The power point presentation examines the following questions: 1. Why is occupational insurance being developed in the EU and internationally? 2. Why it is of particular interest to Greece? 3. What is provided by the legislation on... more
The power point presentation examines the following questions: 1. Why is occupational insurance being developed in the EU and internationally? 2. Why it is of particular interest to Greece? 3. What is provided by the legislation on occupational insurance in Greece? 4. What is new in Directive 2341/2016 / EU? 5. What funds have been created since 2002, what they represent and how they are distinguished? 6. What difficulties are faced by occupational funds? 7. Why is the case law of the Council of State an obstacle to the development of mandatory occupational pension funds? 8. What was examined by the courts concerning occupational insurance? 9. What are the main policy choices for occupational insurance? 10. What are the incentives for its development? 11. Who could engage in this activity? 12. What are my suggestions for the development of occupational pension funds in Greece?
Rate making and risk-based pricing give users a definite competitive advantage in the general insurance business. This advantage is all the more compelling if the company is an industry leader. This paper attempts to tie the theory of... more
Rate making and risk-based pricing give users a definite competitive advantage in the general insurance business. This advantage is all the more compelling if the company is an industry leader. This paper attempts to tie the theory of rate making to technology ...
In the last years European banks have entered the high margin P&C insurance business by means of selling agreements with insurers and through stock holdings in insurance firms that distribute their products via their parent banks' branch... more
In the last years European banks have entered the high margin P&C insurance business by means of selling agreements with insurers and through stock holdings in insurance firms that distribute their products via their parent banks' branch network. This article sheds light on these insurance companies' performance, by means a sample of Italian P&C insurers operating in the country during the 2005-2015 timeframe. After completing a descriptive analysis to single out bank-affiliated insurers' specific features, we perform a multivariate regression in order to ascertain if bank affiliation affects operating profitability and if profitability determinants' influence on performance is different depending on affiliation. While when we do not check for slope coefficients' differences we find that bank affiliation negatively affects performance, when we take into account the possibility that bank affiliation might also influence profitability determinants' impact on performance our findings show that affiliation alters both operating costs' and underwriting results' influence on operating results. Moreover, passive reinsurance usage by bank-affiliated insurers has a negative impact on performance while not having any for other insurers, suggesting that bank-affiliated firms employ passive reinsurance to make up for poor risk selection skills while other insurers' transfer risk activity is linked to different purposes. In addition, our results show that bank-affiliated insurers have an advantage over other firms in the business lines they favour, possibly due to the privileged access to their parent banks' retail customers. The implication of our analysis is twofold: on one hand, banks seems to exploit controlled insurers to generate fees while performing a low capital absorption activity. On the other hand, bank-affiliated insurers' effectiveness at targeting retail customers threatens other insurers' position.
Over the past years, one of the most discussed topics in policy debates on genetics has been the use of genetic testing in insurance. Many of these debates have been rather speculative and abstract. In a recent contribution to this... more
Over the past years, one of the most discussed topics in policy debates on genetics has been the use of genetic testing in insurance. Many of these debates have been rather speculative and abstract. In a recent contribution to this journal, Kaufert therefore urged for "a proper research agenda" to study the issue, arguing for the need of anthropological and sociological research of the insurance world. This article will make a start with this. Based on ethnographic fieldwork in two Belgium insurance companies, this study analyses the ways insurers account for predictive medicine (lifestyle, genetics) during underwriting. We demonstrate how insurers highlight predictive lifestyle health information and how this articulates with a fault based approach in underwriting. Individual responsibility for health risks becomes the golden standard for assessing one's fitness for membership of the insurance pool. Moreover, these developments imply a changed concept of "normal standard" in insurance, increasing the conditions to fulfil to be part of the insurance group. Predictive medicine constitutes new ground in the old debates about individual control, responsibility and blame for health. This goes to the heart of the basis for citizenship and how this articulates with membership--or, if you want, exclusion--of the insurance pool.
