Journal articles: 'Interpenetration of the insurance and financial markets'

1

Frees, Edward W. "Analytics of Insurance Markets." Annual Review of Financial Economics 7, no. 1 (December 7, 2015): 253–77. http://dx.doi.org/10.1146/annurev-financial-111914-041815.

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Pankova, V. A. "Retail financial markets as a driver for the development of financial sector." Voprosy Ekonomiki, no. 11 (November 4, 2021): 33–53. http://dx.doi.org/10.32609/0042-8736-2021-11-33-53.

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The paper analyzes the influence of the dynamics of retail financial markets on the development of financial sector on the annual data for 39 countries, including developed and developing economies, for the period 1990—2018. To assess the general dynamics of retail markets development, a composite indicator was built. This indicator is included in the models for corporate lending market, stock market and non-life insurance market. The results show that, on the one hand, the development of retail markets (households credit market, life insurance market and private pension funds) stimulates the development of non-retail financial markets (corporate lending market, stock market and non-life insurance market) due to the expansion of their resources. On the other hand, overheating of retail credit market has a negative impact on the stability of the banking sector and subsequently leads to a reduction in the size of the corporate credit market, and the excessively rapid growth of life insurance market may hinder the development of its other segments.

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Zemlyacheva, Olga Andreevna. "BANKS AND INSURANCE COMPANIES IN THE FINANCIAL SERVICES MARKET." Scientific Bulletin: finance, banking, investment., no. 4 (53) (2022): 80–86. http://dx.doi.org/10.37279/2312-5330-2020-4-80-86.

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Foreign and domestic practice indicates that banks and insurance companies are key participants in the global, international and national financial markets and their segments, including financial services markets. The analysis of the world economy, the services market, financial services, and the banking and insurance markets for 2009–2016 confirmed the conclusions that banks and insurers are the drivers of the global economic and financial system, as well as key components of the services and financial services markets. The same can be said about economically developed countries, where banking and insurance services account for up to 10% of national GDP. Additionally, trends in the development of foreign markets for banking and insurance services are studied, with an emphasis on the markets of economically developed countries

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4

Andolfatto, David, Aleksander Berentsen, and Fernando M. Martin. "Money, Banking, and Financial Markets." Review of Economic Studies 87, no. 5 (October 14, 2019): 2049–86. http://dx.doi.org/10.1093/restud/rdz051.

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Abstract The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical nature of this interaction, however, has not been fully explored. To this end, we integrate the Diamond (1997, Journal of Political Economy105, 928–956) model of banking and financial markets with the Lagos and Wright (2005, Journal of Political Economy113, 463–484) dynamic model of monetary exchange—a union that bears a framework in which fractional reserve banks emerge in equilibrium, where bank assets are funded with liabilities made demandable in government money, where the terms of bank deposit contracts are affected by the liquidity insurance available in financial markets, where banks are subject to runs, and where a central bank has a meaningful role to play, both in terms of inflation policy and as a lender of last resort. Among other things, the model provides a rationale for nominal deposit contracts combined with a central bank lender-of-last-resort facility to promote efficient liquidity insurance and a panic-free banking system.

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Payevska-Kvasny, R., and К. Krechmanska-Gigol. "EUROPEAN AND POLISH INSURANCE MARKETS UNDER FINANCIAL CRISIS CONDITIONS." Strategic decisions and risk management, no. 5 (October 26, 2014): 84–91. http://dx.doi.org/10.17747/2078-8886-2012-5-84-91.

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Special features of Polish insurance companies’ operation, influence of the world financial crisis on the national market of insurance services are described in the article. The system of rates for the analysis of insurance companies’ financial state and stability is suggested here. Not only adverse crisis effects but also the positive influence of factors on the insurance business state are described here.

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Kozińska, Magdalena. "Role of deposit insurance schemes on financial markets." International Journal of Monetary Economics and Finance 1, no. 1 (2020): 1. http://dx.doi.org/10.1504/ijmef.2020.10034067.

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7

Kron, W. "Flood insurance: from clients to global financial markets." Journal of Flood Risk Management 2, no. 1 (March 2009): 68–75. http://dx.doi.org/10.1111/j.1753-318x.2008.01015.x.

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8

Kozińska, Magdalena. "Role of deposit insurance schemes on financial markets." International Journal of Monetary Economics and Finance 14, no. 1 (2021): 91. http://dx.doi.org/10.1504/ijmef.2021.113312.

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9

Forbes, Stephen W. "Financial Management Issues in International Life Insurance Operations." Review of Pacific Basin Financial Markets and Policies 02, no. 02 (June 1999): 183–203. http://dx.doi.org/10.1142/s0219091599000126.

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The dismantling of foreign trade barriers, 24-hour worldwide capital markets, regulatory reforms within countries recognizing the importance of private financial markets, technologies such as the Internet, and the access of large segments of urban populations throughout the world to television and computers mark significant changes in financial services. As part of these structural changes, many governmental, economic, and competitive trends are affecting life insurance markets throughout the world in similar ways. This paper discusses these trends and the factors required for effective international life insurance operations.

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Khatuna Shalamberidze, Khatuna Shalamberidze, and Nana Benidze Nana Benidze. "The Peculiarities of Foreign Exchange and Insurance Markets." Economics 104, no. 3-5 (June 22, 2021): 28–40. http://dx.doi.org/10.36962/104/3-5/20210128-01.

