scholarly journals La costituzione dell’INA e il monopolio statale delle assicurazioni (1912-1922) = The constitution of INA and the state monopoly of insurance (1912-1922)

2012 ◽  
pp. 163
Author(s):  
Serena Potito
Keyword(s):  
Life Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Transient Condition ◽  
National Context ◽  
Insurance Sector ◽  
Financial Interest ◽  
Historical Archives ◽  
Italian Market ◽  
State Monopoly

<p>Il saggio –basato principalmente su documenti attualmente conservati presso l’Archivio Storico dell’INA, a Roma– esamina le vicende legate alla nascita dell’Istituto, costituito in un regime transitorio di monopolio relativo nel settore delle assicurazioni sulla vita.<br />A causa del suo significato economico e politico, questa speciale forma di monopolio statale diede luogo a molte reazioni nell’ambito finanziario e politico nazionale, pertanto l’INA iniziò i primi anni di attività in una situazione conflittuale ed incerta.<br />Il saggio inoltre approfondisce le ripercussioni sul mercato assicurativo internazionale in seguito alla nascita dell’INA.<br />Durante il decennio di monopolio parziale dell’Istituto nel settore delle assicurazioni sulla vita (1912-1922), le compagnie di assicurazione straniere ritennero compromessi i loro interessi finanziari nel mercato italiano, e lo osteggiarono fino al 1923, quando una nuova legge riformò il mercato assicurativo sulla vita, abolendo il regime di monopolio.</p><p>The essay –mainly based on documents actually preserved in the Historical Archives of INA, in Rome– examines the events connected with the foundation of the Institute, established in a transient condition of partial monopoly system in life insurance sector. Because of its economic and political meaning, this special form of state monopoly gave rise to many reactions in the financial and political national context, and so INA started its first years of activity in a troubled and unstable situation. The essay also discusses about the repercussions on international insurance market in consequence of the foundation of INA.<br />During the ten-year perior of partial monopoly of the Institute in life insurance sector (1912-1922), foreign insurance companies deemed their financial interest in Italian market jeopardized, and contrasted with it until 1923, when a new act reformed life insurance market, abrogating monopoly system.</p><p> </p>

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

scholarly journals Trends in Marketing of New Insurance Schemes and Distribution: An Empirical Study on Indian Life Insurance Sector

2015 ◽  
Vol 9 (2) ◽  
pp. 61-81
Author(s):  
Suman Kalyan Chaudhury ◽  
Sanjay Kanti Das
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Financial Stability ◽  
Free Market ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Current Status ◽  
Insurance Sector

Insurance has been an integral part of financial services system and recognised as a cornerstone of a country’s financial health and symbol of progress. Insurance provides for the financial security of citizens and their families. The present paper discusses the role of marketing in insurance distribution of life insurance sector in India as insurance offers a valuable investment advices and serves as an effective step towards both individual and national financial stability. The waves of globalisation have deeply influenced the insurance sector worldwide. Financial globalisation has been strongly supported by globalisation of insurance. With the increase in trade, direct investment and portfolio investment, there has been an ever growing demand for insurance services particularly in the emerging markets. Globalisation of insurance market, as a part of the overall process of liberalisation in emerging and other countries enabled the foreign insurance companies to enter in those countries and benefited both. Triggered by the sound fundamentals in global economy and internationalisation of world markets, several countries turned towards free market regimes in banking and insurance, putting an end to several decadeold state-owned controlled markets. There was a remarkable progress in the Indian insurance industry soon after the acceptance and adaptation of LPG in the year 1991. After 1991, the Indian life insurance industry has geared up in all respects, as well as it has been forced to face a lot of healthy competition from many national as well as international private insurance players. It is also reported by Swiss Re and Munich Re that there would be 20-25 percent growth in life and health insurance market by 2015, particularly in India and China. In this paper an effort is made to study the current status and challenges faced by the life insurance business houses in India.Journal of Business and Technology (Dhaka) Vol.9(2) 2014; 61-81

scholarly journals Performance of the Polish Insurance Sector in the Second Decade of the 21st Century

2020 ◽  
Vol 15 (3) ◽  
pp. 251-264
Author(s):  
Ryszard Stempel
Keyword(s):  
Financial Performance ◽  
Life Insurance ◽  
Penetration Rate ◽  
Private Insurance ◽  
Insurance Market ◽  
Financial Supervision ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Insurance Density ◽  
Statistical Yearbook

