Страхові компанії як елемент кредитної системи

This thesis is based on the author's own in-house experienced the situation, to analyze the life insurance companies in the Bancassurance business strategy, how in the most effective way to operate and create a win-win? Banks and life insurance companies appears to be a different financial institution, but its business has been collaborating on many days, the life insurance company itself has a number of operating channels, such as: sales channels, Insurance Brokers Insurance Agency pathway Bancassurance .. etc. , life insurance companies are scattered its operating risks. Bancassurance which is nearly six years digging new type of operation, and in 2012 accounted for 61% of all revenue channels, all insurance companies are in this fierce competition, the thesis discussed Transglobe Bank Insurance path based on past experience, and thus the business strategy of regional IA development in the banking channel, during which face many problems, but have all the solutions, and finally explore win-win.

INSURANCE ISSUES IN LIVING KIDNEY DONATION We have undertaken a study to ascertain the perspective of U.K. insurance companies to provision of insurance to living kidney donors. WHICH (consumer guide) and customer directories were used to identify the major life and health insurance providers in the United Kingdom, who were then invited to complete specific questionnaires. The results were as follows: 14 life insurance companies, insuring approximately 6.5 million customers (79% of U.K. life insurance market), replied. When questioned regarding their policy if an existing customer should die during kidney donation, 13 of 14 stated that they would pay the agreed life insurance sum. One company did not provide an answer, as they had no experience of the situation and are currently deciding their position for future reference. No companies required to be informed by a customer of their intention to donate. Furthermore, all would accept new customers after previous kidney donation and would not charge an increased premium but indicated that time considerations since donation were a factor in assessing such customers (Table 1). Table 1: Time since living kidney donation for new customers considered relevant by life and health insurers in the United KingdomRegarding health insurance provision, seven major health insurance companies replied; however, one did not complete the questionnaire because they do not market new business. Of the remaining six companies, half cover existing customers for kidney donation. Should an existing customer require a transplant, one company would pay recipient medical expenses and would also pay donor costs if the recipient and donor were both policy holders. All companies accept new customers after previous kidney donation, although two of six stipulate that they exclude any problems arising from donation. Two of six charge an increased rate and four of six do not. Time since donation is considered to be relevant for new customers, as shown in Table 1. Insurance companies providing life insurance to almost 80% of the life insurance policy holders in the United Kingdom would honor the terms of their agreement should a customer die as a consequence of live kidney donation. Premiums are not raised; therefore, kidney donation has no long-term financial implications regarding life insurance. When considering new customers applying for insurance, there were significant inconsistencies among both life and health insurers in the amount of time postdonation that respondents considered relevant. Deaths associated with live kidney donation are rare but occur predominantly in the perioperative period, as do the great majority of complications (1,2), and so these time considerations could be considered to be without scientific foundation. It has been postulated that the increased life expectancy in donor populations may be attributed to exclusion of concomitant illness by the rigorous assessment (3–5). Considering this, the reluctance of certain health insurers to provide medical expenses for donors or sickness benefit is disappointing. Equally, it could be argued that life insurance premiums should actually be reduced postdonation. Kidney donation may have financial implications for health insurance; however, the long-term effects of this are minimized because of the current structure of the National Health Service in the United Kingdom. The inconsistencies in many aspects of insurance provision to live kidney donors highlight the necessity to share information and strive for evidence-based practice from insurance providers. Sarah Clarke Jennifer A. Lumsdaine Stephen J. Wigmore Murat Akyol John L. R. Forsythe

