Pub Date : 2020-01-15DOI: 10.21511/ins.10(1).2019.05
O. Okhrimenko, I. Manaienko
Insurers’ understanding of reputation importance is a key factor of their successful performance at the market. It particularly concerns life insurance sector, which has a significant development potential in Ukraine.The article aims at deepening scientific and practical essentials concerning the formation of life insurance companies’ reputation in conditions of market competition aggravation and insurance market conjuncture volatility.Based on ranking assessments used in Ukraine (Insurance Top, Mind, “My insurance agent” and the ranking of the corporate reputation management quality “REPUTATIONAL ACTIVists”), the need for ensuring the insurers’ reputation stability in conditions of acute competition at the market was substantiated. The results of financial statements analysis and corporate governance reporting of insurance companies ASKA-LIFE, TAS, KD Life, PZU Ukraine, UNIQA Life, MetLife were presented. It was substantiated that, within studying the life insurance companies’ reputation, along with main financial indicators, there is a need to analyze in details such indicators as insurance premiums and investment income for one insured from savings life insurance, average payments, current accounts payable, etc.It was proved that for reputation capital development, it is worth strengthening the role of corporate social responsibility, and to consider insurance companies’ assessment on the part of clients and employees who are brand advocates and affect the companies’ reputation formation.
{"title":"Forming the life insurance companies’ reputation in Ukrainian realities","authors":"O. Okhrimenko, I. Manaienko","doi":"10.21511/ins.10(1).2019.05","DOIUrl":"https://doi.org/10.21511/ins.10(1).2019.05","url":null,"abstract":"Insurers’ understanding of reputation importance is a key factor of their successful performance at the market. It particularly concerns life insurance sector, which has a significant development potential in Ukraine.The article aims at deepening scientific and practical essentials concerning the formation of life insurance companies’ reputation in conditions of market competition aggravation and insurance market conjuncture volatility.Based on ranking assessments used in Ukraine (Insurance Top, Mind, “My insurance agent” and the ranking of the corporate reputation management quality “REPUTATIONAL ACTIVists”), the need for ensuring the insurers’ reputation stability in conditions of acute competition at the market was substantiated. The results of financial statements analysis and corporate governance reporting of insurance companies ASKA-LIFE, TAS, KD Life, PZU Ukraine, UNIQA Life, MetLife were presented. It was substantiated that, within studying the life insurance companies’ reputation, along with main financial indicators, there is a need to analyze in details such indicators as insurance premiums and investment income for one insured from savings life insurance, average payments, current accounts payable, etc.It was proved that for reputation capital development, it is worth strengthening the role of corporate social responsibility, and to consider insurance companies’ assessment on the part of clients and employees who are brand advocates and affect the companies’ reputation formation.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75224423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-07DOI: 10.21511/ins.10(1).2019.03
I. Shkolnyk, E. Bondarenko, Ievgen Balatskyi
The Ukrainian stock market is rated as an emerging market, which is characterized by high profitability and higher risk level as compared to developed economies. Securities transactions on the Ukrainian stock market are accompanied by stable uncertainties. Moreover, insurance is the most effective way to reduce financial risks and their negative effects. Given the current economic and political instability, financial risk insurance can ensure the economic performance of business entities and stimulate their further economic development. Financial risk insurance is the liability insurance in its nature, but its terms are often included in property insurance. This insurance sector has considerable facilities, which require activation of new insurance products that will be able to protect individual and institutional investors. Insurance and stock markets are direct competitors for limited investor resources, including strategic sources such as temporarily free institutional investor funds and household savings. In general, although there is a significant interaction between the insurance and other financial markets in Ukraine, it is hardly realized at all, unlike foreign economies, where it is used to its maximum. With the development of the insurance culture of the population and insurance in general, the relevance of insurance services in a high-risk segment like the stock market increases. The article harmonizes types of financial risks arising on the stock market with the methods of their leveling (insurance, hedging, diversification, etc.), determines the risk factors of the investor in the stock market, and specifies the professional risks of financial institutions. For the Ukrainian stock market participants, the use of two types of insurance coverage, namely, Bankers Blanket Bond and Financial Institution Professional Indemnity, is proposed.
