scholarly journals THE INFLUENCE OF THE CROWN CRISIS ON THE DEVELOPMENT OF INSURANCE BUSINESS IN THE WORLD

2021 ◽  
Author(s):  
Hanna Mamonova
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Demand For Insurance ◽  
Online Sales ◽  
The World ◽  
Future Challenges ◽  
Declining Demand ◽  
Insurance Business ◽  
The Impact

The article analyzes the impact of the COVID-19 pandemic on the world insurance market and some European countries. Separated economic indicators of the impact of the COVID-19 pandemic on the insurance business of the world are singled out. It was determined that the impact of the COVID-19 pandemic inspired declining incomes of insurers and households, rising unemployment, declining demand for insurance services, a significant decline in productivity of insurance companies, uncertainty about the future development of the insurance industry and the effects of the pandemic. The experience of the world insurers' struggle against the consequences of the COVID-19 pandemic has been studied and generalized. The latest tools that have allowed insurers around the world to mitigate or mitigate the negative impact of the crown crisis, in particular, are: the development of new insurance products; increasing the level of requirements for insurance services in terms of its relevance, price flexibility, mobility and transparency; transition of insurers to online sales of insurance services and online payments for insurance cases; direct funding of specific means of combating COVID-19; use of the latest technologies and innovative methods in the insurance business; introduction of a new mode of staff work in the activities of insurance companies. The transition of insurers to online sales of insurance services and online payments has revealed many unresolved issues regarding the insurer's cybersecurity. Insurers are forced to improve existing technologies and methods of control, to intensify training and information activities. The Crown Crisis has significantly increased the importance of modern underwriting. Therefore, insurers around the world are using the capabilities of artificial intelligence, alternative data sources and better forecasting models. Greater understanding of pandemic processes, gaining experience is needed not only to accelerate the way out of the modern pandemic, but also to form a stable insurance system to the inevitable future challenges. The study of positive experience in the functioning and development of insurance markets around the world in crises and shocks is useful for application in national practice.

scholarly journals A Study on Impact of FDI on Selected Private Sector Insurance Companies in India

2017 ◽  
Author(s):  
C.K. Hebbar ◽  
Meenakshi Acharya
Keyword(s):  
Private Sector ◽  
Negative Impact ◽  
Insurance Industry ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Insurance Sector ◽  
Previous Level ◽  
The Impact ◽  
Indian Insurance

India is one among the most promising emerging insurance markets in the world. Indian insurance sector was liberalised in 2001. The insurance industry in India has undergone transformational changes over the last 15 years. In July 2014, the Cabinet Committee on Economic Affairs (CCEA) approved 49% FDI in insurance from the previous level of 26%. This paper aimed at examining the impact of FDI on the performance of selected private sector insurance companies. The study is based on secondary data and it is a descriptive study. This paper found that FDI had a significant positive as well as negative impact on areas which were studied in the paper.

scholarly journals The Main Features of the Modern World Market of Insurance Services

2021 ◽  
Vol 4 (519) ◽  
pp. 36-41
Author(s):  
K. V. Drymalovska ◽  
◽  
R. O. Kyryliuk ◽  
Keyword(s):  
Western Europe ◽  
Insurance Industry ◽  
World Market ◽  
Insurance Market ◽  
Insurance Companies ◽  
Modern World ◽  
The World ◽  
Effective Policy ◽  
Main Components ◽  
The Impact

As competition in international and national markets intensifies, it is important to create a system to protect economic actors from potential threats and adverse factors. To solve these issues, it is necessary to ensure the effective functioning of the insurance market, which is one of the important components of financial security. Without the developed insurance market, it will be impossible to ensure the social and economic progress of the country, its corporate security, welfare etc. The current state of the world insurance market has certain features, which makes it possible to adapt to the change of the modern world and improve the work of the insurance industry. To create a clear insurance market, it is necessary to develop an effective policy as to the insurance activities of both the insurer and the reinsurers, as well as to establish solvency insurance systems. The development of the insurance market is accompanied by many economic, regulatory, organizational, methodological and personnel issues. The publication is aimed at studying and distinguishing the peculiarities of development of the world market of insurance services. On the basis of studying the works of scholars, the main features of the modern insurance market are provided; key signs of the insurance industry are presented; statistical information on trends in the insurance market development during 2019 in the following regions: North and Latin America, Western Europe, Asia, European developing countries. The impact of COVID-19 on the state of the insurance industry in Europe has been characterized. As result of studying the key trends in the future development of the insurance market, the main components that are necessary for the formation of an effective policy of insurance companies in the context of COVID-19 have been formed as follows: digitalization, innovation, analytics, feedback.

scholarly journals The Influence of Liberalization on Innovation, Performance, and Competition Level of Insurance Industry in Indonesia

