Insurance

The article, which falls within the terms of reference of insurance risk analysis, presents research on the death risk regional differentiation and its influence on the level of insurance and social security premiums. The article is divided into four parts. The first one describes probability of death as a measure of calculated death risk and presents synthetic results of death probability estimates for individual Polish voivodships. In the second part net life insurance premiums calculated separately for individual voivodships and premiums calculated with the average death risk factor for the entire territory of Poland are compared. Part three discusses the effect of the regional premium and death risk differentiation method on financial management of insurance companies indicating the value of the insurance fund established. The said fund has been calculated on the basis of the method presented and without the application of the regional premium differentiation method. In conclusion, recommendations are made concerning the possible application of the regional premium differentiation by insurance companies.

The aim of this paper is to demonstrate the effect of the regional death risk differentiation approach upon the financial management and profitability of life assurance companies. Such an aim involves answering the question of whether the application of regional death risk differentiation in the process of financial management at insurance companies can improve their financial performance? The above issue was explored on the basis of empirical research undertaken by the author. The research followed the pattern of premium differentiation for the main categories of assurance by regions in Poland. The research reveals that the application of the regional differentiation method indisputably results in the improvement of financial performance of insurance companies, without compromising the fundamental principles of the insurance business, (principle of equilibrium). By employing the regional differentiation method, an insurance company optimises its profitability, while at the same time maintaining the structure of deposits and investments.

The era of knowledge based economy, which the world is dynamically entering, reveals many new factors and necessities which a modern company needs to consider and cope with if it wishes to stay on in business. The innovativeness of business activity, in a broad meaning of the word, is an area of significant factors. Holistically, one may ask about the borders of innovation applied in business. Are they determined by: the actual needs of end consumers and as a consequence the needs of companies participating in the chain of value delivered to these customers or primarily the actual needs to earn on corporate investments on the customer value chain? This paper analyses the problem of management of innovation programmes and projects introduced by companies from the microeconomic perspective. Its main aim is to show a new approach to innovation cost management and the innovation activity of the insurance sector in Poland. The paper consists of two sections. The first one describes innovation cost management. Innovative companies should be supported by the insurance sector. They should also apply knowledge and appropriately analyse and allocate costs within the algorithms of behaviour compliant with the risk management. The second section analyses the Polish insurance sector with the Multivariate Statistical Analysis. The paper ends with the conclusions with regard to the insurance sector. The examination of the sector shows that the insurance market in Poland in the analysed period was not innovative and it did not create innovation supporting services (and it is where the insurance risk appears due to the financial aspects of innovation).

Idea of risk culture is increasingly used among professionals, especially after the financial crisis in 2008, to describe the process of risk perception and the ability to manage it. With this background, formation of the concept of risk culture is the result of the accumulation of experience about the negative effects of risks. There are numerous studies that show differences in the perception of risk in different environments (young people, intelligence, nation etc.). Using this basis, we can assume that there are differences in the risk cultures either. Our aim is to identify factors that have a sustainable impact on creating a risk culture at the level of individuals or particular groups. This interdisciplinary research is difficult because there is no methodological framework that would comprehensively cover effective methods of empirical research. Therefore, in our study we make theoretical generalizations of the existing mind-set, in order to identify factors of risk culture....

Innovations determine corporate competitive advantage in every field of activity, which also applies to insurance companies. The innovativeness pursued by insurers is to a large extent derived from the innovativeness pursued by their clients. When providing insurance services for non-financial entities, insurance companies often support their clients’ innovative activities. Thus, they perform an important economic function, also from the macroeconomic perspective. The development of tools for the assessment of the level of innovativeness in insurance companies seems legitimate. The assessment of this kind could actually be used in diagnosing the innovativeness potential of an insurance company as well as the whole insurance sector. The results of such an assessment would facilitate the creation of ranking lists of innovative insurers and could also provide information about how adequate the insurance sector is in view of the contemporary economic determinants. The main problem conne...

Purpose: The paper assesses expectations regarding the amount of discount in insurance premium, which could compensate insured for loss of privacy should it transpire that one's driving style is to be monitored. Design/Methodology/Approach: The analysis is carried out using data collected through a survey conducted on a sample of clients of insurance companies. As part of the analysis, Pearson's Chi-Square Test is used. It is based on comparing empirical values with expected values, where expected values are treated as variables that would occur if there were no relationship between them. Findings: Analysis showed that 75% of the respondents who would allow the possibility of concluding a UBI type contract at all would expect a discount of up to 30% of their current premium. While a maximum of 15% discount relates to as many as 37,45% of the respondents. The factors like gender, age, education, and place of residence of the respondents influence the level of expectations. Practical Implications: The paper conducts an empirical study on the impact of the loss of privacy on the discount in insurance premium thus the topic might be of interest to insurance companies and their clients making the final insurance purchase decision. Originality/Value: Is the first study when UBI expectations are explained in terms of Poland one of the biggest insurance market in CEE region. The findings might have a practical and science value. From practical point of view, it gives the insurance professionals the knowledge of the expected level of possible decrease in premium that might result in intensification of UBI. From scientific point of view the study provides useful information for further research especially in terms of factors that determine the level of expectations.

The aim of this paper is to present Polish and Chinese developments in this area in the period of 1999-2009 for the former and 2005-2008 the latter and then to compare both markets for 2007 and 2008 using different metrics. The time horizon is limited due to the lack of Chinese data. The results show that both economies used leasing to finance ongoing business and both markets have many common features. The results show also that although the Chinese leasing market is less developed, it catches up with the more developed Polish counterpart.