Financial aspect of agricultural development

Объектом исследования в данной статье является сельское хозяйство Республики Казахстан. Предметом исследования выступают финансовые инструменты, оказывающие влияние на развитие отраслии связанны с распределением, перераспределением и контролем финансовых ресурсов среди субъектов отрасли в призме отраслевой специфики и необходимости обеспечения продовольственной безопасности страны.Рассмотрены текущие приоритеты в развитии сельского хозяйства, которые сегодня распределились следующим образом: развитие земельных отношений, формирование эффективной системы сельскохозяйственного водопользования, оптимизация структуры посевных площадей, защита и карантин растений, развитие племенного животноводства и ветеринарии, развитие сельскохозяйственного машиностроения, страхование, кредитование, налоговая политика.Определены специфические черты сельского хозяйства, которые диверсификацию применяемых финансовых инструментов ивлияют на эффективность финансирования отрасли в целом.В статье предпринята попытка обоснования значимости финансовых факторов в развитии отрасли, с учетом понимания рыночных процессов и отраслевой специфики, так как данная отрасль в условиях рынка не всегда формирует высокие показатели эффективности, но обеспечивает решение ряда социально-экономических задач.Выделена роль государства, необходимость его присутствия в обеспечении развития отрасли, а также продовольственной безопасности страны. The object of research in this article is the agriculture of the Republic of Kazakhstan. The subject of the research is financial instruments that influence the development of the industry and are associated with the distribution, redistribution and control of financial resources among the subjects of the industry in the prism of industry specifics and the need to ensure the country's food security. Considered the current priorities in the development of agriculture today are distributed as follows: the development of land relations, the formation of an effective system of agricultural water use, optimization of the structure of sown areas, protection and quarantine of plants, the development of livestock breeding and veterinary medicine, the development of agricultural engineering, insurance, lending, tax policy. The specific features of agriculture have been identified, which diversification of the used financial instruments and affect the efficiency of financing the industry as a whole. The article attempts to substantiate the importance of financial factors in the development of the industry, taking into account the understanding of market processes and industry specifics, since this industry in the market conditions does not always form high performance indicators, but provides a solution to a number of socio-economic problems. The role of the state, the need for its presence in ensuring the development of the industry, as well as the country's food security are highlighted.

Impact of Engineering Insurances on the Growth of Turkish Construction Sector

Engineering insurances are significant risk transfer instruments in terms of construction risk management. The construction sector comprises approximately 8% - 9% of the GDP of Turkey and employs 2 million people according to 2019 data. It plays a vital role in the economic development of Turkey. When the direct and indirect effects of the construction sector are taken into account, its share in the economy of Turkey reaches around 30%. Construction projects are investments that bear various risks and need meticulous execution. For this reason, it is thought that proper management of the associated risks in the construction sector by means of the risk transfer to insurance sector via engineering insurances will contribute the sustainable growth of the construction sector. In this context, the effect of engineering insurances on the growth of the construction sector is examined empirically, and positive results have been reached. The increase in the use of engineering insurance constitutes a reason for growth of the construction sector. Results of the Granger Causality test, conducted for analysis of causality, indicate that there is causality. Additionally, a mathematical model is investigated in order to observe the effect of the engineering insurances growth, on the growth of the construction sector by utilizing the simple linear regression method. In the study, the model is found to be statistically significant. As a result of the model, it is shown that the growth of engineering insurance has an impact on the growth of the construction industry.

Acceptance sampling plans based on truncated life tests for Rama distribution

Purpose Lifetime data are used in many different applied sciences, like biomedicine, engineering, insurance and finance and others. The purpose of this paper is to develop a new acceptance sampling plans for Rama distribution when the mean lifetime test is truncated at a pre-determined time. The minimum sample sizes required to assert the specified life mean is obtained for a given customer’s risk. The operating characteristic function values of the sampling plans and producer’s risk are calculated. Design/methodology/approach The results are illustrated using numerical examples and a real data set is considered to illustrate the performance of the suggested acceptance sampling plans and how it can be used for the industry applications. Findings This paper shows a new acceptance sampling plans based on Rama distribution in the particular case when the mean life time test is truncated. Originality/value The results calculated in this paper demonstrate the differences between OC values for different distributions taken into account. In particular, OC values of Rama distribution are found to be less than the proposed distribution counterparts.