{"title":"Financial risks of the stock market: opportunities and specifics of their insurance","authors":"I. Shkolnyk, E. Bondarenko, Ievgen Balatskyi","doi":"10.21511/ins.10(1).2019.03","DOIUrl":"https://doi.org/10.21511/ins.10(1).2019.03","url":null,"abstract":"The Ukrainian stock market is rated as an emerging market, which is characterized by high profitability and higher risk level as compared to developed economies. Securities transactions on the Ukrainian stock market are accompanied by stable uncertainties. Moreover, insurance is the most effective way to reduce financial risks and their negative effects. Given the current economic and political instability, financial risk insurance can ensure the economic performance of business entities and stimulate their further economic development. Financial risk insurance is the liability insurance in its nature, but its terms are often included in property insurance. This insurance sector has considerable facilities, which require activation of new insurance products that will be able to protect individual and institutional investors. Insurance and stock markets are direct competitors for limited investor resources, including strategic sources such as temporarily free institutional investor funds and household savings. In general, although there is a significant interaction between the insurance and other financial markets in Ukraine, it is hardly realized at all, unlike foreign economies, where it is used to its maximum. With the development of the insurance culture of the population and insurance in general, the relevance of insurance services in a high-risk segment like the stock market increases. The article harmonizes types of financial risks arising on the stock market with the methods of their leveling (insurance, hedging, diversification, etc.), determines the risk factors of the investor in the stock market, and specifies the professional risks of financial institutions. For the Ukrainian stock market participants, the use of two types of insurance coverage, namely, Bankers Blanket Bond and Financial Institution Professional Indemnity, is proposed.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86131603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-23DOI: 10.21511/INS.10(1).2019.02
Donatella Porrini, F. De Masi
The aim of this article is to analyze the role of insurance for the coverage of damages deriving from natural disasters, focusing on the specific case of the Italian cathedrals. In this sense, a survey was conducted among the Italian Dioceses asking them to complete a questionnaire, through which the data useful for the analysis of the spread of insurance contracts and for other qualitative and quantitative elements linked to the decisional process of being insured were collected. The achieved coverage is equal to 29.02% of the Italian Dioceses, corresponding to 65 answers of a total of 224 contacts. In particular, the questionnaires investigate insurance presence, perception and awareness, willingness to pay and future prospects. An in-depth analysis about all the data deriving from the survey is provided, trying to compare some results and finally some considerations are presented on future research perspectives. What emerges is in some aspects surprising, because it allows to identify a significant financial culture and knowledge of the importance covered by insurance in the governance of disaster risk: for 62% of the cases analyzed, they have already underwritten this type of contract.
{"title":"The role of insurance in the management of disaster risk: the case of the Italian cathedrals","authors":"Donatella Porrini, F. De Masi","doi":"10.21511/INS.10(1).2019.02","DOIUrl":"https://doi.org/10.21511/INS.10(1).2019.02","url":null,"abstract":"The aim of this article is to analyze the role of insurance for the coverage of damages deriving from natural disasters, focusing on the specific case of the Italian cathedrals. In this sense, a survey was conducted among the Italian Dioceses asking them to complete a questionnaire, through which the data useful for the analysis of the spread of insurance contracts and for other qualitative and quantitative elements linked to the decisional process of being insured were collected. The achieved coverage is equal to 29.02% of the Italian Dioceses, corresponding to 65 answers of a total of 224 contacts. In particular, the questionnaires investigate insurance presence, perception and awareness, willingness to pay and future prospects. An in-depth analysis about all the data deriving from the survey is provided, trying to compare some results and finally some considerations are presented on future research perspectives. What emerges is in some aspects surprising, because it allows to identify a significant financial culture and knowledge of the importance covered by insurance in the governance of disaster risk: for 62% of the cases analyzed, they have already underwritten this type of contract.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72430251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-24DOI: 10.21511/INS.10(1).2019.01
Elinor Mualem, Abraham Zaks
Determining a premium for an insured person in an insurance company takes under consideration many factors, such as the size and profitability of the insurance company. By standard insurance theory, the total premium is given by p 3 σ/√n when n is the number of assured members, p is the net premium and σ is the variance per member. In this paper we give numeric estimation to σ.