In recent years Ukraine against the background of systemic crisis trying to reform socially-oriented areas of society, including voluntary health insurance, which must combine market and social burdens. Under these conditions, an important scientific and practical research is forecasting financial indicators of domestic insurance companies. Aim. Conducting analysis and forecasting of the basic indicators that characterize the financial state of development of the domestic health insurance market. Materials and methods. Research materials were selected from the official websites of the National Commission which carry out state markets regulation of financial services and the League of Insurance Organizations of Ukraine for 2009–2018 years. We used historical, analytical and comparative, systematic, logical, hypothetical-deductive, mathematical and statistical methods. Results. To forecast the financial indicators of the health insurance market in Ukraine (gross insurance premiums and payments; operations transferred to reinsurance, including non-residents; net insurance premiums and payments) for 2019–2020 years; the time interval was set from 2009 year. According to the results of the calculations, we obtained regression models for different financial indicators (6 models). With the help of the selected mathematical tools, the main financial indicators of the market development for 2019–2020 years were forecasted. The analysis of the data revealed that the highest value growth rate (%) in 2020 year will be characteristic of reinsurance operations, including those transferred to non-residents (49.06 %) and the lowest - to gross insurance payments (14,41 %). It is established that the indicator of net insurance payments since 2010 year has been steadily decreasing (from 78.19 %), and according to the forecasted data in 2019 year it may be equal to 46.77 %, and in 2020 year – 44.98 %, the trend will continue to decrease. However, this indicator since 2016 year (53.9 %) and the data forecast for 2019–2020 years are in the regulatory range (from 30.0 % to 60.0 % for different types of insurance activities). Conclusions. According to the results of the research, it is established that in spite of the financial and economic crisis since 2014 year, the domestic health insurance market is characterized by positive dynamics of growth of the main financial indicators (gross insurance premiums and payments, net insurance premiums and payments). At the same time, there is a tendency to decrease the level (%) of net insurance payments indicator from 78.19 % in 2010 year to the forecast in 2020 year – 44.98 %.

Introduction. Availability and completeness of information about the economic, social and environmental components of enterprises activities is a necessary condition for ensuring the transparency of their business. This issue is especially relevant for insurance companies which are the enterprises of public interest. Methods. In the process of research general scientific methods were used: induction, deduction, analysis and synthesis – to study the norms of the legislative and regulatory framework of the European Union and Ukraine on integrated reporting issues; methods of grouping and comparison – to assess the structure and quality of the Management Reports of insurance companies; abstract and logical method – to systematize the results of the analysis obtained. Results. The structure and information content of the "Management Reports" of the largest, in terms of receipts and payments volumes by risky types of insurance of Ukrainian insurance companies, are studied. The main factors that led to a significant amount of data in the «Management Report» of some insurance companies have been identified. It is proposed to unify the submission of information by insurance companies in the chapters «Performance» and «Liquidity and Liabilities» in the «Management Report». It is noted that the National Bank of Ukraine needs to develop separate Guidelines for the preparation of the Management Report for non-banking financial institutions, which would take into account the specifics of their activities. Discussion. Implementation of the proposed method of the «Management Report» formation in the chapters «Performance» and «Liquidity and Liabilities» will increase the level of transparency of the insurance business and simplify the procedure for their preparation by insurance companies staff as well as the process of data systematizing by stakeholders (first of all National Bank of Ukraine). In view of the practical feasibility of developing separate guidelines on the preparation of the «Management Report» for insurance companies, taking into consideration the specifics of their business, we perceive the need for further research of content and format of submission of other sections of the «Management Report». Keywords: Management Report, insurance company, analysis, insurance premiums, insurance payments.

Comprehensive and Technical Efficiency of Insurance and Takaful Companies in Pakistan Insurance and Takaful companies, both, are business organizations existing for the motive of profit. Large capital is required by the shareholders to establish a company; therefore, the company is expected to earn sufficient profit to meet the expectations of the shareholders. Moreover, a company also has its responsibilities towards its customers in terms of quality service. Shareholders are more concerned with their profit and customers regarding the services. Companies pay claims when the covered persons suffer a loss which can be the death of the family’s only bread earner, factory on fire, theft of business goods etc. Therefore, efficient financial performance of insurance and Takaful companies is important to fulfil the requirements of both: shareholders and clients. This study investigates financial efficiency of insurance and Takaful companies via Data Envelopment Analysis during the period 2011 to 2015. We have taken six general (non - life ) insurance & Takaful companies operating in Pakistan with input factors labor cost, assets and output factors premium / contribution received and percentage of claims paid. Results show that insurance and takaful companies are more than 80% efficient in their operations. For further increasing their efficiencies, they need to reduce their input by less than 20% to have same level of output. Comparing efficiencies of insurance and takaful companies, insurance companies are more efficient in terms of pure technical & super efficiency while takaful companies have higher scale efficiency than insurance companies, though the difference in most of the cases is less than 2%. Both types of companies need to improve their efficiencies by decreasing their assets input and labor cost while retaining the same output level of premiums and claims. Keywords: General insurance, Data Envelopment Analysis (DEA); Malmquist index, Takaful, Scale and technical efficiency

