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EN
Janos Stahl's article and Miklos Arato's contribution on it show that the reason for the absence of a solution to a problem seen as technical by outside observers and an internal professional matter by expert insurance mathematicians - the annuities provided to their members by the pension funds making up the second pillar of the pension system - must be sought largely in the lack of an economic grounding, or deficiencies in it. The answers that have been impeding progress suffer from lack of clarity, misconceptions or plain mistakes of principle and theory, and these have been preventing progress for almost a decade. The basic condition for a solution is to escape from the straitjacket of the actuarial thinking of those schooled in insurance practice. The author of this discussion article eventually arrives at almost the same point as Janos Stahl, but not by the same route and drawing different conclusions. Stahl strained at the actuarial framework and met with incomprehension, while the author of these lines seeks a solution to an economic problem..
EN
In universities economics the issues associated with functioning of insurance institutions are a part of the curricula in courses of finance and accounting. The authors present curricula of lectures which contain applying mathematics in insurance. The authors discuss issues in the curriculum of financial mathematics and insurance for the courses of the computer science and econometrics and computer science in the business. The authors also present models of the capitalization of money and other models which can be used in life insurance and superannuation plan.
EN
The aim of the paper is to demonstrate the possibility of using the Monte Carlo method within the field of risk reduction within the framework of a developed model by applying a particular form of insurance. It is focused on the area of non-life insurance in which the collective risk model is suitable for describing the total claims in a given portfolio of insurance contracts. The Monte Carlo simulation method is the starting point, from which one can generate values of the total claim amount and their statistical treatment for the needs of measuring the value of the capital required to ensure solvency. As a final result the paper presents simulations as an effective problem solving tool, by enabling the development of interactive studies in the risk management process. The methodology presented makes use of Visual Basic for Applications under Microsoft Excel. This opens up the potential of developing actuarial software for solving risk reduction problems by applying various forms of insurance. Given the ability of the method to react flexibly to changes in the given form of insurance or its parameters can be used also to optimise the choice of suitable scenarios.
EN
Insurance education concerning both life and property insurance is very important but the consequences of decisions taken today in that field could be assessed after many years from now only. Clients must learn the interpretation of insurance regulations, general insurance conditions, the skills of comparing and drawing conclusions from insurance offers. The subject knowledge on insurance and pension funds is required for efficient functioning in the European society. The Ombudsman of the Insured and the Insurance and Risk Management Chamber of Commerce states that insurance education should be targeted first of all to the youth. The paper presents the results of the study on the level of insurance awareness among the last year students at the University of Warmia and Mazury. The studies showed that more than a half of the respondents assessed the level insurance awareness as low. To improve that situation the educational activities of insurance companies should be expanded.
5
Content available remote LEVEL OF CUSTOMER SATISFACTION WITH THE PURCHASED INSURANCE SERVICE
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EN
Insurance companies in the same way as other service enterprises, should focus in their activities mainly on identification of customer expectations and next on supplying them the products that would satisfy them fully. In case of insurance companies customer satisfaction can be generated at the stage of providing services to the customer (satisfaction with the distribution channel) and product that the customer has purchased (satisfaction with the insurance service purchased). This paper aims at presenting the dependences occurring between the level of satisfaction with the insurance service and the gender, age, place of residence, level of education, income and expenditures on insurance of the respondents.
6
Content available remote The Fuzzy Methods in Insurance
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EN
The author presents the selected methods of actuarial science that apply fuzzy set theory as a representation of information vagueness and imprecision. The fuzzy representation of the real-world-problems was proposed due to the nature of the decision maker: propensity for simplification and tendency to describe the problems rather in linguistic than in mathematical manner. In this paper he demonstrates the fuzzy methods that aim at particular actuarial problems: internal rate of return, net present value, underwriting, evaluation of tax liabilities and insurance rate, and classification of individual risk. Among the other the concepts of fuzzy zooming and fuzzy interest curve are described. From the technical standpoint also the actuarial applications of fuzzy pattern recognition are presented. In details he shows the fuzzy c-means algorithm. Finally the author discusses using of expert systems based on fuzzy decision rules in actuarial science. In conclusions he mentions the constraints of presented solutions and the future research area.
EN
The article tried to define the features of income tax from natural persons and its influence on the tax load for taxpayers. It also presented the significance of national and health insurance in terms of the financial load. The theses suggested by N. Kakwani and P.J. Lambert were used in the realization of the subject. The source information presented in the article was the data concerning taxpayers paying their Personal Tax Income for the years 2007-2008 in the revenue office in Siedlce.
EN
Everybody from the government and insurers to the providers and consumers these days is talking about market competition in health care. But what do they mean by it? Is everybody talking about the same things? The question is fundamental because various health-care players take part in shaping health policy, but little is said about how these players envisage the competition from their own point of view. The brief survey of experience in developed countries pays attention mainly to the examples of the United States, the United Kingdom, the Netherlands, Austria and Germany. Analysis of these shows that health-care competition in all of them is limited and great caution is needed in evaluating its results.