{"title":"Risk premiums in life insurance","authors":"Elinor Mualem, Abraham Zaks","doi":"10.21511/INS.10(1).2019.01","DOIUrl":"https://doi.org/10.21511/INS.10(1).2019.01","url":null,"abstract":"Determining a premium for an insured person in an insurance company takes under consideration many factors, such as the size and profitability of the insurance company. By standard insurance theory, the total premium is given by p 3 σ/√n when n is the number of assured members, p is the net premium and σ is the variance per member. In this paper we give numeric estimation to σ.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76856677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-10-02DOI: 10.21511/ins.09(1).2018.06
O. Prymostka
The research is aimed to evaluate the internet marketing strategies in of life insurance companies in Ukraine. The insurance service in the time of digitalization faces scenarios of implementation in the marketing strategy on-line component. The main challenge for Ukrainian life insurance companies comparatively with the world practice is non-obligatory status of such kind of insurance contracts. So, on the one hand, costs of operation, regulatory pressures and inflexible technology infrastructure are increasing, and, on the other hand, economic recession does not allow to increase the number of insured persons, premiums and profit growth.Sector of financial services is characterized by an increase in the level of competition, life insurance compelled to compete with pensions funds, banks and other financial institutions in order to defend their market share. Insurance companies marketing strategy determines how an insurer can best achieve its goals and objectives, keep existing customers and attract new ones with minimal costs.Keeping all the above problems around the study would attempt to study all the factors that contributed to the effective marketing strategies. This paper presents different marketing strategies that are taken up in life insurance services keeping in view external and internal environment of the company.
{"title":"Life insurance companies marketing strategy in the digital world","authors":"O. Prymostka","doi":"10.21511/ins.09(1).2018.06","DOIUrl":"https://doi.org/10.21511/ins.09(1).2018.06","url":null,"abstract":"The research is aimed to evaluate the internet marketing strategies in of life insurance companies in Ukraine. The insurance service in the time of digitalization faces scenarios of implementation in the marketing strategy on-line component. The main challenge for Ukrainian life insurance companies comparatively with the world practice is non-obligatory status of such kind of insurance contracts. So, on the one hand, costs of operation, regulatory pressures and inflexible technology infrastructure are increasing, and, on the other hand, economic recession does not allow to increase the number of insured persons, premiums and profit growth.Sector of financial services is characterized by an increase in the level of competition, life insurance compelled to compete with pensions funds, banks and other financial institutions in order to defend their market share. Insurance companies marketing strategy determines how an insurer can best achieve its goals and objectives, keep existing customers and attract new ones with minimal costs.Keeping all the above problems around the study would attempt to study all the factors that contributed to the effective marketing strategies. This paper presents different marketing strategies that are taken up in life insurance services keeping in view external and internal environment of the company.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74944637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-26DOI: 10.21511/INS.09(1).2018.05
A. Kalife, Gabriela López Ruiz, Saad Mouti, Xiaolu Tan
Guaranteed Minimum Income benefit are variable annuities contract, which offer the policyholder the possibility to con- vert the guarantee level into an annuities income for life. This paper focuses on the optimal customer behavior assuming the maximization of the discounted expected future cash flows over the full life of the contract duration. Using convenient scaling properties of the contract value enables to reduce the complexity (dimension) of the problem and to characterize the policyholder’s decision as a function of the contract moneyness across four main choices: zero withdrawals, guaranteed withdrawals, lapse and the income period election. Sensitivities to key drivers such as the market volatility, the interest rate and the roll-up rate illustrate how crucial are not only the environment, but also the product design features, in order to ensure a fair and robust pricing for both customer and life insurer. In particular, the authors find that most empirical contracts are usually underpriced compared to mean optimal behavior pricing, which empirically translated into multiple updates of behavior assumptions and re-reserving by life insurers in the recent years.