The enthusiasm of the Indonesian people for social media makes digital marketing strategies an important factor to increase brand strength through improving the company's postitf image. Social media is a place for companies to form positive online perceptions and reputations. This condition is the basis for research to find out how the consistency of positive reputation is on the financial performance of insurance companies in Indonesia. The relationship between the Digital Reputation Index (IRD) on the financial performance of insurance companies (gross premiums, productivity ratio and company profit) was analyzed based on data from 12 life insurance companies and 12 conventional general insurance companies respectively. The Spearman correlation test resulted in a significant positive directional relationship for the Digital Reputation Index to gross premiums (for life and general insurance companies). A non-significant positive directional relationship between the Digital Reputation Index and the Productivity Ratio (life and general insurance). A non-significant positive directional relationship between the Digital Reputation Index and the profits of life insurance companies while a significant positive relationship occurs with the profits of general insurance companies.

Following the release of life insurance market in Taiwan, new companies and new products consistently made their appearances; however, life insurance industry confronted severe competition and challenges. As a result, the competition of traditional cost can no longer ensure the competitive advantage. In addition to satisfying the demand of diversified life insurance product, increasing the degree of customer satisfaction is the primary strategic direction in life insurance industry. Thus, this study aims at building and examining the conceptual structure of customer satisfaction in the insurance industry, including the antecedents, such as cognitive construct, affective construct and disconfirmation, and at building upon the satisfaction of postpurchase behavior, including loyalty and complaining behavior. The findings reveal that, affection and disconfirmation serves the best capability of explanation in customer satisfaction. Furthermore, the satisfaction positively correlates with the positive affection and disconfirmation, whereas negatively correlates with the negative affection, and in addition, positively correlates with repurchase intention and word-of-mouth; however, it has no correlation with the complaining behavior. Finally, the results of the empirical study reveal that positive affection tends to directly influence the word-of-mouth and complaining behavior, thus, the best strategy in the life insurance industry should be based on forming the invisibly specific assets with the customers, that is the positive affection, as to construct higher transformational barriers.

Introduction. Life insurance arises from the need for individuals to provide financial protection and security for themselves and their families. It can be used as a tool for accumulating financial resources and as a means of pension planning. Life insurance in Ukraine remains less developed compared to other European countries due to low confidence in insurance companies, a difficult economic situation in the country, and the lack of proper legislative regulation in this area of insurance. Problem Statement. The increasing proportion of elderly people, according to demographic projections, determines the corresponding requirements for reforming primarily the social security sphere, and life insurance could become one of the effective ways of supplemental social security. Purpose. To highlight the potentialities of using life insurance as supplemental social security. Methods. We used general scientific and special methods, i.e. analysis, synthesis, grouping, description, comparison, theoretical generalization, and abstract-logical methods. Results. It is emphasized that life insurance inherently aims at additional protection and support of the financial and social welfare of the population. It is noted that in most developed countries, life insurance is integrated into the social security system. It is proved that life insurance in Ukraine is not a mandatory part of the social security system, but is available on a voluntary basis through insurance companies. The number of insured citizens and life insurance contracts concluded by life insurers in Ukraine during the last 5 years has been analyzed. Research of the voluntary life insurance market in Ukraine has been conducted and an overview of the programs offered by insurance companies according to the classes of insurance has been made. Conclusions. Life insurance as an opportunity for supplemental social security has a significant potential in our country. However, the impact of some negative factors, in particular, military aggression, and an underdeveloped stock market hinders the development of the voluntary life insurance market and the possibility to expand the share of the insured population of our country. Taking into account statistics, which are aggravated by the military situation in the country, there is a need for clearly defined legislative conditions for the use of life insurance as a supplemental method of social security.

This paper focuses on asset allocation decisions of life insurance companies in emerging markets. Mature market insurers allocate only a small fraction of their assets to emerging markets because of regulatory constraints, rating pressures, and currency risk. However, global insurers invest directly in emerging markets by setting up subsidiaries rather than through portfolio investment, and this trend is increasing. Local insurers largely remain captive investors of local instruments and provide stability to the domestic securities market. The regulatory regime and the liquidity and depth of local markets play an important role in asset allocation decisions of insurers. Insurance companies are increasingly adopting asset liability management and risk control measures. However, insufficiently developed local markets and regulatory interventions on the liabilities side often limit optimal asset allocation.