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Foreign exchange risk is one of the most important components of the financial market. Like any other financial risk, it can be managed or avoided. Financial risk management requires the relevant knowledge and resources and only specialized financial institutions are engaged in doing so. Thee commercial banks do not accept foreign exchange risks, their assets and liabilities are denominated in the same currency. Therefore, it is recommended for households and businesses to avoid the currency risk. People's behavior is different during the sharp fluctuations of exchange rates. There is no ideal tactic for behavior. However, we would like to share some basic tips to help you reduce your expected financial risks; At the same time, the undesirable attitude characteristic of the period of strong fluctuations in the course will become clearer and more preventive. We hope that the information presented in such circumstances will help you to make the right decision. Keywords: Foreign exchange and insurance market efficiency; Exchange rate risk insurance; Involvement of financial instruments.

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Khatuna Shalamberidze, Khatuna Shalamberidze, and Nana Benidze Nana Benidze. "The Peculiarities of Foreign Exchange and Insurance Markets." Economics 104, no. 3-5 (June 22, 2021): 28–40. http://dx.doi.org/10.36962/104/3-5/20210128.

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Foreign exchange risk is one of the most important components of the financial market. Like any other financial risk, it can be managed or avoided. Financial risk management requires the relevant knowledge and resources and only specialized financial institutions are engaged in doing so. Thee commercial banks do not accept foreign exchange risks, their assets and liabilities are denominated in the same currency. Therefore, it is recommended for households and businesses to avoid the currency risk. People's behavior is different during the sharp fluctuations of exchange rates. There is no ideal tactic for behavior. However, we would like to share some basic tips to help you reduce your expected financial risks; At the same time, the undesirable attitude characteristic of the period of strong fluctuations in the course will become clearer and more preventive. We hope that the information presented in such circumstances will help you to make the right decision. Keywords: Foreign exchange and insurance market efficiency; Exchange rate risk insurance; Involvement of financial instruments.

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12

Khatuna Shalamberidze, Khatuna Shalamberidze, and Nana Benidze Nana Benidze. "The Peculiarities of Foreign Exchange and Insurance Markets." Economics 104, no. 3-5 (June 22, 2021): 28–40. http://dx.doi.org/10.36962/104/3-5/20210128-02.

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Foreign exchange risk is one of the most important components of the financial market. Like any other financial risk, it can be managed or avoided. Financial risk management requires the relevant knowledge and resources and only specialized financial institutions are engaged in doing so. Thee commercial banks do not accept foreign exchange risks, their assets and liabilities are denominated in the same currency. Therefore, it is recommended for households and businesses to avoid the currency risk. People's behavior is different during the sharp fluctuations of exchange rates. There is no ideal tactic for behavior. However, we would like to share some basic tips to help you reduce your expected financial risks; At the same time, the undesirable attitude characteristic of the period of strong fluctuations in the course will become clearer and more preventive. We hope that the information presented in such circumstances will help you to make the right decision. Keywords: Foreign exchange and insurance market efficiency; Exchange rate risk insurance; Involvement of financial instruments.

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13

Khatuna Shalamberidze, Khatuna Shalamberidze, and Nana Benidze Nana Benidze. "The Peculiarities of Foreign Exchange and Insurance Markets." Economics 104, no. 3-5 (June 22, 2021): 28–40. http://dx.doi.org/10.36962/104/3-5/2021-28.

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Abstract:

Foreign exchange risk is one of the most important components of the financial market. Like any other financial risk, it can be managed or avoided. Financial risk management requires the relevant knowledge and resources and only specialized financial institutions are engaged in doing so. Thee commercial banks do not accept foreign exchange risks, their assets and liabilities are denominated in the same currency. Therefore, it is recommended for households and businesses to avoid the currency risk. People's behavior is different during the sharp fluctuations of exchange rates. There is no ideal tactic for behavior. However, we would like to share some basic tips to help you reduce your expected financial risks; At the same time, the undesirable attitude characteristic of the period of strong fluctuations in the course will become clearer and more preventive. We hope that the information presented in such circumstances will help you to make the right decision. Keywords: Foreign exchange and insurance market efficiency; Exchange rate risk insurance; Involvement of financial instruments.

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14

Kuznetsova, Natalia P., and Zhanna V. Pisarenko. "Financial Convergence Analysis: Implication for Insurance and Pension Markets." Verslas: Teorija ir Praktika 17, no. 2 (June 20, 2016): 89–100. http://dx.doi.org/10.3846/btp.2016.536.

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The proposed paper is one of a set of articles dedicated to the new phenomenon in the global and national financial markets – financial convergence – and is focused on theoretical issues. The hypothesis of the article is to argue whether the financial convergence determines the directions of financial market (namely, insurance and pension sectors) development. Adequately the goal of this paper is to analyze the existence of convergence processes in the insurance and pension markets. Methods of systematic and logical analysis are used. In the first part authors give brief history of the convergence phenomenon research. Then the paper analyses influence of financial convergence on insurance and pension markets, manifested in the following effects: mix of financial institutions functions; distribution channels advantages, increase of insurance and pension funds companies’ competitiveness; governance models convergence. The major results of the study are: demographic shifts in different developed and emerging markets countries caused the need to reform the social security systems and public pension schemes and refocus them to the market-based financial convergence model; pension funds, acting as institutional investors, are the leading players in the contemporary global financial market; competition at the financial market causes the expansion of a number of services offered by various organizations: banks, insurance companies, pension funds and so on, which offer a wide range of services not directly related to their core businesses; the mixing of financial institutions functions from the insurance, pension and banking sectors, increased competition for customers at the national and global financial market.

