Fundamentals of the insurance business:
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Cham, Switzerland
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[2024]
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| Schriftenreihe: | Springer texts in business and economics
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxvi, 770 Seiten Diagramme |
| ISBN: | 9783319528502 |
| ISSN: | 2192-4333 |
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| 100 | 1 | |a Maggioni, Massimiliano |e Verfasser |0 (DE-588)1344172369 |4 aut | |
| 245 | 1 | 0 | |a Fundamentals of the insurance business |c Massimiliano Maggioni, Giuseppe Turchetti |
| 264 | 1 | |a Cham, Switzerland |b Springer |c [2024] | |
| 264 | 4 | |c © 2024 | |
| 300 | |a xxvi, 770 Seiten |b Diagramme | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Springer texts in business and economics |x 2192-4333 | |
| 653 | |a Casualty insurance | ||
| 653 | |a Insurance business | ||
| 653 | |a Insurance distribution | ||
| 653 | |a Insurance handbook | ||
| 653 | |a Insurance management | ||
| 653 | |a Insurance manual | ||
| 653 | |a Insurance operations | ||
| 653 | |a Insurance products | ||
| 653 | |a Insurance regulation | ||
| 653 | |a Insurance underwriting | ||
| 653 | |a Life insurance | ||
| 653 | |a Marketing of insurance | ||
| 653 | |a Performance of insurance companies | ||
| 653 | |a Private insurance | ||
| 653 | |a Profit and loss for insurance companies | ||
| 653 | |a Property and casualty insurance | ||
| 653 | |a Risk management and insurance | ||
| 653 | |a Technical management and insurance | ||
| 700 | 1 | |a Turchetti, Giuseppe |e Verfasser |0 (DE-588)1344170846 |4 aut | |
| 710 | 2 | |a Springer International Publishing |0 (DE-588)1064344704 |4 pbl | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |z 978-3-319-52851-9 |
| 856 | 4 | 2 | |m Digitalisierung UB Bamberg - ADAM Catalogue Enrichment |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034329741&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-034329741 | |
Datensatz im Suchindex
| _version_ | 1821961700557979648 |
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Contents Part I 1 2 3 Fundamentals of Insurance Business The Origins and Role of Insurance in Society. 1.1 Learning Objectives. 1.2 Insurance in History: Origin and Role. 1.3 The Origins of the Contract of Insurance. 1.4 The Historical Development of Non-life Insurance. 1.5 The Historical Development of Life Insurance. 1.6 Social Insurance and the Development of Retirement Provision. 1.7 Questions. Suggestions for Further Study. 3 4 4 6 8 11 The Notion of Risk and Probability. 2.1 Learning Objectives. 2.2 Risk and Uncertainty. 2.3 Risk Management. 2.4 Principle of Mutuality and Risk Pooling. 2.5 Conditions for Insurability. 2.6 Selection of Risks and the Problem of Information
Asymmetries. 2.7 Attitude to Risk. 2.8 Behavioural Finance. 2.9 Questions. References. Suggestions for Further Study. 17 18 18 21 23 25 26 29 31 33 33 34 The Insurance Undertaking. 3.1 Learning Objectives. 3.2 The Insurance Undertaking. 3.3 The Inverse Production Cycle. 3.4 Functions of an Insurance Undertaking. 3.4.1 Technical Insurance Management. 3.4.2 Technical Reserves. 35 36 36 37 38 39 40 14 16 16 ix
X Contents 3.4.3 Financial Wealth Management. 3.5 How the Insurance Machine Works?. 3.6 Insurance Undertaking and Risk Management. 3.7 The Modern Insurance Undertaking. 3.8 The Lloyd’s of London Market. 3.9 Questions. Suggestions for Further Study. 42 43 45 47 48 50 51 Regulation of the Insurance Industry. 4.1 Learning Objectives. 4.2 Regulatory Context in Europe. 4.3 Three Generation of Community Directives. 4.4 Recent Developments at the Community Level. 4.5 Regulation on Customer Protection and Distribution of Insurance Products. 60 4.6 Regulations on Risk Control and Corporate Management. 4.7 Supplementary Supervision for Financial Conglomerates. 4.8 Regulation of Supplementary Retirement Provision. 4.9 Questions.