{"title":"Optimal behavior strategy in the GMIB product","authors":"A. Kalife, Gabriela López Ruiz, Saad Mouti, Xiaolu Tan","doi":"10.21511/INS.09(1).2018.05","DOIUrl":"https://doi.org/10.21511/INS.09(1).2018.05","url":null,"abstract":"Guaranteed Minimum Income benefit are variable annuities contract, which offer the policyholder the possibility to con- vert the guarantee level into an annuities income for life. This paper focuses on the optimal customer behavior assuming the maximization of the discounted expected future cash flows over the full life of the contract duration. Using convenient scaling properties of the contract value enables to reduce the complexity (dimension) of the problem and to characterize the policyholder’s decision as a function of the contract moneyness across four main choices: zero withdrawals, guaranteed withdrawals, lapse and the income period election. Sensitivities to key drivers such as the market volatility, the interest rate and the roll-up rate illustrate how crucial are not only the environment, but also the product design features, in order to ensure a fair and robust pricing for both customer and life insurer. In particular, the authors find that most empirical contracts are usually underpriced compared to mean optimal behavior pricing, which empirically translated into multiple updates of behavior assumptions and re-reserving by life insurers in the recent years.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78980943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-08-31DOI: 10.21511/INS.09(1).2018.04
Chengyi Pu, Yueyun (Bill) Chen, Xiaojun Pan
This paper compares the weather insurance, weather index insurance and index futures and focuses on why China needs to develop weather indexes and adopt and trade weather index futures. It further discusses how to construct the indexes and futures and how to price them. Different from the Heating Degree Days (HDDs) and Cooling Degree Days (CDDs) used at Chicago Mercantile Exchange (CME), it develops the Extremely Heating Days (EHDs) and Extremely Cooling Days (ECDs) to derive relevant temperature-based weather index futures. Recently China has started using weather index insurance to cover farmers’ risk. Through comparisons of weather index futures with index insurance, this study shows the necessity and importance of using the weather index futures to better protect farmers and better develop China’s financial markets.
{"title":"Weather indexes, index insurance and weather index futures","authors":"Chengyi Pu, Yueyun (Bill) Chen, Xiaojun Pan","doi":"10.21511/INS.09(1).2018.04","DOIUrl":"https://doi.org/10.21511/INS.09(1).2018.04","url":null,"abstract":"This paper compares the weather insurance, weather index insurance and index futures and focuses on why China needs to develop weather indexes and adopt and trade weather index futures. It further discusses how to construct the indexes and futures and how to price them. Different from the Heating Degree Days (HDDs) and Cooling Degree Days (CDDs) used at Chicago Mercantile Exchange (CME), it develops the Extremely Heating Days (EHDs) and Extremely Cooling Days (ECDs) to derive relevant temperature-based weather index futures. Recently China has started using weather index insurance to cover farmers’ risk. Through comparisons of weather index futures with index insurance, this study shows the necessity and importance of using the weather index futures to better protect farmers and better develop China’s financial markets.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84244918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-13DOI: 10.21511/INS.09(1).2018.03
Victoria Borisova
This study investigates the features of the development of the discriminant model of diagnostics of the socio-economic potential of health insurance, and the trends in the medical insurance system development in Ukraine. This study uses logistic, statistical and normative methods to assess of the socio-economic potential of health insurance in Ukraine from 2010 to 2017. The empirical result shows that the block assessment of the financial potential of health insurance gives the complete information on the dynamics of individual indicators and trends of the branch. The need for assessment of the socio-economic potential of health insurance in order to improve the efficiency of the public financial management of the health care finance system and the insurance market regulation has been justified.
{"title":"Diagnosis of the socio-economic potential of health insurance","authors":"Victoria Borisova","doi":"10.21511/INS.09(1).2018.03","DOIUrl":"https://doi.org/10.21511/INS.09(1).2018.03","url":null,"abstract":"This study investigates the features of the development of the discriminant model of diagnostics of the socio-economic potential of health insurance, and the trends in the medical insurance system development in Ukraine. This study uses logistic, statistical and normative methods to assess of the socio-economic potential of health insurance in Ukraine from 2010 to 2017. The empirical result shows that the block assessment of the financial potential of health insurance gives the complete information on the dynamics of individual indicators and trends of the branch. The need for assessment of the socio-economic potential of health insurance in order to improve the efficiency of the public financial management of the health care finance system and the insurance market regulation has been justified.","PeriodicalId":32827,"journal":{"name":"Insurance Markets and Companies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76341532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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