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15

Nishimura, Kiyohiko G. "Financial System Stability and Market Confidence." Asian Economic Papers 9, no. 1 (January 2010): 25–47. http://dx.doi.org/10.1162/asep.2010.9.1.25.

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This paper first explains why the financial crisis of 2007–08 started in the United States, in particular, in the sub-prime mortgage market, a periphery of their financial markets. Agency problems in complex securitization and investors' “responsibility avoidance” behavior are argued to be key factors in the sub-prime mortgage meltdown. It then examines the collapse of global financial markets and the erosion of market confidence that followed, and measures taken by governments and central banks to save the financial system. Finally, the paper explores possible safety nets that may prevent another financial crisis: private-sector capital insurance, public–private partnership capital insurance (a version of catastrophe insurance), and contingent capital.

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VOYNOVA, Evgeniia. "UKRAINIAN INSURANCE MARKET AND ITS POSITIONING AMONG THE WORLD'S LEADING INSURANCE MARKETS." WORLD OF FINANCE, no. 1(54) (2018): 104–16. http://dx.doi.org/10.35774/sf2018.01.104.

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Introduction.The insurance market is an important infrastructure component of highly developed economies, playing the role of an accumulator of money from the population and enterprises, and redistributing them through financial mechanisms to the real economy. Therefore, it is noteworthy to find out what the «ideal» insurance market is it and how this situation can be achieved in Ukraine. Purpose. The aim of the article is to analyze the criterion of determination the category “ideal” insurance market, to discover the Ukrainian insurance market and to identify how far the Ukrainian market from the ideal one. Results. Absolute indicators of the insurance industry development in Ukraine are very small in comparison with international indicators. The Ukrainian insurance market is integrated into the world one, and although it presents a limited range of insurance products, this is likely due to the small demand, which makes it irrational to implement more. Conclusion. The insurance market of Ukraine operates on a market basis, insurance companies meet the international standards and requirements of Ukrainian legislation. It is effective in terms of compliance with the current market conditions in Ukraine, but is far from perfect in terms of the potential of providing financial services to consumers and the use of accumulated insurance premiums in the financial system of the country.

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17

Zech, Jürgen. "Will the International Financial Markets Replace Traditional Insurance Products?" Geneva Papers on Risk and Insurance - Issues and Practice 23, no. 4 (October 1998): 490–95. http://dx.doi.org/10.1057/gpp.1998.41.

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Bernstein, Peter L. "Risk Management, Financial Markets and Insurance: The Hidden Linkages." Geneva Papers on Risk and Insurance - Issues and Practice 25, no. 4 (October 2000): 629–36. http://dx.doi.org/10.1111/1468-0440.00087.

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19

Cummins, J. David, and Patricia M. Danzon. "Price, Financial Quality, and Capital Flows in Insurance Markets." Journal of Financial Intermediation 6, no. 1 (January 1997): 3–38. http://dx.doi.org/10.1006/jfin.1996.0205.

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20

Bertrand, Philippe, and Jean-luc Prigent. "Equilibrium of financial derivative markets under portfolio insurance constraints." Economic Modelling 52 (January 2016): 278–91. http://dx.doi.org/10.1016/j.econmod.2014.10.009.

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21

Bonizzi, Bruno, and Annina Kaltenbrunner. "Liability-driven investment and pension fund exposure to emerging markets: A Minskyan analysis." Environment and Planning A: Economy and Space 51, no. 2 (August 22, 2018): 420–39. http://dx.doi.org/10.1177/0308518x18794676.

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This paper explores the determinants and implications of the growing allocation of insurance companies and pension funds to emerging markets. The key contention put forward is that liabilities are at the core of the portfolio choice of insurance companies and pension funds, and that this has important consequences for the stability of asset demand. The paper supports this contention with a theoretical framework based on Hyman Minsky and the results from 22 semi-structured interviews with European insurance companies and pension funds’ executives, investment consultants, and asset managers. It shows that the rising insurance companies and pension funds’ demand for emerging markets’ assets has to be analysed in the context of the pressures resulting from structural funding deficits and low yields. Emerging markets’ assets are sought as part of the sector’s strategy to increase returns and, given their subordinate integration into a spatially uneven international monetary and financial system, remain not suited to directly meet insurance companies and pension funds’ liabilities. This causes insurance companies and pension funds’ demand for these assets to be volatile and independent of conditions in these countries, reproducing emerging markets’ monetary and financial subordination. By stressing the structural financial (in)stability implications insurance companies and pension funds’ liabilities have for emerging markets’ asset demand, the paper contributes to the literature on insurance companies and pension funds’ investments in emerging markets and bridges the gap between those which have noted the importance of liability conditions for insurance companies and pension funds and the literature pointing to the destabilising impact of insurance companies and pension funds due to behavioural and agency issues. Moreover, by basing itself on a Minskyan theoretical framework, it responds to recent calls for a more systematic incorporation of heterodox economic thought into financial geography.

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22

Newman, Karl, and Mads Andenas. "IV. Insurance and Banking." International and Comparative Law Quarterly 47, no. 3 (July 1998): 719–24. http://dx.doi.org/10.1017/s0020589300062308.

