scholarly journals Meeting liberalization of motor liability insurance premium in Serbia

2020 ◽  
Vol 36 (4) ◽  
pp. 44-77
Author(s):  
Jelena Doganjić ◽  
Živorad Ristić
Keyword(s):  
Traffic Safety ◽  
Traffic Accidents ◽  
Insurance Premium ◽  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
Previous Period ◽  
Insurance Premiums ◽  
Degree Of Risk ◽  
Definition Of

Free definition of motor third party liability insurance tariffs leads to individual statement of premiums in agreement with the degree of risk the insured are exposed to i.e. their behaviour in the previous period. Using the experience of neighbouring countries, which have introduced a system of liberalization of motor third party liability insurance premiums, with prior quality preparation, Serbia could establish the liberalization of motor third party liability insurance premiums which could significantly contribute to insurance market advancement. This can also affect the behaviour of drivers, whereby we would raise the level of traffic safety and reduce the consequences and damages caused by traffic accidents.

scholarly journals THE CIVIL LIABILITY INSURANCE OF OWNERS OF MOTOR VEHICLES IN THE CONTEXT OF INNOVATIVE TRANSFORMATIONS

2021 ◽  
Author(s):  
Liudmyla Volokhova ◽  
Keyword(s):  
Civil Liability ◽  
Forecast Model ◽  
Insurance Premium ◽  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
Motor Vehicles ◽  
European Standards ◽  
Car Insurance

Insurance plays a stabilizing role in economic development, so it is an important financial area in an era of new challenges and threats. This leads to increased attention to insurance in general and the introduction of innovations in such an important area as liability insurance. The specific features of this industry require the development of important recommendations for improving the compulsory civil liability insurance of owners of motor vehicles (CCLIOMV) in Ukraine. The methodology and methods of work involve the use of a systematic approach, analysis, comparison, forecasting in the development of improved regulation of the liability insurance market. The condition for the successful functioning of the insurance market in Ukraine is a decent level of quality of insurance services based on such innovations in car insurance as telematics, namely Usage-based insurance (UBI), is a special program that allows discounts to drivers by tracking their mileage. Another new vector is mobile technology, which allows you to remotely control devices, develop the implementation and maintenance of insurance services with their help. The methods of encouraging the use of motor third party liability insurance services, as well as the approximation of the existing system CCLIOMV to European standards is the use of a bonus-malus – a correction factor for the size of the insurance premium. The need and effectiveness of the introduction of an electronic policy is the ability to independently choose a reliable insurer, provide a guarantee of the acquisition of legitimate insurance protection, the introduction of non-cash using Internet acquiring technology forms of payment for insurance services and more. The scientific research carried out in the work allowed to determine the forecast indicators of the introduced innovations in the insurance market. The results of calculations of the forecast model on the dynamics of sales of electronic policies CCLIOMV in Ukraine show that their volume is constantly growing and in 2022 will amount to about 7 million units. This allows us to forecast the coverage of electronic policies CCLIOMV up to 70% of all vehicles in Ukraine.

scholarly journals Directions in the Development of Commercial Insurance in Poland and Lithuania

2014 ◽  
Vol 17 (1) ◽  
pp. 145-165
Author(s):  
Justyna Witkowska ◽  
Aušrinė Lakštutienė
Keyword(s):  
Life Insurance ◽  
Motor Vehicle ◽  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
Commercial Insurance ◽  
Property Insurance ◽  
Group 3 ◽  
Motor Vehicle Insurance ◽  
Insurance Data

This article analyses trends in the development of the commercial insurance market in Poland and in Lithuania over the last decade. The insurance market changed in the 2002-2011 period. Those changes can be seen in various fields of commercial insurance. Data on the number of insurers, total premiums written, and the trends in claim payments and claim ratios were used to perform a market trend analysis. It should be emphasized that Poland experienced the results of the financial crisis in the insurance market later than Lithuania, which is visible in specific ratios under analysis. In Lithuania, in terms of insurance expenditures, non-life insurance products are definitely more popular, while in Poland life insurance plays the most important role. Poles buy most life insurance from group 1, and Lithuanians from group 3. In the case of non-life insurance, motor vehicle insurance (third-party liability insurance and casco (collision/personal liability insurance)) and property insurance are the leading forms of insurance purchased by both Poles and Lithuanians, as well as other Europeans.

scholarly journals CURRENT TRENDS OF AUTOTRANSPORT INSURANCE IN UKRAINE

2021 ◽  
pp. 94-107
Author(s):  
Olena MARTSENIUK
Keyword(s):  
Civil Liability ◽  
Road Transport ◽  
Legal Regulation ◽  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
World Community ◽  
Land Vehicles ◽  
The World ◽  
Car Insurance