For risk analyses not only knowledge about the impact of different types of hazards, but also information about the elements and values at risk is necessary. This article introduces a methodology for a countrywide estimation of asset... more
For risk analyses not only knowledge about the impact of different types of hazards, but also information about the elements and values at risk is necessary. This article introduces a methodology for a countrywide estimation of asset values for commercial and industrial properties using Germany as an example. It consists of a financial appraisal of asset values on the municipal level and a further disaggregation by means of land use data. Novelties are the distinction of 60 economic activities, the consideration of production site sizes and the application of a dasymetric mapping technique for a sector-specific estimation and disaggregation of asset values. A validation with empirical data confirms the feasibility of the calculation. The resulting maps can be used for loss estimations e.g. in the framework of cost–benefit analyses that aim to evaluate hazard mitigation measures or for portfolio analyses by banks and insurance companies. The approach can be used for other countries if the necessary data is available (mainly in industrialized countries). In any case, it reveals the critical points when estimating commercial and industrial asset values.
Stock insurers can reduce or eliminate agency conflicts between policyholders and stockholders by issuing participating insurance. Despite this benefit, most stock companies don't offer participating contracts. This study explains why. We... more
Stock insurers can reduce or eliminate agency conflicts between policyholders and stockholders by issuing participating insurance. Despite this benefit, most stock companies don't offer participating contracts. This study explains why. We study an equilibrium with both stock and mutual insurers in which stockholders set premiums to provide a fair expected return on their investment, and with a policyholder who chooses the insurance contract that maximizes her expected utility. We demonstrate that stockholders cannot profitably offer fully participating contracts, but can profitably offer partially participating insurance. However, when the policyholder participation fraction is high, the fair-return premium is so large that the policyholder always prefers fully participating insurance from the mutual company. Policies with lower levels of policyholder participation are optimal for policyholders with relatively high risk aversion, though such policies are usually prohibited by insurance legislation. Thus, the reason stock insurers rarely issue participating contracts isn't because the potential benefits are small or unimportant. Rather, profitability or regulatory constraints simply prevent stock insurers from exercising those benefits in equilibrium.
Agricultural production and farm income in India involve several risks. Crop insurance is the only mechanism available to safeguard against production risks. Against this background, this paper has examined the features and performance of... more
Agricultural production and farm income in India involve several risks. Crop insurance is the only mechanism available to safeguard against production risks. Against this background, this paper has examined the features and performance of National Agricultural Insurance Scheme (NAIS) operating in the country and has suggested some modifications to make it more effective. NAIS coverage in terms of crop area,
Agricultural production and farm income in India involve several risks. Crop insurance is the only mechanism available to safeguard against production risks. Against this background, this paper has examined the features and performance of... more
Agricultural production and farm income in India involve several risks. Crop insurance is the only mechanism available to safeguard against production risks. Against this background, this paper has examined the features and performance of National Agricultural Insurance Scheme (NAIS) operating in the country and has suggested some modifications to make it more effective. NAIS coverage in terms of crop area, number of farmers and value of agricultural output is very small. If crop insurance programme is to be made an important tool in agricultural risk management, the present level of coverage will have to be improved, at least by 3-4 fold. Such an expansion can occur only with improvements in and broad-basing of the insurance scheme. Every suggested improvement has financial implications and affect the concerned insurance practices. It requires renewed efforts by the government in terms of designing appropriate mechanisms and providing financial support to agricultural insurance. Pr...
Single Premium Deferred Annuities (SPDAs) are investment vehicles, offered to investors by insurance companies as a means of providing income past their retirement age. They are mirror images of insurance policies. However, the propensity... more
Single Premium Deferred Annuities (SPDAs) are investment vehicles, offered to investors by insurance companies as a means of providing income past their retirement age. They are mirror images of insurance policies. However, the propensity of individuals to shift part, or all, of their investment into different annuities creates substantial uncertainties for the insurance company. In this paper we develop amultiperiod, dynamic stochastic program that deals with the problem of funding SPDA liabilities. The model recognizes explicitly the uncertainties inherent in this problem due to both interest rate volatility and the behavior of individual investors. Empirical results are presented with the use of the model for the funding of an SPDA liability stream using government bonds, mortgage-backed securities and derivative products.
