◽  
Pension Insurance ◽  
State Pension

Introduction. The Ukrainian system of social protection, which is mainly financed by the budget funds and funds of state social insurance funds, is currently unable to provide a decent level of pensions. Involving non-state financial institutions in solving this problem allows to increase the efficiency and flexibility of the system of social protection of the population in old age. Purpose. The purpose of the article is to analyze the situation, outline the problems of development and develop practical recommendations for improving the non-state pension provision as an instrument of social protection for people of retirement age. Results. The essence and structure of the system of the population social protection is uncovered, which unites state and non-state constituents. The dynamics of budget expenditures on social protection and expenditures of the Pension Fund of Ukraine are analyzed. The increasing deficit of the Pension Fund has been revealed, which indicates a profound financial crisis in the pension system. There has been made an evaluation of the development of nonstate pension provision as a mechanism for the formation of additional financial resources for the payment of pensions. It has been established that non-state pension funds (NPFs) are the main financial institutions that provide accumulation of pension assets. The analysis of NPF activity in Ukraine shows a reduction in their number, exceeding the number of NPF participants over the number of contracts concluded, a small amount of contributions from individuals, an increase in retirement benefits, a slight increase in the value of retirement assets, as well as imbalances in the volume of assets by types of NPFs. There has been highlighted the role of life insurance companies in non-state pension provision, which consists in entering into life insurance pension insurance contracts with an NPF participant, calculation and payment of an additional pension. The directions of activity of banking institutions in the system of non-state pension provision regarding the establishment of an NPF, the role of the custodian bank of NPF, maintenance of insurance companies engaged in pension insurance, and the attraction of pension funds through the opening of pension deposit accounts are disclosed. Conclusions. The proposals on the necessity of developing well-balanced rational and effective of socio-economic, normative-legal, organizational management decisions for the preparation and implementation of an effective strategy for the development of non-state pension provision, are substantiated.

scholarly journals Financial Convergence Analysis: Implication for Insurance and Pension Markets

2016 ◽  
Vol 17 (2) ◽  
pp. 89-100
Author(s):  
Natalia P. Kuznetsova ◽  
Zhanna V. Pisarenko
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Market Competition ◽  
Pension Funds ◽  
Insurance Companies ◽  
Social Security Systems ◽  
Wide Range ◽  
History Of ◽  
Demographic Shifts ◽  
Convergence Model

The proposed paper is one of a set of articles dedicated to the new phenomenon in the global and national financial markets – financial convergence – and is focused on theoretical issues. The hypothesis of the article is to argue whether the financial convergence determines the directions of financial market (namely, insurance and pension sectors) development. Adequately the goal of this paper is to analyze the existence of convergence processes in the insurance and pension markets. Methods of systematic and logical analysis are used. In the first part authors give brief history of the convergence phenomenon research. Then the paper analyses influence of financial convergence on insurance and pension markets, manifested in the following effects: mix of financial institutions functions; distribution channels advantages, increase of insurance and pension funds companies’ competitiveness; governance models convergence. The major results of the study are: demographic shifts in different developed and emerging markets countries caused the need to reform the social security systems and public pension schemes and refocus them to the market-based financial convergence model; pension funds, acting as institutional investors, are the leading players in the contemporary global financial market; competition at the financial market causes the expansion of a number of services offered by various organizations: banks, insurance companies, pension funds and so on, which offer a wide range of services not directly related to their core businesses; the mixing of financial institutions functions from the insurance, pension and banking sectors, increased competition for customers at the national and global financial market.

Sign in / Sign up

Export Citation Format

Share Document