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"Insurance Reserves"
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Determining the leaders of Ukraine’s insurance market based on the adaptation of the DEA method
The escalating wartime risks in Ukraine has led to a rapid reduction in insurance coverage in life and non-life segments. The purpose of the study is to rank Ukraine’s insurance companies based on an adaptation of the DEA method to the insurance market conditions. The study utilized the Supervisory Statistics of the National Bank of Ukraine as data. The study also used ranking of insurance companies based on technical efficiency criteria. The output indicators include the profitability of total capital (Output1) and the occupied share of the insurance market (Output2). The input indicators comprise the volume of total assets of insurers (Input1), the share of equity capital in assets (Input2), the level of gross payments (Input3), and the level of payments to insurance reserves (Input4). The ranking of insurance companies is based on minimizing the distance of each from the bounds of technical efficiency by solving a set of optimization problems. Based on the modeling results, a list of market leaders (7 companies) was formed for the end of the third quarter of 2023. They served nearly 37% of the insurance market in Ukraine, accumulating 41.5% of the total assets of this financial market sector. So, the primary issue for insurance companies is the loss of solvency due to the absence of adequate levels of insurance reserves. Therefore, priority measures should include strengthening regulatory constraints in this financial market segment to facilitate its qualitative renewal.
Journal Article
Ruin problems for epidemic insurance
The paper discusses the risk of ruin in insurance coverage of an epidemic in a closed population. The model studied is an extended susceptible–infective–removed (SIR) epidemic model built by Lefèvre and Simon (Methodology Comput. Appl. Prob. 22, 2020) as a block-structured Markov process. A fluid component is then introduced to describe the premium amounts received and the care costs reimbursed by the insurance. Our interest is in the risk of collapse of the corresponding reserves of the company. The use of matrix-analytic methods allows us to determine the distribution of ruin time, the probability of ruin, and the final amount of reserves. The case where the reserves are subjected to a Brownian noise is also studied. Finally, some of the results obtained are illustrated for two particular standard SIR epidemic models.
Journal Article
Market Discipline in Property/Casualty Insurance: Evidence from Premium Growth Surrounding Changes in Financial Strength Ratings
Analysis of abnormal premium growth surrounding changes in financial strength ratings for a large panel of property/casualty insurers generally indicates significant premium declines in the year of and the year following rating downgrades. Consistent with greater risk sensitivity of demand, premium declines were concentrated among commercial insurance, which has narrower guaranty fund protection than personal insurance. Premium declines were greater for firms with low pre-downgrade ratings, and especially pronounced for firms falling below an Arating. There is no evidence of moral hazard in the form of rapid commercial or personal lines premium growth following downgrades of A-or low-rated insurers.
Journal Article
Classifying Insurance Reserve Period via Claim Frequency Domain Using Hawkes Process
In this paper, the insurance reserve period will be classified according to the claim frequency domain, such as high- or low-frequency periods. We use the clustering method to create and group claims data according to their frequency period. Meanwhile, we use a risk process to mimic and predict the movement of the reserve from time to time in each group of claim period that is formed. The risk process model used here is the Hawkes process, which is a one-dimensional simple point process and a special type of self-exciting process. Based on this process, we will estimate the reserve at a certain date in the future and the average historical reserve for each group period.
Journal Article
Investment Activity of Insurers and the State Economic Growth
The purpose of the article is to summarize theoretical positions and practical experience regarding the existence of the relationship between the investment activity of insurers and the economic growth of the state and identify the factors that have the greatest impact on the volume of insurance investments. As a hypothesis, the main factors influencing the level of investment of insurers in the economy are recognized: the profit of economic entities, investment in fixed assets, the rate of change in the volume of insurance premiums, the total authorized capital of insurers, GDP. Methods of correlation-regression analysis, extrapolation and modeling were used. The subject of the study were the peculiarities and patterns of the formation, use and regulation of the investment potential of Russianinsurance companies in in modern economic conditions. In the course ofconducted researcha number of publications on the issues of the relationship between the investment activity of insurers and the economic growth of the state were worked out, investment potential of the insurance market of Russia was studied, the size of real investments by insurers in the economy was determined, and the forecast of future trends in changes in their volumes was made. It is proved that between the volumes of insurance premiums, investments of enterprises in fixed assets, GDP and assets placed by the insurers in the real sector there is a high interdependence that allowed to determine the important role of insurers as participants of the insurance market for the economic growth of the state. The conclusion is made that, with a steady decline in the number of insurers, their aggregate capital increases, as well as growing insurance reserves. However, their insufficient part is invested in the real sector of the economy, and a significant amount of resources falls on investments with zero profitability of operations.
Journal Article
Private voluntary health insurance in development : friend or foe?
Private voluntary health insurance already plays an important role in the health sector of many low and middle income countries.The book reviews the context under which private insurance could contribute to an improvement in the financial sustainability of the health sector, financial protection against the costs of illness, household income.
eBook
Strategy of Management by Insurance Reserves of the Insurance Organizations
In the article the author considers the mechanism of state regulation of formation and strategy of management of insurance reserves of insurance organizations of Russia, Kazakhstan and Belarus discussed the factors that determine the dynamics of the modern state and tendencies of development of insurance markets and their financial capacities, the structure of insurance reserves, the investment yield.
Journal Article
Global marketplace for private health insurance : strength in numbers
The development challenges of addressing health problems in low- and middle-income countries are daunting but not insurmountable. There are now known and affordable interventions to deal with many aspects of the HIV/AIDS crisis as well as the continued challenge posed by malaria and other major infectious diseases. Three major development objectives of health insurance in low- and middle income countries are highlighted in this volume: securing sustainable financing for health care providers that serve the health needs of vulnerable populations; providing financial protection against the impoverishing cost of illness; and reducing social exclusion from organized health financing and delivery systems. Private health insurance schemes can address the needs of the poor and other vulnerable populations with appropriate combinations of subsidies, risk pooling, household savings, and user charges. The authors of this book argue in favor of a multipillar approach to health care financing in low- and middle-income countries that combines these instruments in addressing the underlying development objectives described above, while putting a strong emphasis on private voluntary health insurance. In this way, private means can make a significant contribution to public ends.
eBook
Approaches to Formation of Technical Reserves of Insurance Organizations: Domestic Realities and International Requirements
he aim of the article is to study approaches to formation of insurance reserves by insurance companies in Ukraine and the world. The essence and peculiarities of the formation of reserves by insurance organizations in Ukraine are investigated. The provisions of the Solvency II Directive in terms of formation of reserves and financial stability in insurance organizations are considered. A comparative characteristic of the requirements for the solvency of insurers in accordance with the legislation of Ukraine and the requirements of Solvency II is presented. Differences in methods of formation of technical reserves by insurance organizations in Ukraine and the world are determined, factors affecting it are indicated. Methods of formation of insurance reserves in the countries of the European Union are considered. The directions of improving the process of formation of insurance reserves of the insurer are justified. The problems of introducing the experience of foreign countries and Solvency II requirements are analyzed taking into account the realities of the domestic insurance market. The strengths and weaknesses of the introduction of Solvency II in the Ukrainian insurance market are explored.
Journal Article