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 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

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.

Insurance Industry in India: Structure, Performance, and Future Challenges

2005 ◽  
Vol 30 (3) ◽  
pp. 93-120 ◽  
Author(s):  
S Krishnamurthy ◽  
S V Mony ◽  
Nani Jhaveri ◽  
Sandeep Bakhshi ◽  
Ramesh Bhat ◽  
...  
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Distribution Systems ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Demand For Insurance ◽  
Market Shares ◽  
The Future

With the liberalization and entry of private companies in insurance, the Indian insurance sector has started showing signs of significant change. Within a short span of time, private insurance has acquired 13 per cent of the life insurance market and 14 per cent of non-life market. However, there is still a huge untapped demand for insurance. Insurance companies have a pivotal role in offering insurance products which meet the requirements of the people and, at the same time, are affordable. Some of the challenges faced by the insurance sector pertain to the demand conditions, competition in the sector, product innovations, delivery and distribution systems, use of technology, and regulation. To understand the growth and development and the future prospects of this sector, this colloquium addresses the following issues: What will be the demand for insurance? What types of innovative strategies of insurance education and awareness will we require to encourage the Indian consumers? With the changes following bank participation in insurance, will the nature of competition in this sector intensify? What kind of competitive and risk pressures will the insurance businesses experience? What are their implications for profitability, margins, and efficiency? The average size of the polices will continuously decline as the insurance companies increase the geographic coverage. As a result of this, the intermediation costs will go up. What are the implications of these on average costs? What will be the product market scenario? Has the insurance sector benefited from the knowledge base of global companies? To what extent have the technology gains in telecommunications, computer information, and data processing contributed to increased efficiency and productivity of insurance companies? The following key points emerged from the responses of the panelists: The future in life insurance will be determined by the increase in pure protection products, a refreshing look at unit-linked plans, launch of customized plans, and improved service levels. The insurance sector will grow steadily rather than rapidly. While the law and regulations are in place to ensure financial strength and solvency of insurers, the regulator's challenge lies in monitoring compliance. The opportunity for financial services is increasing all over the world. Big domestic companies with significant market shares in the local countries will have the opportunities to commence business in other markets. Keeping in mind the complexities of the industry, multi-product, multi-channel, and multisegment route needs to be followed for growth. The challenge of successfully implementing bancassurance lies in training the staff, integrating the insurance products, and ensuring best quality service. Agents in the insurance sector are critical for its success and, in order to gain competitive advantage, quality people are needed but attracting and retaining agents is a challenge.

Consumers Awareness towards Insurance Companies and their

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
G. Suresh Babu
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Private Companies ◽  
Insurance Sector ◽  
The World ◽  
Innovative Products ◽  
Rate Of Returns ◽  
The Impact

The insurance sector is growing rapidly all over the world. The insurance industry is gaining key position in the world economy and playing a significant role to cover the life and business risk of millions. At present, the insurance industry is in a nascent stage. The impact of privatization in risk business in India has shown its impact on transformation from the state of monopoly to mushrooming companies offering innovative products to the Indians. The growth in the life insurance sector has shown new heights and the functioning of private companies has given tough challenge to Life Insurance Corporation of India. Within a short span of time, private insurance companies have acquired more than 25 per cent of the life insurance market. Many changes have taken place in the processes and procedures of insurance business in terms of its format and products as well the mindset, motives, interests, and expectations on the part of the customers also. The customers have become more vigilant, calculative and calibrated not only in terms of risk coverage but look forward for safety of investment and higher rate of returns on the saving in insurance sector

scholarly journals LIFE INSURANCE AS A MEANS OF PERSONAL FINANCIAL MANAGEMENT IN THE CONDITIONS OF PANDEMIC

2021 ◽  
Author(s):  
Olena Steshenko ◽  
Nataliiy Shestakova
Keyword(s):  
Life Insurance ◽  
Financial Literacy ◽  
Financial Management ◽  
Social Protection ◽  
Private Insurance ◽  
Developed Countries ◽  
Social Needs ◽  
Insurance Market ◽  
Insurance Companies ◽  
The Social