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The internal financial market is still far from its completion. Parts of the financial market and certain financial institutions are not yet covered by implementing directives. In areas that are covered by directives, transposition by member States has not removed important practical barriers to cross-border establishment and provision of services. An interesting feature of the current developments in the EC regulation of financial markets is the Commission's use of “Communications” to implement Treaty freedoms and so to remedy the situation where the member States have blocked proposals for a directive or where unacceptable barriers remain after their transposition.

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Rusconi, Rob. "The contribution of South Africa’s insurers to systemic risk: thoughts for policymakers." South African Actuarial Journal 20, no. 1 (January 28, 2021): 149–210. http://dx.doi.org/10.4314/saaj.v20i1.6.

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The rationale for regulating financial markets is strong. First, these markets have a critical role to play in the well-being of economies of all sizes. Second, the consequences of failure of these markets is frequently felt well outside of the markets themselves. This regulation should be based on the foundation of a clearly-written publicly-stated set of objectives. One of these objectives ought to be the mitigation of systemic risk, that is the risk that the actions of a financial-sector entity could trigger widespread damage to large parts of the financial markets and to the real economy. Establishing and utilising an appropriate mix of regulatory methods, however, is rendered extraordinarily challenging by the intrinsic complexity, delicacy even, of these markets. This paper explores these issues, applies them to insurance markets, in general and then in South Africa, and asks whether more could be done by South Africa’s insurance regulators to mitigate the systemic risk attributable to the country’s insurers. At heart is the concern that increasingly sophisticated efforts to measure and manage entity-specific risk may have the consequence of adding materially to systemic risk. Keywords: Financial markets, insurance, systemic risk, regulation

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Tubolec, I. I., and O. V. Tkalich. "GLOBALIZATION OF INTERNATIONAL FINANCIAL MARKETS." Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series: Economics and Management in the Oil and Gas Industry), no. 1(19) (May 21, 2019): 133–41. http://dx.doi.org/10.31471/2409-0948-2019-1(19)-133-141.

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The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.). The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management. It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever". We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization. It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.

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Śliwiński, Adam, and Tomasz Michalski. "European Insurance Markets in the Face of the 2007 Financial Crisis." International Advances in Economic Research 26, no. 4 (November 2020): 419–32. http://dx.doi.org/10.1007/s11294-020-09808-x.

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AbstractThis study compares the development of insurance markets in countries such as Portugal, Italy, Greece and Spain to mature markets in countries such as the UK and Germany during the 2007 financial crisis. Markets are examined from the product innovation perspective. The market in a country is assessed using taxonomic measures, such as distance and similarity. Markets are described by a set of features divided into five groups: market structure, technical sphere, finance and investment, effectiveness, and product. The measures are calculated at two points in time, 1997 and 2010. The data were gathered from publications of the World Bank, European Union Commission (statistics offices), National Polish Bank and insurance associations. The financial crisis has slowed the speed of market development and influenced other spheres. In countries like Greece and Portugal, progress was even slower than in post-Soviet states, like Poland. The crisis has not imposed structural changes within the selected markets and the influence of the crisis is visible. The sectors were not very innovative, particularly in the product sphere. The literature on the influence of the crisis on insurance is contradictory. This study’s novelty is that it applies multidimensional analysis when comparing insurance-market innovativeness and development.

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BILA, Daryna. "APPROACHES TO IDENTIFYING INSURANCE GROUPS." WORLD OF FINANCE, no. 1(50) (2017): 42–51. http://dx.doi.org/10.35774/sf2017.01.042.

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Introduction. The insurance group existence in the market and risks that are associated with insurance groups’ activities are led to the urgency of scientific research and determining the approaches to identify the insurance groups in Ukraine. Purpose. To study the international experience and national practice of the insurance groups identification and the insurance groups’ impact estimation on the insurance market. Results. The article analyzes the foreign practice of the insurance groups identification, the background of the IAIS emphasize the concept of “international insurance group” and the list of the insurance group identification criteria. The author examined the financial group creation ap-proaches: permissive, mixed, separate; and the insurance group identity indicators in Ukraine that are adopted by the National Commission for the Financial Service Markets Regulation of Ukraine. Author revealed the presence of insurance groups in the domestic insurance market that are controlled by international financial conglomerates; analyzed the insurance groups’ activity in Ukrainian market and studied their composition. The article contains the list of the insurance group performance indicators that are provided by the regulator; discloses the approach drawbacks that is developed by the National Commission for the Financial Service Markets Regulation for classifying companies as non-bank financial groups. Conclusion. The author formed the proposals that are aimed at improving transparency in the insurance market of Ukraine, such as: publication of information about the implementation of non-bank financial group of the regulatory requirements for regulatory capital adequacy. The article illuminates the financial performance indicators information of non-bank financial groups.

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Khatun, Rabia, and Jagadish Prasad Bist. "Financial development, openness in financial services trade and economic growth." International Trade, Politics and Development 3, no. 2 (July 15, 2019): 42–65. http://dx.doi.org/10.1108/itpd-05-2019-0002.