2020 ◽  
Vol 12 (24) ◽  
pp. 10620
Author(s):  
Tulus Suryanto ◽  
Darul Dimasqy ◽  
Reza Ronaldo ◽  
Mahjus Ekananda ◽  
Teuku Heru Dinata ◽  
...  
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Negative Relationship ◽  
Innovation Performance ◽  
Insurance Companies ◽  
Threshold Regression ◽  
Aggregate Model ◽  
The Government ◽  
Premium Income ◽  
The Impact

This study aims to reveal the impact of liberalization on innovation, performance, and the level of competition for insurance industry players in Indonesia based on insurance data from 2006 to 2018. The research method used is quantitative with the support of panel data. The analysis technique to explain the findings uses an aggregate model and Threshold Regression analysis. Descriptive and econometric research types were chosen to make it easier to explain the findings. From the results of data analysis using three experimental models, it shows three findings. First, in the aggregate, there is a significant negative relationship between liberalization and innovation. In the Threshold Regression model, a negative impact occurs on companies with low premium income, whereas in high premium income companies, the result is positive. This is due to the availability of resources to large companies to optimize the adaptation of liberalization in terms of innovation. Second, higher liberalization can encourage insurance companies to perform more efficiently and increase net premium income. Third, the negative impact of liberalization on competition shows that the higher the deregulation, the lower the game. These findings indicate that in the aggregate, global insurance financial liberalization has had a significant impact on the development of the insurance industry sector in Indonesia. However, liberalization can be different for groups of small companies and groups of large companies. The expected implication is that the government needs to adopt a long-term policy strategy that can encourage the sustainability of insurance companies: both high-income companies and low-premium-income companies. Besides this, it is hoped that insurance companies pay more attention to innovation, significantly improving the quality of human resources as a competitive advantage in facing global competition.

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 Automobile insurance in Brazil: market concentration and demand

2019 ◽  
Vol 30 (81) ◽  
pp. 396-408 ◽  
Author(s):  
Vivileine Maria Peres ◽  
Wilfredo L. Maldonado ◽  
Osvaldo Candido
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Insurance Market ◽  
Insurance Companies ◽  
Automobile Insurance ◽  
Insurance Sector ◽  
Demand For Insurance ◽  
Structural Framework ◽  
Long Run ◽  
Short Run

ABSTRACT This paper studies two aspects of the automobile insurance market in Brazil: first, it determines the degree of competition among insurance companies, and second, it estimates and analyzes the demand for automobile insurance. Most of the studies on the automobile insurance market in Brazil analyze the performance of the firms in this sector or present regional studies of the demand for insurance and its determinants. Thus, this study innovates both in showing the competition among the firms and estimating the demand for insurance in the country. The relevance of this research lies in the sequential and ordered way it analyzes the demand in a sector. Firstly, it identifies the type of competition that takes place in the sector and then, based on this, it proposes a structural framework based on optimizing decisions for estimating the price, income, and market power elasticities of demand. Furthermore, analyzing the insurance industry is of the utmost importance since it moves significant amounts of financial resources and provides an essential service in the economy. With information about the market structure and demand profile in the automobile insurance sector it is possible to propose strategic policies for individual firms as well as for the whole sector in order to introduce more efficiency. To analyze the degree of competitiveness, several concentration indices were calculated using annually-aggregated monthly data on the premium paid to all the automobile insurance firms in the period from 2001 to 2016. To estimate the demand for automobile insurance, half-yearly data from 2002 to 2010 for each one of the 27 federative units of Brazil were used. Two main findings are presented in this study. First, we find evidence of little concentration in the Brazilian automobile insurance market, with shares being well distributed among the players. Second, we estimate the demand for automobile insurance in Brazil and find a price-elasticity of -0.47 in the short run and -1.33 in the long run, while the lagged profitability has a negative impact on the amount insured: -0.21 in the short run and -0.59 in the long run. Income does not significantly influence the demand for insurance in Brazil.

CURRENT TRENDS OF INSURANCE MARKET IN UKRAINE

2017 ◽  
Author(s):  
Olena Steshenko ◽  
◽  
Oleksandra Boiko ◽  
Keyword(s):  
Financial Stability ◽  
Insurance Industry ◽  
Local Economy ◽  
Insurance Market ◽  
Insurance Companies ◽  
Structural Basis ◽  
Insurance Company ◽  
Demand For Insurance ◽  
State Supervision ◽  
Insurance Business