The most significant problems in financing the public health system in Ukraine are the permanent deficit of public spending on medicine and the shallow development of the voluntary health insurance market. The aim of study is the search of optimal interactions between stakeholders in the system of relations “state – insurance companies – households” in the context of voluntary health insurance. The study hypothesizes that households can become more active participants in health insurance only if their average monthly income reaches a certain threshold level. It is calculated based on the results of simulation games using the Brown-Robinson iterative method. According to the simulation results, this threshold level is only 7% higher than the actual value of the average monthly income of Ukrainian households during the analysis. At the same time, under this condition, the state in Ukraine will be able to transfer part of the financial burden of compensating healthcare costs to insurance companies. According to the calculations made with the help of the game theory toolkit, with the maximization of insurance payments to the population under health insurance contracts, the burden on public health financing in Ukraine could be reduced by 67.7%. The paper was conducted on the data of the ten most potent insurance companies of Ukraine as of 2021 (it is they who accumulate the lion’s share of household insurance premiums), that is, before the start of a full-scale war between the Russian Federation and Ukraine. The obtained results can be used both by insurance companies during the management of insurance premiums and payments and at the level of state management of costs in the field of public health. AcknowledgmentThis study was undertaken as a part of the research projects granted by the Ministry of Education and Science of Ukraine: “Socio-economic recovery after COVID-19: modeling the implications for macroeconomic stability, national security and local community resilience” (registration number 0122U000778); “The impact of COVID-19 on the transformation of the system of medical and social security of population: economic, financial-budgetary, institutional-political determinants” (0122U000781).

Efforts to formulate legislation designed to tax the income of various types of life insurance companies have encountered difficult and complex problems. This article enumerates several of these problems and describes four alternative forms of life insurance company income tax legislation: U.S. Treasury's 1958 proposal for a total income tax base, Lent's proposal for a total income plus reserve interest tax base, the 1959 Act and a revised version of the 1959 Act. potential impact of each alternative tax law is systematically analyzed by means of a computer simulation technique. results suggest that certain laws would create inter-company inequities as well as industry financial chaos. history of life insurance company income tax legislation reveals the complex problems involved in designing a tax law which will simultaneously generate adequate amounts of revenue while treating all life insurance companies equitably. Early attempts2 to apply a total income Andrew F. Whitman, Ph.D., is Assistant Professor of Insurance in the University of Minnesota. He has served as part-time instructor in Pennsylvania State University, as Technical Assistant in the Wisconsin State Insurance Department, as a State Farm Fellow and Teaching Assistant in the University of Wisconsin, and as a Traveler's Research Fellow. earlier article by Dr. Whitman on taxation of insurance companies appeared in this Journal. Howard E. Thompson, Ph.D., is Associate Professor of Business in the Graduate School of Business of the University of Wisconsin. From 1957 to 1961, Dr. Thompson served as Mathematician and Operations Research Analyst at the A. 0. Smith Corporation. His earlier articles have been published in Management Science, the Journal of the Academy of Management, and this Journal. This paper was presented at the 1967 Annual Meeting of A.R.I.A. 1 research for this study was sponsored in part by Ford Foundation, National Science Foundation through the Graduate School of the University of Wisconsin, and the Research Department of Travelers Insurance Company. or corporate income tax approach to life insurance companies were abandoned3 in 2 From 1909 to 1921 the method of determining the income tax base for life insurance companies was substantially the same as that imposed on companies not in the insurance business. Between 1913 and 1921, premium income, investment income, and capital gains were included in gross taxable income. deductions from gross income included the following items: tax-exempt interest, dividends on policies for which premiums were currently paid, operating expenses, current payments on policies, and net additions to policy reserves. Corporation Enactment of 1909 was reenacted in the Revenue Acts of 1913, 1916, 1917, and 1918. For life insurance companies, Tax rates started at 1 per cent in 1909 and gradually increased to 12 per cent in 1918; Allen L. Mayerson, The Life Insurance Company Income Act of 1959, CLU Journal, XIV, No. 2 (Spring, 1960) p. 172. 3 For statements of the reasons for abandoning the corporate or total income tax base which taxes both life insurance company investment income and underwriting gain, see House Report No. 350, 67th Congress, 1st Sess., p. 20; T. S. Adams, Advisor to the Treasury, Senate Committee on Finance, Hearings on H. R. 8245, 67th Congress, 1st Sess. (Washington U.S. Gover ment Printing Office, 1921); Robert T. Collins, The Federal Taxation of Insurance Companies (unpublished Ph.D. dissertation, University of Southern California, 1954) pp. 142-66; Barnie E. Abelle, An Evaluation of the Life Insurance Company Income Act of 1959, (unpub-