The research of the article is aimed at highlighting the essence and features of the functioning of the car insurance market in Ukraine. The study found that motor insurance is associated with profound economic and social changes in society due to mass motorization, the growth of the car fleet and traffic intensity, as well as huge material losses as a result of road accidents. It should be noted that freight transport is developing quite rapidly both within the country and abroad. At the same time, an increase in the number of intercity bus transportation, excursion and tourist bus services has been established, and as a result, international motor tourism is growing. It is proved that these factors contribute to the growth of accidents, losses in the transportation of goods, increase accidents with passengers and pedestrians on highways and, accordingly, material and social losses of society, population, commercial and government agencies. It is substantiated that insurance in general and civil liability insurance, as its integral part, is an infrastructure that helps to increase the efficiency of all areas of business. This determines the importance of the development of all types of insurance in Ukraine, taking into account the process of integration into the world community. It is established that the development of insurance market in our country should be based on the study and balanced use of experience of industrialized countries with long traditions in the insurance market, legal regulation of insurers and diversification of various types of insurance. However, it should be borne in mind that the world community has invented universal means of compensation, which is the most popular type of liability insurance worldwide – is the insurance of civil liability of owners of land vehicles. It provides for the payment of monetary compensation to the victim in the amount that would be collected from the owner of the vehicle on a civil lawsuit in favor of a third party for damage to life and health, as well as for damage or loss of property due to an accident or other road – transport accident due to the fault of the insured. Given the state and prospects of motorization in our country, as well as foreign experience in insurance market, we can say with confidence that liability insurance is one of the leading areas among other types of insurance. However, in its organization and implementation there are many different problems of legal, social, economic and organizational type. Recommendations on the prospects for the development of civil liability insurance of owners of land vehicles in Ukraine are given.

scholarly journals Risk Self-Selection and the Concept of Equilibrium in a Competitive Insurance Market

Risks ◽  
2022 ◽  
Vol 10 (1) ◽  
pp. 9
Author(s):  
Łukasz Kuryłowicz ◽  
Adam Śliwiński
Keyword(s):  
Information Asymmetry ◽  
Insurance Premium ◽  
The Self ◽  
Third Party ◽  
Insurance Market ◽  
Self Assessment ◽  
Self Selection ◽  
Significance Levels ◽  
Negative Effect ◽  
Selection Mechanisms

The purpose of this paper is an analysis of the presence of self-selection mechanisms on the market that could bring the market closer to the separating equilibrium state, in line with the Rothschild–Stiglitz equilibrium model and its subsequent modifications. An example is the Polish market of compulsory third-party liability insurance of vehicle owners. This paper describes this market in terms of both its structure and its financial results. The main focus is on describing the assumptions of the Rothschild–Stiglitz model for markets operating under the conditions of information asymmetry and based on the self-selection mechanism, allowing for an unequivocal determination of the insured’s profile without the need to actually observe the insured’s behaviour. Finally, we show that thanks to the self-selection induced by the possibility of driving behaviour monitoring, the industry can minimise the negative effect information asymmetry has on the motor insurance market. This can be achieved, for example, by observing the choices made by the insured after being offered a new voluntary contract with a premium based on telematics data. Our analysis was carried out with the use of three selected characteristics that can determine the insured’s risk profile, i.e., distance covered, self-assessment, and insurance premium paid; the significance of the latter—although it may be intuitive—is questionable at commonly accepted significance levels. Therefore, the main result is that although there is some evidence on the disputed matter, there can be no definitive conclusion—especially in terms of risk as measured by insurance premium.

MEDICAL INCIDENT INSURANCE

2020 ◽  
Vol 4 (XX) ◽  
pp. 213-224
Author(s):  
Agnieszka Huras-Darkowska
Keyword(s):  
Insurance Premium ◽  
Insurance Contract ◽  
Third Party ◽  
Liability Insurance ◽  
Accident Insurance ◽  
Huge Number ◽  
Compensation And Redress ◽  
Legal Nature ◽  
Additional Burden

Regulations in force since 2012. defining the rules and procedure for determining compensation and redress in the case of medical events raised many doubts about the legal nature of the insurance contract for these events (compulsory or voluntary insurance, accident insurance or third party liability insurance) and the liability of medical entities. In practice, the doubts concerned the additional burden on hospitals to pay the insurance premium, and in the absence of insurance or exhaustion of the sum insured – the need to satisfy the claims of the applicant. A huge number of practical and legal doubts caused the amendment of the applicable provisions.

scholarly journals PROSPECTS FOR THE DEVELOPMENT OF MOTOR THIRD PARTY LIABILITY INSURANCE ON THE BULGARIAN INSURANCE MARKET

2019 ◽  
Vol 17 (Suppl.1) ◽  
pp. 480-487
Author(s):  
Tzvetelina Andreeva
Keyword(s):  
Quantitative Methods ◽  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
Market Development ◽  
Local Market ◽  
Analysis And Evaluation ◽  
Insurance Portfolio ◽  
European Insurance

The aim of the report is to examine the current and important for the society issues concerning one of the most widespread insurance products - Motor Third Party Liability Insurance. The report examines the use of Motor Third Party Liability insurance on our insurance market. Specific studies have been made on the actual presence of the insurance in the local market and the motor insurance in the general insurance portfolio at European level. The problems and trends in the application and the proposed "Bonus-Malus" system are considered. Further considerations regarding the Bonus-Malus system have been made, taking into account the role of the system for fair payment of insurance premiums. The positive experience of the European insurance market is also reported. The report also focuses on other regulatory and other factors determining the market development. Quantitative methods of analysis and evaluation are used.