The aim of this study was to study the relationship between dividend policy and share price volatility in insurance companies listed in the Amman Stock Exchange. A sample of 20 companies from 23 insurance companies listed in the Amman... more
The aim of this study was to study the relationship between dividend policy and share price volatility in insurance companies listed in the Amman Stock Exchange. A sample of 20 companies from 23 insurance companies listed in the Amman Stock Exchange was selected. The current study used two main measurements of dividend policy, dividend yield, and payout ratio, by applying multiple linear regressions for the period 2008 to 2017. The main regression model was modified by adding control variables including firm size, earnings volatility, financial leverage and growth in assets. The study finds a significant negative relationship between share price volatility and dividend yield and payout ratio. But the most impact variable on share price volatility was dividend yield.
لقد شهدت السنوات الأخيرة ازدياد الوعي بأهمية وضرورة التأمين على حياة الأفراد والشركات حيث أصبحت صناعة التأمين جزءاً هاماً وحيوياً في حياة المجتمعات الحديثة، وقد اتسع نطاق التأمين ليشمل مختلف المجالات الحيوية في الصناعة والاستثمار في... more
لقد شهدت السنوات الأخيرة ازدياد الوعي بأهمية وضرورة التأمين على حياة الأفراد والشركات حيث أصبحت صناعة التأمين جزءاً هاماً وحيوياً في حياة المجتمعات الحديثة، وقد اتسع نطاق التأمين ليشمل مختلف المجالات الحيوية في الصناعة والاستثمار في ظل ضوابط ولوائح تشريعية تمنح صناعة التأمين المرونة الكافية، وهذا ما شجع الباحث علي دراسة هذا القطاع بهدف تحديد أهميته ومدي مساهمته في الناتج القومي الإجمالي، ومعرفة أهم المشاكل التي تواجهه، وذلك من منظور دراسة وتقييم نظم محاسبة التكاليف داخل شركات التأمين، وذلك خاصةً في ظل الظروف والتغيرات البيئية والمؤثرات المستقبلية والتقدم التكنولوجي والمنافسة الحادة التي يتعرض لها هذا القطاع وذلك سواء كانت منافسة محلية أو منافسة عالمية وخاصةً ازدادت هذه المنافسة بحلول اتفاقية تحرير التجارة في الخدمات (الجاتس). وقد استخلص الباحث أن هذه الشركات تعاني من عدم توافر بيانات ومعلومات دقيقة تفيد الإدارة في عملية صنع واتخاذ القرار وذلك بسبب اعتمادها علي أساليب تقليدية لا تحقق العدالة في عملية توزيع التكاليف، لذا استهدف هذا البحث توفير المعلومات التكاليفية الدقيقة التي تفيد الإدارة في عملية صنع واتخاذ القرار وذلك من خلال تقديم أسلوب التكاليف علي أساس النشاط كأسلوب مقترح لمعالجة مشكلة توزيع التكاليف، ولتحقيق هذا الهدف قام الباحث بدراسة طبيعة التأمين وأثره علي إدارة التكلفة، ثم دراسة وتقييم الأسلوب الحالي المتعلق بتوزيع التكاليف العامة والغير مباشرة، ووضع أسلوب مقترح تم تطبيقه علي شركة مصر للتأمين. وتوصل الباحث في النهاية إلي ثبات صحة الفرض الأول والفرض الثاني، وأن المعلومات التي يوفرها الأسلوب التقليدي هي معلومات لا تتسم بالدقة وتتم بصورة إجمالية وغير قادرة علي الوفاء باحتياجات الإدارة، وأن هناك تفاوت واضح بين الأسلوب الحالي وأسلوب التكاليف علي أساس النشاط في معالجة تكلفة كل نشاط تأميني سواء تأمينات عامة أو تأمينات الحياة. لذا أوصى الباحث بضرورة اهتمام الإدارة العليا والجهات المعنية بنظم التكاليف داخل شركات التأمين المصرية، وضرورة الاستعانة بتطبيق الأسلوب المقترح كأداة جيده لتوفير المعلومات التي تتسم بقدر كبير من الدقة.