The processes of globalization, technology improvement and increasing competition put banks and insurance companies in need of increasing and changing the range of their services. The requirement to increase the level of profitability of their own activities stimulates the integration processes of banks and insurance companies and is one of the options to increase the supply of financial assets and increase demand for them. Was determined that when considering the integration processes between banks and insurance companies, it is important to study such areas of cooperation as the joint formation and use of financial resources, the creation of joint financial products and the conduct of joint marketing policy. During the analysis was proved, that bank deposits occupy the largest share among all other financial instruments and, as a result, provide insurers with the largest share of financial income, and investing in the capital of insurance companies remains a priority source of credit and investment resources for banks. The article proves that in Ukraine the most promising in the functioning of banks and insurance companies is a form of cooperation such as banсassurance, as the population has a greater demand for banking products and trusts more banks than insurance companies do. This concept of cooperation will lead to a synergistic effect, i.e. the demand for the purchase of one product (banking) will facilitate the purchase of another (insurance), which is the main purpose of bancassurance. The study identified the main benefits of cooperation between banks and insurance companies, including increased service because of a combination of banking and insurance products, providing non-traditional banking services, creating sources of additional income, reducing the cost of certain insurance services.

Introduction. It is emphasized that the sustainable development of national economy is possible as long as the financial services market functions effectively. The market is formed by the entities providing insurance, banking and investment services.Purpose. The purpose of the article is to identify the current challenges which hinder the development of Ukraine’s financial services market.Methods. The methodological framework of the study includes the following general research methods: induction, analysis, and generalization.Results. The main indicators reflecting the performance of the domestic insurance services market are analysed. Based on gross insurance premiums and insurance payments, it is found out that the most common type of insurance is vehicle insurance. The research paper claims that nowadays various types of insurance are being developed progressively in Ukraine. Special attention is paid to life insurance, because this type of insurance is viewed as socially essential. However, the development of life insurance market in Ukraine is rated as low.The presence of domestic banks on the financial services market is determined through the following indicators: the amount of funds received by business entities and individuals; the amount of gross loans granted to them. Under the current conditions, the domestic banks are providing financial services with innovative solutions.The main performance indicators of the domestic market of investment services with the participation of joint investment institutions are analysed. The development of this segment of the investment services market is evidenced by the increasing volume of assets owned by investment funds. The author also notes that there is a lack of people’s involvement in joint investment institutions.Discussion. The research findings are applicable and can be used in implementing strategies for the growth of Ukraine’s financial services market.

The article considers the position and meaning of insurance in the social-economic system of Russia. Insurance is associated primarily with protection of the property interests under risky events. There is a large classification of risks, which is closely related to the insurance institution, and the authors analyze some types of risks providing relevant contemporary examples. Insurance is a means of the risk management system; however, the current economic, political, and social situation has a direct impact on the insurance system. Thus, in periods of instability, insurance companies have to adapt to the economic situation and financial possibilities of people to purchase insurance products. Insurance as a type of activity performs two groups of functions - economic and social. The main task of insurance is to implement effective measures of insurance protection from risky events. The article also considers activities of insurers in Russia from 2012 to 2018: the number of insurance companies, the authorized capital, the peak volume of foreign deposits, insurance payments, reinsurance operations, etc. The authors present two types of insurance - voluntary and compulsory - and consider the features of each type. The data of sociological surveys allows to analyze these features and to identify the role of voluntary and compulsory insurance in the social-economic system (tasks, functions, and so on).

Fixed rate, premiums and insurance coverage for policyholders and insurance companies in traditional life insurance have increased certain risks. For this reason, we consider studying variable life insurance. The biggest difference between the two insurance is that whether the actual death benefit of volatility is changeable. This paper studied the change of the premium when the premium changes in proportion to the death benefit and when it is fixed. And, it put forward a way to pay the death benefit, named “pay off increasing amount insurance”. Finally, this paper simulated the mean and variance of the death benefit using Monte Carlo method, and also compared the advantage and disadvantages of each approach.