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Purpose The purpose of this paper is to examine the relationship between financial development, openness in financial services trade and economic growth in BRICS countries for the period 1990–2012. Design/methodology/approach An index for financial development has been constructed using principal component analysis technique by including banking sector development, stock market development, bond market development and insurance sector development. For the robustness of the result, the long-run cointegrating relationship amongst the variables has been analyzed. Findings Overall financial development has a positive and significant impact on economic growth. To take the full advantage of openness in financial services trade, countries need to put more emphasis on the development of their stock markets, bond markets and the insurance sector. The result shows that openness in financial services trade has a positive impact on economic growth when the stock market, bond market and insurance sector are included in the system. Research limitations/implications The policy implication of the findings is that policymakers should focus more on developing all four areas of finance to get the full benefit of the financial system on the process of economic growth. Originality/value The authors have constructed the better indicators of financial development in the case of BRICS economies. Most of the studies in BRICS economies have measured the development of the financial sector as either banking sector development or stock market development. However, the present study includes all four areas of finance (banking sector development, stock market development, insurance sector development and bond market development) into account.

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Acatrinei, Marius Cristian. "Financial stability indicator for non-banking markets." Journal of Financial Studies 5, no. 9 (November 15, 2020): 3–9. http://dx.doi.org/10.55654/jfs.2021.5.9.01.

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"A mixed frequency indicator is designed to incorporate and extract information from time-series data that are available at different frequencies: daily, monthly, quarterly, etc. Currently, the non-banking financial markets in Romania are supervised by the Financial Supervisory Authority and are composed of three distinct markets: the capital market, insurance, and private pension funds. Due to the mutual exposure between them, facilitated by the financial instruments held in their investment portfolios, there are common risk factors that influence their dynamics. Although a financial shock can affect all three sectors at the same time, the impact can be measured at a different frequency and with a different lag. Surveillance data for capital markets and pension funds are available every month, with a gap of one month, while for insurance the data are available quarterly, but with a gap of two months, similar to GDP data. If a sudden financial event disrupts financial markets or a change in the macroeconomic environment changes the medium-term outlook, what is the impact on non-bank financial intermediation? The stability indicator for non-banking financial markets is a monthly indicator estimated from mixed frequency data. The indicator is designed to provide a signal of financial instability in non-banking financial markets, to the extent that all three markets are disrupted at once."

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Chaudhury, Suman Kalyan, and Sanjay Kanti Das. "Trends in Marketing of New Insurance Schemes and Distribution: An Empirical Study on Indian Life Insurance Sector." Journal of Business and Technology (Dhaka) 9, no. 2 (December 31, 2015): 61–81. http://dx.doi.org/10.3329/jbt.v9i2.26196.

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Insurance has been an integral part of financial services system and recognised as a cornerstone of a countrys 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

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LUIBOV, Ulibina, Gulzira SERIKOVA, Okorokova OLGA, Amir SEMBEKOV, Svetlana VOROBYEVA, and Josef AFF. "Strategy of Management by Insurance Reserves of the Insurance Organizations." Journal of Advanced Research in Law and Economics 8, no. 8 (September 4, 2018): 2490. http://dx.doi.org/10.14505//jarle.v8.8(30).20.

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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.

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Albrecht, Peter. "Premium Calculation Without Arbitrage? A note on a contribution by G. Venter." ASTIN Bulletin 22, no. 2 (November 1992): 247–54. http://dx.doi.org/10.2143/ast.22.2.2005119.

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AbstractStimulated by a recent contribution by G. Venter in this journal the adequate-ness of (re-)insurance premium calculation based on the hypothesis of arbitrage free (re-)insurance markets is questioned. It is argued that—in contrast to the theory of financial markets—it is not reasonable to demand that insurance markets are arbitrage free. In addition the adjusted distribution principles put forward by Venter are claimed to be invalid.

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Guo, Nick L., and John Gilbert. "Demystifying Financial Markets for Saving and Insurance with Numerical Models." Journal of Economic Education 45, no. 1 (January 2014): 78. http://dx.doi.org/10.1080/00220485.2014.859968.

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33

Eboli, Mario, and Andrea Toto. "The Insurance Value of Trade Credit." International Journal of Economics and Finance 11, no. 7 (June 14, 2019): 87. http://dx.doi.org/10.5539/ijef.v11n7p87.

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The extensive use of trade credit in all manufacturing sectors, despite its high cost, is an apparent puzzle that economists explain in terms of asymmetric information problems affecting financial markets. The financial constraints arising from credit rationing and limited access to stock markets suffice to induce firms to resort to trade credit as a supplemental source of funding. Nonetheless, empirical evidence shows that also large and liquid firms facing no binding financial constraints use substantial amounts of trade credit. We address this issue by modelling the financial policy of a firm that does not face a binding liquidity constraint but the risk of being constrained in the future. We characterise the optimal amount of trade credit held by such a firm, and we show that a positive probability of facing a liquidity constraint leads the firm to fund its inventories with trade credit, even if cheaper sources of funds are available. The rationale is that trade credit provides implicit coverage against liquidity risk. Therefore, the optimal amount of trade credit grows with the expected size of a possible liquidity shock and with the likelihood of its occurrence.

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Shkolnyk, Inna, Eugenia Bondarenko, and Ievgen Balatskyi. "Financial risks of the stock market: opportunities and specifics of their insurance." Insurance Markets and Companies 10, no. 1 (November 7, 2019): 26–35. http://dx.doi.org/10.21511/ins.10(1).2019.03.