The objective of this study is to assess the factors affecting the financial performance of Non-Life Insurance companies in Ghana. The period 2009 to 2013 financial years of ten Non-life insurance companies were considered in this study.... more
The objective of this study is to assess the factors affecting the financial performance of Non-Life Insurance companies in Ghana. The period 2009 to 2013 financial years of ten Non-life insurance companies were considered in this study. Purposive sampling was adopted in selecting the 10 non-life insurance companies out of the 26 companies registered as at the end of 2014. The study identified four key performance indicators; Investment to Total Assets, Investment Yield, Return on Assets (ROA) and Return on Equity (ROE). The study revealed that the non-life insurance industry in Ghana has realized a steady growth in their investment that is made out of the total assets. There was a study growth of the ROA. It was also found out that there was slightly weak correlation between Return on Assets (ROA) and Gross Written Premium (GWP), Size, Claims, Liquidity and Leverage. Conversely, Return on Assets (ROA) has a negative correlation with claims and a positive correlation with Gross Written Premium (GWP), Size, Liquidity and Leverage. Furthermore, all the factors strongly predict ROA with Liquidity being the strongest predictor. The outcome of the study may guide insurance managers with applied
Better governance leads to better management”. This paper shall be useful for increasing the knowledge and awareness of how critical and crucial corporate governance is, especially after the financial crisis that led to a recession in... more
Better governance leads to better management”. This
paper shall be useful for increasing the knowledge and awareness of how critical and crucial corporate governance is, especially after the financial crisis that led to a recession in the worldwide economy. This paper is an insight for corporate governance and risk management strategies adopted in different insurance industries across the globe. Because corporate Governance is not only mandatory but also recommended so that companies adhere to best practices. It will correlate the theories formulated for corporate governance and actual practices followed in insurance companies. This paper will brief out the existing literature on this topic along with the results derived from these studies. Finally, it will conclude with recommendations and suggestions based on existing studies.
... Consequently, several reports on Indian health care insurance have been produced. The purpose of this paper is to offer a review of this matter. ... Indian insurance market is set to touch $25 billion by 2010, on the assumption of a 7... more
... Consequently, several reports on Indian health care insurance have been produced. The purpose of this paper is to offer a review of this matter. ... Indian insurance market is set to touch $25 billion by 2010, on the assumption of a 7 per cent annual growth in GDP (Anand, 2003). ...
This study investigates the impact of strategic HRM practices on organizational performance of insurance companies in Nigeria as well as examining whether the effectiveness of strategic HRM practices on organizational performance is... more
This study investigates the impact of strategic HRM practices on organizational performance of insurance companies in Nigeria as well as examining whether the effectiveness of strategic HRM practices on organizational performance is contingent on organizations’ work place climate. A multi-respondent survey of 18 insurance companies was undertaken and data collected was subjected to regression and correlation analysis as well as descriptive statistics in pursuance of the study’s stated objectives. Organizational climate was measured through a set of questionnaire that we developed based on the eight organizational climate dimension proposed by Koys and De Cotiis (1991). Study results suggest that strategic HRM alignment, line management training, career planning system and job definition are the key strategic HR practices that influence organizational performance in the Nigerian insurance industry. Results also suggest that the relationship between strategic HRM practices and organizational performance in the Nigerian insurance industry is moderately influenced by organizational climate. This study was therefore, able to prove the hypotheses proposed and provide support to the existing theories. Key words: Strategic HRM, Performance, Organizational Climate, Insurance Companies,
The study sought to evaluate the financial performance of Ghana's Insurance companies on GSE, and the Ghana industry as a whole by comparing the companies' performance, and then their respective performance with the general insurance... more
