Banking. Insurance companies and their operations (lecture notes)

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Banking. Insurance companies and their operations (lecture notes)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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Insurance companies and their operations

Currently, insurance companies have four organizational forms:

1. Shareholder form

2. On a "mutual basis" (the company does not issue shares, and each policy holder is a co-owner of the company on the basis of an insurance policy)

3. Mutual exchange. It is essentially formed on a cooperative basis and the participants exchange insurance risks, insuring themselves and do not sell insurance to the side.

4. Lloyd's system, consisting of syndicates, which usually include insurance companies and insurance brokerage firms on shares. Responsibility for insurance risk is distributed among the members of the syndicate or among all participants in Lloyd's.

A feature of the accumulation of capital of insurance companies is the receipt of insurance premiums from legal entities and individuals, the amount of which is calculated on the basis of insurance tariffs, or rates, as well as investment income. The specificity of capital accumulation in insurance companies is mainly reduced to the calculation of insurance premiums. However, it differs for life insurance and property insurance. The formation of savings also depends on the expansion of the insurance market, the introduction of new types of insurance and the improvement of existing types of insurance.

The result of the financial activity of insurance companies is the profit and reserves of insurance premiums as the difference between the insurance premium and the payment of insurance compensation, plus operating costs. Profit always settles in the company, and the reserves of contributions as future obligations to policyholders are directed to investments.

Passive operations are formed mainly at the expense of insurance premiums paid by legal entities. and physical faces. The share of other liability items is insignificant.

Active operations consist of investments in government bonds of the central and local governments, bonds and shares of private corporations, mortgages and real estate, and policy loans.

The structure of active and passive operations of life insurance companies is slightly different from the structure of property insurance companies (the latter are forced to have more liquid funds due to the fact that they do not have long-term funds), but nevertheless property and casualty insurance companies are also a supplier of long-term capital together with life insurance companies, which are the main suppliers of long-term capital to the national markets of leading Western countries.

A distinctive feature of property insurance companies is that they maintain their profitability not through insurance operations, but through investments and income from them. This is due to the fact that many types of property insurance operations are unprofitable for many companies and in some cases losses are covered by income from investments, and not by the insurance reserve.

Author: Shevchuk D.A.

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