The study analyzes the performance of the Polish insurance sector between 2010 and 2019. The analysis was based on source materials from the Statistical Yearbook published by Statistics Poland (GUS), reports of the Polish Financial Supervision Authority (KNF) and the Polish Chamber of Insurance (PIU). The main indicators describing the performance of the insurance market, including its concentration, number of policies, market structure, competitiveness, consumer behavior, and the financial performance of insurance companies were identified and analyzed. The strengths and weaknesses of the Polish private insurance market in the last ten years were determined. The main weakness was a considerable decrease in the sale of life insurance (branch I) policies, which was manifested by a steady decrease in gross premium, a continued decline in insurance density and penetration rate, deteriorating financial performance, and a decrease in the number of branch I insurance companies. Considerably better results were reported in the non-life insurance segment (branch II), where gross earned premium continued to improve and increased by around 64% over the analyzed decade. The non-life sector was also characterized by a steady improvement in density (increase of PLN 436), penetration rate (increase of 0.07%) and financial performance (net technical result increased by PLN 4.2 billion, net profit increased by PLN 1.5 billion).

scholarly journals THE ANALYSIS OF CURRENT TRENDS IN THE INSURANCE SEGMENT OF THE FINANCIAL MARKET OF UKRAINE

2021 ◽  
pp. 130-139
Author(s):  
Yuriy Klapkiv ◽  
Volodymyr Svirskyi ◽  
Roman Shchur
Keyword(s):  
Life Insurance ◽  
Financial Literacy ◽  
Insurance Industry ◽  
Cash Flows ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Current Trends ◽  
The Impact

Purpose. Analysis of the state of the insurance services market of Ukraine, identification of the main problems of its development in modern conditions and determination of directions for improving the functioning of the insurance services market in Ukraine. Methodology of research. The scientific and methodological basis for the article are scientific works, monographs, materials of professional publications, Internet resources. During the research the methods of analysis and synthesis, system-functional method and method of comparative studies were used, with the help of which most modern tendencies, phenomena and processes in the market of insurance services are explained. Findings. The article is devoted to current trends of the insurance in Ukraine. The study examines the main trends in its development during 2016-2020. The dynamics of the number of insurance companies, the main indicators of insurers, the structure of gross and net insurance premiums of domestic insurers, reinsurance indicators are analyzed. Based on a dataset of Ukrainian insurance industry, we analyse the impact of transformation of the insurance sector. Based on the analysis, the main problems of the insurance services market of Ukraine are identified and proposals for improving its development are formulated. The results illustrate major tasks the industry is facing: enhancing the customer experience, improving its business processes, offering new products, and preparing for competition with other industries, imperfection of regulatory regulation of the insurance sector; underdevelopment of the life insurance segment and other types of insurance (agricultural, environmental, catastrophic risks and life insurance, cyber risks); low solvency of potential consumers of insurance services, low level of capitalization of insurance companies, lack of insurance culture, distrust of the insurance institution; fraud and neglect of the rights of policyholders by some insurance companies; low financial literacy of policyholders. Moreover, we identify key areas of change of the insurance services market of Ukraine: creation of a centralized online database of insurance contracts; improving the system of taxation of insurance activity; adaptation of Ukrainian legislation in the field of insurance to EU legislation; introduction of high technologies in insurance services; improvement of marketing management; creation of an export insurance system by establishing a special organization for export insurance and financing; introduction of insurance culture and traditions. Originality. A comprehensive approach to the analysis of the state of the insurance market as an important component of the financial sector of the economy with most of its inherent characteristics, functions and principles; economic space in which institutional units for the implementation of insurance services interact; a set of orderly cash flows between the subjects of the insurance market. Practical value. The results of the study can be the basis for further research to systematically address practical problems in this area, development and implementation of measures aimed to achieve accelerated progressive development of the insurance market to ensure socio-economic growth. Key words: insurance, insurance services, insurance services market.