The study sought to evaluate the financial performance of Ghana's Insurance companies on GSE, and the Ghana industry as a whole by comparing the companies' performance, and then their respective performance with the general insurance industry performance using risk ratios, profitability ratios, and asset management ratios over the five-year period ending 2013 (i.e. 2009-2013). The study found that for Gross Risk, Net Risk, Claims Reserve Ratio, and Retention Ratio there were significant differences in the performance of the two companies; while insignificant differences were observed for Claims Ratio and Technical Reserve Cover Ratio in the Risk management assessment. Insignificant differences were observed for all three profitability ratios evaluated. We therefore accept the null hypothesis that there is no significant difference in the profitability ratios of the two listed Insurance Companies in Ghana. Investment Income to Total Investment Ratio and Premium Debtors as a percentage to Equity there were significant differences in the performance of the two companies; while insignificant differences were observed for Change in Capital and Surplus, Premium Debtors to Total Assets ratio, Premium Debtors to Equity Ratio, Expense Ratio, and the Combined Ratio. The study also shows inconclusive decisions between the two companies and the industrial averages except profitability ratios which show insignificant differences in all the ratios. The study further recommended a study of the impact of the profitability of listed insurance companies on the profitability of the Ghanaian Insurance Industry since the profitability of the listed companies was at par with that of the industry.
In the UK and elsewhere, defined benefit (DB) schemes are being replaced by defined contribution (DC) schemes. However DC schemes have some substantial weaknesses, and a continuation of current policies will probably lead to another... more
In the UK and elsewhere, defined benefit (DB) schemes are being replaced by defined contribution (DC) schemes. However DC schemes have some substantial weaknesses, and a continuation of current policies will probably lead to another pensions crisis in a few decades. There is an alternative which avoids the major defects of both DB and DC schemes. It is proposed that,
The purpose of this paper is to investigate the relationship between the four measurements of employee engagement (job engagement and organizational engagement, Organizational Culture and Work-life Balance policies & practices) the... more
The purpose of this paper is to investigate the relationship between the four measurements of employee engagement (job engagement and organizational engagement, Organizational Culture and Work-life Balance policies & practices) the organizational commitment measured by three key measurements which are: (emotional) commitment; (maintenance) commitment; and (normative) commitment, that is in the context of insurance sector. This study uses a non-probability sampling technique specifically of quota and convenience sampling. A survey self-administrated questionnaire was distributed on a sample of 50 insurance agents of insurance company in trichy district. Our findings show that frontline employees who have high job engagement and organizational engagement will have high level of affective commitment and normative commitment. On the other hand, high employees' job engagement can meaningfully affect employees' continuance commitment. This study has made significant contributions to the knowledge academically and practically. It is expected to extend the knowledge of the relationship between employee engagement and organizational commitment, also through examining the impact of various measurements of employees and organizational engagement and commitment in india as one of the developing countries. Explicitly, this study fills the gap in the literature of employees' engagement and commitment and their impact on organizational overall performance.
There is a global interest in Islamic finance in general and Takāful in particular. The main feature that differentiates Takāful services from conventional ones is Sharī‟ah compliance nature of these services. Investors are taking keen... more
There is a global interest in Islamic finance in general and Takāful in particular. The main feature that differentiates Takāful services from conventional ones is Sharī‟ah compliance nature of these services. Investors are taking keen interest in this potential market as Muslims constitute about one fourth of the world population (Muslim population, 2006). To streamline operations of a Takāful company, management and Sharī‟ah experts have developed different operational models for Takāful business. Takāful model is the basis of the company operational activities. It provides conceptual framework for the operations of Takāful Company and sets a path for the flow of funds in the organization. All the transactions of the company business are carried out in the light of conceptual framework of Takāful model adopted by the company. A number of Takāful companies are successfully operating in Muslim and Arab countries and growing each year faster than their conventional counter parts. Man...