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The Ukrainian stock market is rated as an emerging market, which is characterized by high profitability and higher risk level as compared to developed economies. Securities transactions on the Ukrainian stock market are accompanied by stable uncertainties. Moreover, insurance is the most effective way to reduce financial risks and their negative effects. Given the current economic and political instability, financial risk insurance can ensure the economic performance of business entities and stimulate their further economic development. Financial risk insurance is the liability insurance in its nature, but its terms are often included in property insurance. This insurance sector has considerable facilities, which require activation of new insurance products that will be able to protect individual and institutional investors. Insurance and stock markets are direct competitors for limited investor resources, including strategic sources such as temporarily free institutional investor funds and household savings. In general, although there is a significant interaction between the insurance and other financial markets in Ukraine, it is hardly realized at all, unlike foreign economies, where it is used to its maximum. With the development of the insurance culture of the population and insurance in general, the relevance of insurance services in a high-risk segment like the stock market increases. The article harmonizes types of financial risks arising on the stock market with the methods of their leveling (insurance, hedging, diversification, etc.), determines the risk factors of the investor in the stock market, and specifies the professional risks of financial institutions. For the Ukrainian stock market participants, the use of two types of insurance coverage, namely, Bankers Blanket Bond and Financial Institution Professional Indemnity, is proposed.

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Hogan, Arthur M. B., and David Nickerson. "Insurance Cycles, Spanning and Regulation." Journal of Economics and Public Finance 5, no. 4 (November 25, 2019): p465. http://dx.doi.org/10.22158/jepf.v5n4p465.

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This paper offers a novel explanation of the financial underwriting cycle in the property-liability insurance industry. By doing so it resolves that significant anomaly in asset pricing theory posed by cycles in the efficient pricing of insurance coverage. In contrast to the reliance on a variety of institutional or capital market failures underlying all previous explanations of this cycle, we directly augment the complete-markets environment of traditional asset-pricing models through the presence of a single source of risk that cannot be fully hedged through existing financial markets. We realistically interpret this source of risk as unforecastable noise in the implementation of insurance regulations. Cycles in the value of underwriting insurance coverage can arise in this simple variant of a standard complete-markets pricing model owing to the effect of such regulatory risk. We offer a sufficient condition for a stable cycle to endogenously exist in market equilibrium and illustrate this condition in the context of a representative insurance firm and a regulator pursuing a countercyclical policy with noisy implementation. Interestingly, while insurance pricing is efficient in the absence of the regulator, cyclic pricing and underwriting profitability can be induced by a countercyclical regulator policy designed to stabilize the very cycle it creates.

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Lindmark, Magnus, and Lars Fredrik Andersson. "All fired up: the growth of fire insurance in Sweden, 1830–1950." Financial History Review 17, no. 1 (March 1, 2010): 99–117. http://dx.doi.org/10.1017/s0968565009990151.

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In this article we investigate supply and demand factors that have been put forward to explain the growth of fire insurance markets in Sweden during the financial revolution. We show that income growth and urbanisation fostered the demand for fire insurance. The supply of fire insurance, on the other hand, helps explain financial market development. Fire insurance assisted in mortgaging fixed assets, such as houses, through guaranteeing them as collateral. On both the supply side and the demand side, fire insurance was a key factor of the financial revolution in Sweden.

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Dervishi, Bulent. "Investments and portfolio structure of private pension and insurance companies in North Macedonia." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 5 (September 18, 2020): 227–34. http://dx.doi.org/10.20525/ijrbs.v9i5.860.

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The financial market in general is where supply and demand for funds are met. In other words, funds saved in the financial market are directed to investments in order to contribute to the economy. In the Macedonian financial market, the banking sector is really dominant but also pension funds and insurance funds have an active role. This research will be studied the distribution of pension funds’ portfolios in the North Macedonian financial market. The global financial crisis in 2008 negatively affected the economies and financial markets of many countries, including the USA and Europe, and the effects of the crisis continued until 2013. This negatively affected the confidence in the financial markets, and the current surplus of funds was directed towards low-risk but fixed or low-yield financial instruments. As of 31.12.2018, fund accumulation in private pension funds amounted to 1.04 billion euros, corresponding to approximately 10 percent of GDP. The total premium production of insurance companies is around 157 million euros, while the GDP ratio of premium production is around 1.5 percent. Funds collected in both sectors are generally used in treasury bills, bank deposits, and stocks traded on the Macedonia Stock Exchange and foreign financial markets.

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IGNATYUK, Anzhela, and Antonina SHOLOIKO. "SECURITY OF UKRAINE’S INSURANCE MARKET UNDER FINANCIAL GLOBALIZATION: THREATS AND DIRECTIONS OF REGULATION." Economy of Ukraine 2019, no. 4 (May 3, 2019): 18–28. http://dx.doi.org/10.15407/economyukr.2019.04.018.

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The main purpose of any insurance market is to ensure the continuity of the production process and the formation of sources of investment resources for the development of the country’s economy. However, in a context of financial globalization, this function can be unrealized due to the increased vulnerability of insurance markets to the impact of global crisis and capital outflow through the processes of mergers and acquisitions of insurance companies, foreign investments, international reinsurance, etc. This generates threats to the security of Ukraine’s insurance market. And hence, the purpose of the article is to develop recommendations on how to regulate the safety of Ukraine’s insurance market on the basis of an analysis of the manifestations of financial globalization in the world’s insurance markets and the identified threats. The authors consider financial globalization as the formation of a global financial market that can be defined as a market in which international financial intermediaries (banks, insurance companies, etc.) sell financial services worldwide. The processes of financial globalization cause such security threats to the insurance market, as: acquisition by foreign insurers of national insurance companies, outflow of investment resources abroad, growth of dependence on external reinsurance and others. To strengthen the security of Ukraine’s insurance market under financial globalization, the following directions of regulation are proposed: (i) to establish requirements for external investments of insurers not only in the part of securities of foreign issuers, but also in relation to other assets, which can be represented by insurance reserves; ii) to carry out ongoing monitoring of security indicators of the insurance market: the share of insurance payments belonging to reinsurers-non-residents in gross insurance payments; the share of foreign capital in the authorized capital of insurance companies; market share of foreign insurance companies; iii) to increase the independence from external reinsurance, the capitalization of Ukrainian insurers should be increased on the basis of the introduction of Solvency II principles for the growth of the reinsurance capacity of the national insurance market and stimulation of the export of reinsurance services.