The stage of political and economic instability in Ukraine significantly influence on development of both individual insurance companies and the insurance market as a whole. The decrease of the solvency level of the population and trust to insurers have led to a significant reduction in demand for insurance services in recent years. That is why today insurers has faced a difficult task to increase the range, volume and quality of insurance services, increase the level of capitalization and financial reliability of insurance companies, gaining trust of legal entities and individuals. Following these measures aimed at overcoming crisis trends, the local economy will be able to attract essential investment resources, strengthen the effectiveness of state supervision of insurance activities, create a structural basis for the development of various types of insurance. One of the important factors in activating the development of the insurance business can be an effectively built underwriting process of an individual insurance company. The application of such an approach will enable the profitability and financial stability of insurance companies due to a thorough analysis and selection of risks for acceptance into insurance. The article analyzes the current state of the insurance market in Ukraine and highlights its main prospects for development. The methodology of the study is to summarize and compare the data characterizing the various components of the insurance market. The authors identify the trends in the insurance market in Ukraine, assess the situation according to various criteria, identify factors in the development of the insurance business, as well as problematic aspects of the insurance industry. The study has showed that there is a high dependence of insurance in Ukraine on the current political and economic system, which led to the dominance of demand for certain insurance products. The development of the modern insurance market is associated with the need for state support, is to create conditions for adequate functioning of the insurance market.

AN EMPIRICAL STUDY OF INDIAN INSURANCE INDUSTRY POST GLOBAL FINANCIAL CRISIS

2015 ◽  
Vol 6 (01-02) ◽  
Author(s):  
Anis Ur Rehman ◽  
Yasir Arafat Elahi ◽  
Sushma .
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Insurance Industry ◽  
Primary Data ◽  
Policy Recommendations ◽  
Insurance Sector ◽  
The World ◽  
The Impact ◽  
The New Deal

India has recently emerged as a major political and economic power in the world. The financial crisis that engulfed the world in 2008 needed developing countries like India to lead the rescue and recovery, instead of G7 westerns countries who dealt with such crisis in the past. Recently, discussions and negotiations are going amongst G20 countries regarding a new global financial architecture (G-20 Summit, 2008). The outcome will affect the relevant industries in India and hence it is a public interest issue for the actuarial profession in the country. Increased and more intrusive and costly regulations and red tapes are likely to be a part of the new deal (Economic Survey 2009-10). The objective of this paper is to study the perception of higher level authorities in Insurance sector regarding the role of regulator in minimizing the impact of global financial crisis. The primary data has been collected from 200 authorities in insurance industry. The data has been analyzed with statistical tools like MS-Excel. On the basis of the findings, various measures and policy recommendations for insurers have been suggested to minimize the impact of crisis.

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

scholarly journals The Impact of COVID-19 on Surgical Training: the Past, the Present and the Future

2021 ◽  
Author(s):  
Marina Yiasemidou
Keyword(s):  
Infection Control ◽  
Surgical Training ◽  
New Technologies ◽  
Negative Impact ◽  
Elective Surgery ◽  
Control Measures ◽  
Negative Consequences ◽  
Surgical Services ◽  
The World ◽  
The Impact

AbstractThe COVID-19 pandemic and infection control measures had an unavoidable impact on surgical services. During the first wave of the pandemic, elective surgery, endoscopy, and ‘face-to-face’ clinics were discontinued after recommendations from professional bodies. In addition, training courses, examinations, conferences, and training rotations were postponed or cancelled. Inadvertently, infection control and prevention measures, both within and outside hospitals, have caused a significant negative impact on training. At the same time, they have given space to new technologies, like telemedicine and platforms for webinars, to blossom. While the recovery phase is well underway in some parts of the world, most surgical services are not operating at full capacity. Unfortunately, some countries are still battling a second or third wave of the pandemic with severely negative consequences on surgical services. Several studies have looked into the impact of COVID-19 on surgical training. Here, an objective overview of studies from different parts of the world is presented. Also, evidence-based solutions are suggested for future surgical training interventions.

The Impact of Nontariff Trade Policy of European Union Crude Palm Oil Import on Indonesia, Malaysia, and the Rest of the World Economy: An Analysis in GTAP Framework

2020 ◽  
Vol 9 (1) ◽  
pp. 39-52
Author(s):  
Rozy A. Pratama ◽  
Tri Widodo
Keyword(s):  
European Union ◽  
Palm Oil ◽  
Computable General Equilibrium ◽  
Negative Impact ◽  
Trade Policies ◽  
The European Union ◽  
The World ◽  
Trade Analysis ◽  
Global Trade Analysis Project ◽  
The Impact

Indonesia and Malaysia are the largest producers and exporters of palm oil in the world vegetable oil market. Palm oil and its derivative products are the highest contributors to foreign exchange in 2018. This study aims to analyze the impact of the European Union import non-tariff trade policies on the Indonesian and Malaysian economies The analysis uses the Computable General Equilibrium (CGE) model of world trade on the Global Trade Analysis Project (GTAP) program. The results of this study found that the non-tariff import policy by the European Union had a negative impact on the economies of Indonesia and Malaysia. Moreover, the policy also has a negative impact on countries in Southeast Asia and the European Union. This shows that the enactment of non-tariff import trade policies for Indonesian and Malaysian palm oil products has a global impact.

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