The influence of Education, Occupation and Income on Perceived Customer Value

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
Amit Sharma ◽  
Bodh Raj Sharma
Keyword(s):  
Life Insurance ◽  
Customer Value ◽  
Demographic Variables ◽  
Insurance Companies ◽  
Primary Data ◽  
Insurance Sector ◽  
Significant Difference ◽  
Quota Sampling ◽  
Indian Insurance ◽  
Perceived Customer Value

The aim of this paper is to assess empirically perceptual gap among the customers having different educational qualification, occupation and income regarding customer value in Indian insurance sector. It is a fact that insurance sector has been growing tremendously despite a lot of competition in the marketplace. The study is based upon the primary data obtained from customers of four life insurance companies belonging to various districts of J&K through quota sampling. A questionnaire was framed containing items of demographics and statements measuring customer value based upon seven point Likert scale. The findings indicate that the demographic variables viz., qualification, occupation and monthly income, there is no significant difference regarding perceived customer value among the life insurance players.

scholarly journals Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

2018 ◽  
Vol 7 (1) ◽  
pp. 17-42
Author(s):  
Milijana Novović Burić ◽  
Vladimir Kašćelan ◽  
Milivoje Radović ◽  
Ana Lalević Filipović
Keyword(s):  
Risk Management ◽  
Interest Rate ◽  
Life Insurance ◽  
Financial Management ◽  
Financial Stability ◽  
Interest Rate Risk ◽  
Economic Security ◽  
Insurance Market ◽  
Insurance Companies ◽  
Rate Risk

Abstract Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM), as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

scholarly journals Factors influencing and dynamics of the agricultural insurance market

VUZF Review ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 42-49
Author(s):  
Nataliya Tanklevska ◽  
Vitalina Yarmolenko
Keyword(s):  
Crop Production ◽  
Agricultural Sector ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Agricultural Insurance ◽  
Agricultural Producers ◽  
Agricultural Enterprises ◽  
Insurance Sector ◽  
Factors Influencing

The article is aimed at identifying modern features of insurance in the agricultural sector of the Ukrainian economy and defining the factors of influence on the agricultural insurance market. The article discloses interpretation of the terms of «insurance» and «agricultural insurance» and also presents the types of possible risks arising in the activities of agricultural enterprises. The performance indicators of leading insurance companies in the field of agricultural insurance are analyzed. The current state and dynamics of insurance of agricultural risks, which arise both in the field of crop production and in livestock, are researched. This will allow predicting the future prospects of the market for insurance services and products, as well as finding possible optimal ways to solve the problems of product insurance, faced by the agricultural producers. The main factors influencing the efficiency of the insurance market in the agricultural insurance sector are allocated. The basic principles of insurance of agricultural products with the State support are analyzed. It is defined that the further development of agricultural insurance should be directed towards creating a profitable and safe environment for all participants in the agricultural market, which provides for the distribution of risks between agricultural producers, processing enterprises, banks, insurance companies and the State. The agricultural insurance of risks creates possibilities for advantageous harmonizing the interests of participants in the agricultural insurance market and the State as a party whose first priority is to ensure stable economic growth.

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

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

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

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

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

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

scholarly journals Stackelberg Equilibrium Premium Strategies for Push-Pull Competition in a Non-Life Insurance Market with Product Differentiation

Risks ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 49
Author(s):  
Søren Asmussen ◽  
Bent Jesper Christensen ◽  
Julie Thøgersen
Keyword(s):  
Differential Game ◽  
Product Differentiation ◽  
Life Insurance ◽  
Diffusion Approximation ◽  
Risk Process ◽  
Stackelberg Equilibrium ◽  
Insurance Market ◽  
Insurance Companies

Two insurance companies I 1 , I 2 with reserves R 1 ( t ) , R 2 ( t ) compete for customers, such that in a suitable differential game the smaller company I 2 with R 2 ( 0 ) < R 1 ( 0 ) aims at minimizing R 1 ( t ) − R 2 ( t ) by using the premium p 2 as control and the larger I 1 at maximizing by using p 1 . Deductibles K 1 , K 2 are fixed but may be different. If K 1 > K 2 and I 2 is the leader choosing its premium first, conditions for Stackelberg equilibrium are established. For gamma-distributed rates of claim arrivals, explicit equilibrium premiums are obtained, and shown to depend on the running reserve difference. The analysis is based on the diffusion approximation to a standard Cramér-Lundberg risk process extended to allow investment in a risk-free asset.

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