The article considers the importance of implementing life insurance programmes both to meet the social needs of policyholders and for the economic development of the country. The main trends and issues of the balance of money incomes and expenditures of the population are singled out. The main problematic aspects of personal financial management are highlighted. The importance of the in-depth study of the peculiarities of the formation of the life insurance market as a means of managing personal finances in a pandemic is substantiated. The economic content of life insurance and the peculiarities of this type of insurance in the conditions of the pandemic are highlighted. There are studied the main definitions of the concept of “life insurance”, in particular as a type of personal insurance, as a sub-branch of insurance, in Ukrainian legislation and the works of leading Ukrainian and foreign scientists. The conclusion on the essence of the concept of “life insurance” is made. The emphasis is placed on the special relevance of the pandemic impact on the insurance market. The article proposes to identify the main and additional life risks. There is justified the importance of mixed life insurance in connection with the gradual deterioration of the demographic situation, the reduction of the working population and the increase in the number of retirees. The main problems and factors hindering the development of this area of insurance are analysed. The state of the life insurance market of economically developed countries of the world is determined. The analysis of the European countries revealed the main factors that affect the size of insurance premiums. The influence of population dynamics and structure, level of financial literacy, level of trust in public bodies and private insurance companies, level of social protection, personal financial consulting and other factors on the formation of the life insurance market is also analysed. It is determined that more detailed insurance services by categories of clients are needed to ensure their specialization according to the needs of each market segment. For the full functioning of life insurance in Ukraine, the necessary measures are proposed, the implementation of which, on the one hand, will give impetus to the development of both the stock market and the economy and on the other hand, increase the social security of citizens.

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.

scholarly journals Review on Insurance and their Present Status in Nepalese Economy

2020 ◽  
Vol 23 (1) ◽  
pp. 239-252
Author(s):  
Nirdosh Khanal
Keyword(s):  
Life Insurance ◽  
Financial Distress ◽  
Private Insurance ◽  
Secondary Data ◽  
Peak Level ◽  
Time Lapse ◽  
Insurance Market ◽  
Insurance Companies ◽  
Livestock Sector

The study aims to overview the types of insurance operating in Nepal, product delivered by them and status of insurance market in Nepalese economic development. The paper is based on secondary data and literature reviews. Insurance can be acknowledged as tool that shares risk, offers financial protection, minimizes the financial distress and accelerates the pace of economic growth. Insurance encourages saving in the society and collects the scattered fund in term of premium and invest for maximization. Presently 40 insurance companies (19 life insurance, 20 non-life insurance and 1 reinsurance) are operating in Nepal providing diversified range of services. Recently agriculture insurance on crop and livestock sector and health insurance policy is being offered through many governmental and private insurance companies of Nepal. Insurance Board statistics of 2017 revealed total premium of 46.97 billion rupees and 2.03% contribution in total gross domestic product. We cannot deny the fact that insurance market of Nepal is witnessing major obstacles in terms of new product innovation, service issues related to consumers and time lapse of long-term policy. The study concludes that with little improvisation based on market research and consumer awareness can lead insurance companies & the concept to a peak level in Nepal.

scholarly journals The Dynamics of General Insurance Sector in India - Growth and Performance Perspective

2019 ◽  
Vol 9 (2) ◽  
pp. 536-540
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Insurance Premium ◽  
The Other ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Insurance Policies ◽  
General Insurance

Life is full of risks and uncertainties. In fact risk is everywhere. Even when you ride a bike to the nearest shop in the street, there is a risk. One must protect himself or herself from this risk. The solution is insurance. Broadly it is two types i.e. life insurance and non-life insurance (general insurance). In this paper we discuss about only general insurance. General insurance helps in securing ourselves and things we value like homes, cars, bikes or any other property from any kind of mishap whether it is big or small. General insurance protect insured property from fire accidents, floods, earthquakes, storms, thefts, travel accidents/mishaps or any other kind of calamity, even from the cost incurred against us from legal action depending upon the type of policy selected by the insurer. From the post liberalization scenario, general insurance in India is growing rapidly. The reasons behind its spectacular growth are allowing private companies to enter into Indian market, low insurance premium, TPAs (Third Party Administrators), Fast and immediate settlement of insurance claims, Innovative general insurance policies, discounts in insurance products, increasing awareness among people, more distribution channels etc. The other side of the coin is, public sector insurance companies are facing cut throat completion from private insurance companies as they offer wide variety of policies at a low premium. Due to this few general insurance companies are closed and few are forced to come out with same polices and services. Ultimately the performance of public sector general insurance companies also enhanced with the competitive moves by private players. On the other hand, customers are also exposed to new trends in the insurance market. Insurance Regulatory and Development Authority (IRDA) is the apex body in India to monitor the activities of insurance companies. It has laid down standard terms and conditions to general insurance companies and also given scope for personal accidental life insurance policies. IRDA has taken all the measures to improve the performance of general insurance companies as it is one of the fast growing areas in Indian economy. General insurance companies under public sector are facing lot of challenges from private players and to with stand in the completion, even they have improved a lot in their quality of service in multiple facets like decreasing the premium, quick settlement in claims etc. In a nut shell, general insurance business is contributing significantly to Gross Domestic Product (GDP).

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>

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.

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