Insurance Products in Rastin Profit and Loss Sharing Banking

Purpose: This paper aims to explain new insurance products and policies in Rastin Profit and Loss Sharing (PLS) Banking. Rastin Banking is a full Islamic Banking System with all necessary parts for banking operations that can be installed in conventional and Islamic banks both. In this paper, we are going to explain the milestones of new insurance products and policies. Design: Rastin Banking complies with the nature of the intermediary financial activity and has a new type of banking operations. The systems and instruments of this type of banking have different risk treatments, and new insurance policy and measures should be defined to cover the risks of the operations In order to fulfill this goal, appropriate insurance policies are described. Findings: Some new insurance products are defined such as Certificate Insurance, Insurance of Market Value of Certificate, Responsibility/Engineering Insurance, Insurance of Accidents Concerning the Article of Sharing, Collateral Insurance, Loss Margin Insurance, Profit Margin Insurance, Merchandise Transportation Insurance, Production Equipment and Installations Insurance, Product Quality Insurance, Insurance of Commodity under Production, Inventory Insurance, Production Limited Loss Insurance, Transaction Limited Loss Insurance to handle Rastin Banking. Research limitations: Many of these insurance policies are new and require more elaborations for further practical development and adjustment. Practical implications: These insurance products can be used both in Rastin Banking operations as well as conventional business and finance arrangements. These insurance policies have no conflict with indisputable legal principles, and insurance companies can supply these insurance products based on their own actuary calculations. Social implications: The introduced insurance policies actually change profit and loss sharing activity to just profit sharing. Originality/value: Approach of this system and the designed insurance policies is entirely different and new.

The claims handling process of engineering insurance in South Africa

Due to technological developments, the complicated world of engineering and its associated products are continuously becoming more specialized. Short-term insurers provide engineering insurance to enable the owners and operators of engineering assets to combat the negative impact of the associated risks. It is, however, a huge challenge to the insurers of engineering insurance to manage the particular risks against the background of technological enhancement. The skills gap in the short-term insurance market and the engineering environment may be the main factor which inhibits the growth of the engineering insurance market. The objective of this research embodies the improvement of financial decision-making concerning the claims handling process of engineering insurance. Secondary as well as primary data were necessary to achieve the stated objective. The secondary data provided the background of the research and enabled the researchers to compile a questionnaire for the empirical survey. The questionnaire and a cover letter were sent to the top 10 short-term insurers in South Africa that are providing engineering insurance. Their perceptions should provide guidelines to other short-term insurers who are engaged in engineering insurance, as they are regarded as the market leaders of engineering insurance in South Africa. The empirical results of this research focus on the importance of various claims handling factors when assessing the claims handling process of engineering insurance, the problem areas in the claims handling process concerned, as well as how often the stipulations of engineering insurance policies are adjusted to take the claims handling factors into account.

The underwriting process of engineering insurance in South Africa

Engineering insurance covers damage to plant, machinery and other engineering equipment such as boilers, computers, cranes and lifts. The underwriting process of engineering insurance is therefore complex as different types of risks from a big variety of industries are involved. The underwriting process of engineering insurance often requires specialists such as engineers to identify and analyse the particular risks. The objective of this research paper focuses on the improvement of financial decision-making regarding the underwriting process of engineering insurance. Secondary as well as primary data were necessary to reach this objective. The secondary data addressed the underwriting process of engineering insurance as well as the underwriting factors which should be considered by the short-term insurers when they are underwriting engineering insurance. The empirical study embodied an opinion survey which included the top 10 South African short-term insurers which underwrite engineering insurance. As they are the market leaders in this country concerning engineering insurance, due attention was paid to obtain their perceptions regarding the importance of the underwriting factors of engineering insurance, the problem areas which the respondents encounter during the underwriting process, as well as how often the respondents need to adjust the policy stipulations to take the underwriting factors into account. As South Africa is a developing country and has an emerging market economy, the conclusions of this study should also be valuable to other countries which are classified similarly.

The Engineering Insurance Mode Selection under the EPC Contract Conditions

The general contractors and owners face more risk in the EPC contract. But the people are usually used in international projects, and it has been applied in Chinese, the use of engineering insurance risk transfer, so choose the right insurance coverage critical to the promotion of the EPC contract. This paper by engineering insurance insuring the two modes: We analysis with the owners insured mode and contractors insured mode, that the contractor insured model is more suitable for the EPC contract, control more effective risk, and eventually reach the owners and contractors a common profits.