scholarly journals Unmanned Vehicles: New Challenges to Public Security

Lex Russica ◽  
2019 ◽  
pp. 9-28 ◽  
Author(s):  
A. I. Korobeev ◽  
A. I. Chuchaev
Keyword(s):  
Criminal Law ◽  
Traffic Safety ◽  
Traffic Accidents ◽  
Road Transport ◽  
Unmanned Vehicles ◽  
Public Security ◽  
Space Vehicles ◽  
General Description ◽  
Road Map ◽  
Definition Of

The paper gives a general description of unmanned ground, aerial, surface, underwater, space vehicles developed inRussiaand abroad to be used for military purposes and national economy. In general, the paper highlights principles of their functioning and the degree of their autonomy. Special attention is paid to the danger they create to a person, property, etc., in traffic accidents and when moral and legal problems are involved (in compliance with the concepts of a “trolley case” and necessity that are often applied in common practice, e.g. concerning road transport). The authors suggest a road map according to which, first, gaps in the legislation (i.g. in civil and administrative law) should be eliminated; second, the rules of traffic safety and operation of unmanned vehicles should be determined, and, third, a criminal law on liability for damage caused by the drone should be elaborated. Main approaches to the definition of this criminal law prohibition are indicated and the most important algorithms of criminalization of the act in question are highlighted.

scholarly journals Determinants of Development of Third Party Liability Insurance: Selected Approaches, Experience and Trends in Poland

2016 ◽  
Vol 8 (1) ◽  
pp. 123-138
Author(s):  
Maria Gasińska
Keyword(s):  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
Complex Nature ◽  
Damage Potential ◽  
Total Contribution ◽  
Market Expansion ◽  
The Third ◽  
Leading Role ◽  
The Third Party

Abstract The article constitutes an attempt at discussing the determinants of the development of third party liability insurance in historical perspective and on the basis of the observation of trends witnessed in this field nowadays. The identified factors are linked to the functioning of both the demand and the supply aspect of the third party liability insurance market, providing a valuable indicator for insurance practice. The past decade has witnessed steady, though slow, expansion of the third party liability insurance market in terms of the number of contracts concluded, the share of the contributions toward it in the total contribution value as well as the level of the gross contribution assigned. The article characterizes four groups of factors responsible for the third party liability insurance market expansion, namely: (a) determinants resulting from relations between the parties and subjects of the third party liability insurance relation against the complex nature and specific character of the third party liability function; (b) determinants linked to the dynamic development of the so called risk-generating techniques and technologies leading to growth in the development of the so-called damage potential threatening both participants in the production process (including the service provision process) as well as product users and service recipients; (c) determinants of socioeconomic character, in particular the level of legal and insurance awareness of potential damage perpetrators and injured parties as well as material standing of households and financial standing of economic entities; (d) determinants linked to legal regulations, in particular, the leading role of regulations separating the compensatory function of third party liability with respect to the penal function in shaping the scope and value of regulations tightening the scope and principles of third party liability in certain areas of economic turnover and introducing insurance compulsion.

scholarly journals Legal Limitation Periods for Compensation of Damage from Motor Third Party Liability Insurance

2021 ◽  
Vol 20 (2) ◽  
pp. 33-40
Author(s):  
Jasmina Djokic
Keyword(s):  
Traffic Accidents ◽  
Road Traffic ◽  
Third Party ◽  
Liability Insurance ◽  
Criminal Offense ◽  
Eu Member States ◽  
Cross Border ◽  
National Courts ◽  
Limitation Periods

The commencement of calculation of the period of legal limitation for compensation of damage from motor third party liability insurance is a problem for which the consensus either on scientific or practical level has not been achieved. This is mostly significant in cases where the damage was caused by a criminal offense. Recent decisions of national courts and Court of Justice of European Union leads to non-appliance of the privileged limitation period towards the motor third party liability insurer. It seems to be justified having in mind that longer period of legal limitation is prescribed as some kind of punishment against its offender. Appliying of the same period towards the insurer, infriges the fair balance between the parties, and lets the insurer mandatory to make the objections and prove the facts that are difficult to be proven due to passing of the time. The another doubtful question is determination of legal limitation for subrogation claims. Since the source of obligation in those cases is compensation of damage, and not the payment for another person, the only fair solution is the appliance of the same legal limitation period for both the insurer and the policyholder, or the claimant, to the third party liability insurer. National legislations of EU member states contain completely different legal limitation periods so it causes the legal uncertainity, especially in cross-border cases. That was the reason why the EU legislator started with procedure of harmonization of the rules on linitation, with intention of enacting of a new Directive on common limitation periods for cross-border road traffic accidents. By taking of the legislation initiative on EU level, the higher level of protection of the cross-border accident victims would be achieved. However, only if national legislators would, Legal Limitation Periods for Compensation of Damage from Motor Third Party Liability Insurance by implementation of the Directive and its proposed term for limitation of 4 years, prescribe the same term for domestic traffic accidents victims, the desired consensus would finally be achieved. At the same time, the costs occured due to the lack of harmonization would be avoided.

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