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Hassan, Fatin Aminah. "Is Life Insurance Crucial to Society and the Economy? Evidence from Asian Countries both before and after the Global Financial Crisis." Asian Development Policy Review 10, no. 1 (February 3, 2022): 35–46. http://dx.doi.org/10.18488/5008.v10i1.4416.

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Life insurance is not merely vital for the economic development of a country but also the health of an individual’s financial circumstances. This study examines the income elasticity of life insurance consumption and the impact of life insurance markets on economic growth in 22 Asian countries from 2001 to 2016. According to a panel data analysis of life insurance demand, it is inelastic in proportion to GDP per capita, implying that the product is a necessity for Asians. Furthermore, the results of a life insurance growth analysis conducted both before and after the 2007/2008 subprime crisis revealed that life insurance markets had a significant impact on economic growth. The findings showed the region’s life insurance industry was hit hard by the crisis and shed more than 10% of its market value relative to the economy. This work provides a valuable reference and recommendations for corporations and government sectors to strengthen these countries’ life insurance markets.

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Trippner, Paweł. "Financial situation of insurance sector for example, a Stock – Exchange Company PZU." Przedsiebiorczosc i Zarzadzanie 15, no. 1 (January 1, 2014): 55–67. http://dx.doi.org/10.2478/eam-2014-0004.

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Abstract The insurance system is a very important element of the financial system of a country. As institutions of public trust, insurance companies play a crucial role in the process of transforming savings into investments, which directly affects the country’s economic development. Maintaining the insurance sector in a good financial condition guarantees stability of the financial system and economic development of Poland. The article aims to present the essence of operations of insurance companies as financial institutions, present their role in the economy, and describe various methods of appraising their financial condition. In order to fulfil the above goals, a research hypothesis is put forward stating that the financial condition of the insurance sector in Poland deteriorated in the analysed period as a result of an adverse impact of turbulence in financial markets and problems in financial systems in the European Union countries.

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Penalva Zuasti, Jose S. "A Study of the Interaction of Insurance and Financial Markets: Efficiency and Full Insurance Coverage." Journal of Risk & Insurance 75, no. 2 (June 2008): 313–42. http://dx.doi.org/10.1111/j.1539-6975.2008.00262.x.

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Kelly, Bryan, Hanno Lustig, and Stijn Van Nieuwerburgh. "Too-Systemic-to-Fail: What Option Markets Imply about Sector-Wide Government Guarantees." American Economic Review 106, no. 6 (June 1, 2016): 1278–319. http://dx.doi.org/10.1257/aer.20120389.

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We examine the pricing of financial crash insurance during the 2007–2009 financial crisis in US option markets, and we show that a large amount of aggregate tail risk is missing from the cost of financial sector crash insurance during the crisis. The difference in costs between out-of-the-money put options for individual banks and puts on the financial sector index increases four-fold from its precrisis 2003–2007 level. We provide evidence that a collective government guarantee for the financial sector lowers index put prices far more than those of individual banks and explains the increase in the basket-index put spread. (JEL E44, G01, G13, G21, G28, H81)

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MOZGOVYI, Oleg, Oleksii SUBOCHEV, and Oksana YURKEVYCH. "ISLAMIC FINANCE DOCTRINE: THE NATURE AND EVOLUTION." Economy of Ukraine 2018, no. 1 (January 3, 2018): 71–81. http://dx.doi.org/10.15407/economyukr.2018.01.071.

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The article identifies basic models of Islamic finance industry and provides a critical assessment (compared to conventional finance) оf mechanism of their functioning. Despite having obvious positive aspects, such as limitation of speculative or risky securitization, focusing on financing the real sector of economy and encouraging the direct interrelationship between financial and productive sectors, in our view, the mechanism of Islamic economics in some ways is at variance with a number of fundamental principles of effective economic activity. Objective factors (demographic, political, economic) cause an increase of role and influence of the industry over regional financial markets and international finance and determine the relevance of further research in this area. Today, Islamic finance comprises such commercial areas as capital markets, asset management and insurance. They represent all segments of modern financial market – commercial banking, operations with equity and venture capital, trade financing, insurance and even financial hedging. Only a small share of Muslims’ financial relations is provided in accordance with Islamic law. Under conditions of introducing the convenient, liquid and standardized financial instruments and further improvement of regulation for financial markets, redistribution of resources in favor of Islamic financial markets, as well as rapid growth of their share in international finance are expected.

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MOZGOVYI, Oleg, Oleksii SUBOCHEV, and Oksana YURKEVYCH. "ISLAMIC FINANCE DOCTRINE: THE NATURE AND EVOLUTION (the end)." Economy of Ukraine 2018, no. 2 (February 2, 2018): 65–78. http://dx.doi.org/10.15407/economyukr.2018.02.065.