EN
The article is based on documents concerning the Warta Insurance Company and the ministries supervising it. The author intended to discover the reasons why at a time when the Polish economy was closed the state authorities decided that enterprises dealing with reinsurance should continue to exist and maintain trade contacts with their Western counterparts, and to find out how the objectives of reinsurance activity were defined in an economy aiming at autarchy. Moreover, the purpose of the article is to describe the grounds decisive for the range of benefiting from reinsurance protection and the form of reinsurance contracts. Warta was part of a competitive international market and, at the same time, found itself under strict state control. Hence, the article also considers the limits of the company’s autonomy and its possible impact on the decisions made by the authorities. The necessity of realising tasks designated by the state comprised a risk factor. The author discusses the strategies applied by the firm for reducing this hazard.
EN
The article examines insurance derivatives traded on capital markets, focusing on their structure and application mechanisms. The main function of these derivatives is to provide collateral funds in cases of natural disaster. Insurance derivatives don’t serve as an indemnification contract for financing a particular cedant’s losses, so substantial basis risk is a serious consideration. On the other hand, less moral hazard and the low cost of coverage play an important role. Enhancing risk diversification, derivatives make it possible to cover disaster risks previously considered non-insurable. That insurer and re-insurer financial results are stabilised by minimising the ruin probability in case of the rapid growth of loss-ratio is another advantage of insurance derivatives. Developing these instruments requires the insurance sector have an appropriate level of maturity and those participating not only be prepared financially and technologically but also possess the proper know-how.
EN
Insurance services offered by banks are actually very popular in banks' activity. This article concentrates on advantages and disadvantages of bancassurance, particularly in range of credit offer. The Authors present perspectives of cooperation development between banks and insurance companies and draw their own conclusions on this topic. The article contains some data from the report, prepared by the Advocate of the Insured in Poland.
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Content available remote Concept of an Insurance Management Game 'Managing a Non-Life Insurance Company'
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EN
The article presents a management game with teams of players managing the activity of a non-life insurance company. Companies compete on the same market, therefore a strategy implemented by a single insurer influences the overall market situation, i.e. all other insurers. Companies operate in a given macroeconomic environment, modeling of which is also within the scope of the article. Theoretical game model underlies implementation of insurance management game. The described issues are treated as core, based on which the game can be developed by incorporating elements like adverse selection, catastrophic events, distribution channels, hedging instruments.
EN
At first the paper shortly characterizes basic classes of portfolio insurance strategies that provide the investor an ability to limit downside risk while allowing some participation in upside markets. Then some extensions of discrete Constant Part Portfolio Insurance (CPPI) methods that introduce risk budget, a stop loss rule, locking of the guaranteed value, the asset management fee and risk measures in the multiplier are presented and illustrated. Finally the paper presents a modification of CPPI method for pension funds with moving investment horizons. As the result user procedures in Excel environment that automatize the process of guaranteed strategies construction were developed.
14
Content available remote SOLVING SELECTED CIVIL RISKS THROUGH CO-OPERATION OF PRIVATE AND PUBLIC INSURANCE
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EN
All developed countries are facing the serious demographical and economical trends, which include critically low birth rates, increasing costs of the health care per capita and the high frequency of the natural disasters, other calamities or the terrorist attacks. The above risks are connected with the increased damage often not included in the insurance policy. It is questionable who should eventually bear such damages. The injured persons tend to expect a compensation from the insurance companies for the damage on assets or health notwithstanding the reason of the damage. These trends lead to reassessing of the current insurance systems and inventing of the new solutions. One of the possibilities is closer co-operation of a private (commercial or life) and a public insurance. The article describes the several aspects of such cooperation. At the beginning we highlighted some developments of a private and a public insurance, including the mutual elements and differences in the principles of the systems, resulting into examples of co-operation of a private and a public insurance with the respect of their specifics. The empirical findings have proved that the cooperation of a public and a private insurance can create the positive effects by the optimal combination of the instruments. One of the most noticeable effects is a competition leading to the significant improvement of the insurance services. Another positive effect is the prevention and avoidance of the excessive risks, which are managed better by the private insurance companies. The co-operation of a private and a public insurance cannot be implemented in a general way. There are selected areas where the positive effects are clear, but there are also the areas where the impacts are questionable. Both private and public insurance have boarders limiting the possibilities of their cooperation. However, such co-operation seems to be a solution for the selected problems of the current society leading to the increased safety feeling of the citizens.
EN
The aim of this article is to obtain essential information on the flood risk insurance in Slovakia based on the analysis of available data on insurance contracts and flood insurance claims in the period 2002 – 2011, as well as on the possible factors influencing its temporal and spatial variability. Research on the relationship between the flood insurance coverage, flood hazard and socioeconomic status expressed through a poverty index at district level indicated no significant effect of flood hazard level on decision to ensure property insurance against the flood risk. The financial situation of the population together with empirical experience with flood damage payment by insurance company and the poor awareness about flood hazard potential can be identified as the main determinants influencing the level of insurance against the risk of flooding in Slovakia.
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