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The article identifies basic models of Islamic finance industry and provides a critical assessment (compared to conventional finance) оf mechanism of their functioning. Despite having obvious positive aspects, such as limitation of speculative or risky securitization, focusing on financing the real sector of economy and encouraging the direct interrelationship between financial and productive sectors, in our view, the mechanism of Islamic economics in some ways is at variance with a number of fundamental principles of effective economic activity. Objective factors (demographic, political, economic) cause an increase of role and influence of the industry over regional financial markets and international finance and determine the relevance of further research in this area. Today, Islamic finance comprises such commercial areas as capital markets, asset management and insurance. They represent all segments of modern financial market – commercial banking, operations with equity and venture capital, trade financing, insurance and even financial hedging. Only a small share of Muslims’ financial relations is provided in accordance with Islamic law. Under conditions of introducing the convenient, liquid and standardized financial instruments and further improvement of regulation for financial markets, redistribution of resources in favor of Islamic financial markets, as well as rapid growth of their share in international finance are expected.

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Ilmanen, Antti. "Do Financial Markets Reward Buying or Selling Insurance and Lottery Tickets?" Financial Analysts Journal 68, no. 5 (September 2012): 26–36. http://dx.doi.org/10.2469/faj.v68.n5.7.

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Jawadi, Fredj, Catherine Bruneau, and Nadia Sghaier. "Nonlinear Cointegration Relationships Between Non-Life Insurance Premiums and Financial Markets." Journal of Risk and Insurance 76, no. 3 (September 2009): 753–83. http://dx.doi.org/10.1111/j.1539-6975.2009.01314.x.

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Bergbrant, Mikael C., Kaysia T. Campbell, Delroy M. Hunter, and James E. Owers. "Does deposit insurance retard the development of non-bank financial markets?" Journal of Banking & Finance 66 (May 2016): 102–25. http://dx.doi.org/10.1016/j.jbankfin.2016.01.013.

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Keneley, Monica. "Does Organizational Heritage Matter in the Development of Offshore Markets? The Case of Australian Life Insurers." Business History Review 87, no. 2 (2013): 255–77. http://dx.doi.org/10.1017/s0007680513000421.

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The globalization of financial markets over the past decade has focused the spotlight on the responsiveness of financial firms to international pressures. Insurance markets have traditionally relied on global networks not only to expand the insurers' sphere of influence but also to support domestic business. Until relatively recently, Australian insurance companies have not played a significant role in the development of international markets. However, in the last decade of the twentieth century Australian insurers ventured overseas on a scale without precedence. This article presents an historical perspective on the internationalization of the Australian life-insurance market with a view to understanding why these firms have been classified “late starters” in the internationalization stakes. In a broader capacity it provides insights into the impediments to overseas expansion and the forces encouraging or discouraging the development of cross border networks.

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Černohorská, Liběna, and Matěj Klofát. "An Analysis of the Insurance Market in the Czech Republic." SHS Web of Conferences 92 (2021): 08006. http://dx.doi.org/10.1051/shsconf/20219208006.

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Research background: We are currently witnessing significant changes in traditional values and developments concerning the globalization of the financial markets. Since the beginning of the 21st century, not only have the instruments used by global financial markets changed significantly, but the way they operate and the behavior of their participants have changed as well. Digitalization and the use of modern technologies are gradually beginning to take hold in all segments of the global economy. In the field of insurance, this mainly concerns the areas of insurance distribution and claims settlement. Purpose of the article: The purpose of this paper is to analyze the insurance industry in the Czech Republic for the period of 2014 to 2018. Methods: Spider analysis was used to conduct the analysis. This type of analysis is a comprehensive analytical tool, which can also be used by the management of commercial insurance companies; it is based on 16 ratios, which are divided into four segments. Spider analysis provides a clear representation of the examined company’s position in comparison with the market average or with competing companies in that field of business. Using spider analysis, it is possible to portray the insurance market in the Czech Republic using the selected insurance companies. Findings & value added: Based on the analysis results, it was found that Pojišťovna VZP was the only company that differed from the other commercial insurance companies analyzed – and the insurance market as a whole. Globalization’s effects on developmental trends in the world’s economies, the financial markets, and the business activities of both commercial insurance companies and the insurance industry are significant and difficult to estimate in terms of scope.

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Nowell, P. J., J. R. Crispin, M. Iqbal, S. F. Margutti, and A. Muldoon. "Financial Services and Investment Markets in a Low Inflationary Environment." British Actuarial Journal 5, no. 5 (December 1, 1999): 851–97. http://dx.doi.org/10.1017/s1357321700000738.

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ABSTRACTA working party was set up in February 1999 by the Research Committee of the Life Board to consider the impact of a low inflationary environment on the financial services and investment markets with particular emphasis on companies conducting long-term insurance business.The working party has produced an interim report which reviews the causes of the present expectation of low inflation and discusses evidence from the past and the role of demographics. It considers issues surrounding the composition of the retail price index, appropriate economic assumptions and the impact on investment markets, including the effect of charges on net returns to savers. The position of long-term insurance business is then considered in more detail, looking at HM Treasury return consequences as well as disclosure and product design features. Finally, there are two investigations, the first looking at the effect of low inflation on the achieved profits derived from different product designs, and the second looking at the changes in ruin probability for a with-profits office associated with declining inflation.

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Journal articles on the topic 'Interpenetration of the insurance and financial markets'

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