Reference. Directives and Regulations: Chronological Order. Suggestions for Further Study. 53 53 54 55 58 5 Supervision and Other Authorities. 5.1 Learning Objectives. 5.2 Supervision of Insurance and Reinsurance Undertakings. 5.3 European Supervision in the Matter of Insurances. 5.4 European System of Financial Supervision. 5.5 The Bodies and Functions of EBA. 5.6 The Bodies and Functions of EIOPA. 5.6.1 Areas and Powers of Intervention. 5.7 The Bodies and Functions of ESMA. 5.7.1 Organization and Activities. 5.8 Questions. Directives and Regulations: Chronological Order. Suggestions for Further Study. 67 68 68 69 73 75 76 77 78 78 79 79 79 6 The Insurance Business. 6.1 Learning
Objectives. 6.2 Access to the Insurance Business. 6.2.1 The Authorisation Procedure. 6.2.2 The Registry of Licensed Insurance Undertakings. 81 82 82 84 86 4 61 62 63 65 65 65 66
Contents 7 8 xi 6.3 6.4 Lines of Business (LoB). Conditions Governing Insurance Business. 6.4.1 System of Corporate Governance. 6.4.2 Life and Non-life Reserving. 6.4.3 Principles in the Matter of Investments. 6.4.4 Solvency Margin Definition. 6.5 Equity Investments in the Insurance Industry. 6.6 Insurance Groups. 6.7 Financial Conglomerates. 6.8 The Reinsurance Business. 6.9 Insurance Portfolio (Merger and Spin-Off Operations). 6.10 Management of Insurance Crises. 6.11 The Insurance Undertaking and Compulsory Insurance. 6.12 Questions. References. Directives and Regulations—Chronological Order. Directives and Regulations—Chronological Order. Suggestions for Further Study. 86 92 92 93 94 95 97 99 100 101 101 103 104 105 105 105 106 106 The Insurance
Contract. 7.1 Learning Objectives. 7.2 Definition of the Insurance Contract. 7.3 Non-Life Insurance Contract. 7.4 Life Insurance Contract. 7.5 Insurable Interest and Insurable Value. 7.6 Parties to an Insurance Contract. 7.7 Duties of the Policyholder. 7.8 Duties of the Insurance Undertaking. 7.9 Elements of a Valid Contract. 7.10 Concluding the Contract. 7.11 Recent Developments in Europe: Pre-contractual Information. 120 7.11.1 Non-Life Products Pre-Contractual Information: IPID. 7.11.2 Life Products Pre-Contractual Information KID. . 7.12 Questions. References. Directives and Regulations—Chronological Order. Suggestions
for Further Study. 107 108 108 109 109 110 113 114 115 117 118 Life Insurance Products. 8.1 Learning Objectives. 8.2 Life Insurances. 8.3 Classification of Life-Insurance Products. 127 128 128 129 122 123 124 124 124 125
Contents xii Ordinary Life Insurance. 8.4.1 Death Benefit Insurance Products. 8.4.2 Life Insurance Products for a Family Plan. 8.4.3 Terms and Conditions for Life Insurance Products. 8.5 Financial Insurance Products. 8.5.1 Index-Linked Policies. 8.5.2 Unit-Linked Policies. 8.5.3 Hybrid Products: Composite Life Insurance Policies. 8.5.4 Variable Annuity Policies. 8.6 Insurance Products for Professional Investors. 8.7 Retirement Provision Products. 8.8 Health Products. 8.8.1 Dread Disease Policy. 8.8.2 Long-Term Care Policy: LTC. 8.9 Classification of PRIlPs Insurance Products. 8.10 Questions. References. Directives and
Regulations—Chronological Order. Suggestions for Further Study. 8.4 9 Non-Life Insurance Products: Personal Line. 9.1 Learning Objectives. 9.2 Non-Life Insurances Products. 9.3 Personal Accident and Sickness Insurance. 9.3.1 Personal Accident Insurance. 9.3.2 Healthcare Insurance. 9.3.3 Smart Illness Policy and Telematics: WYOD. 9.3.4 Insurance Product Covering Dental Treatment. 9.4 Insurances on Property. 9.4.1 Underwriting and Reimbursement Methods for Insurances on Property. 9.4.2 Fire Insurance. 9.4.3 Theft Insurance. 9.4.4 Household Appliance Insurance. 9.5 Liability Insurance. 9.6 Personal Automobile Insurance. 9.6.1 Variables for Determining an Automobile Tariff. . 9.6.2 Automobile Insurance and Telematics: Black Box . . 9.6.3 Automobile Liability Insurance and
Indemnification. 9.6.4 Automobile Insurance Comprehensive Policy. 9.7 Comprehensive Policy. 9.7.1 Homeowner Insurance. 9.7.2 Homeowner Insurance and Telematics: Home Box. . 9.8 Unemployment Insurance. 130 132 134 137 139 140 142 144 145 148 150 152 153 155 157 159 159 160 160 161 162 162 164 164 167 169 170 171 171 175 176 179 179 180 182 189 190 191 193 194 195 196
Contents 9.9 Travel Insurance. 9.10 Policy for Domestic Animals and Digital Pet Insurance. 9.11 New Ways of Purchasing Guarantees: Instant Insurance. 9.12 New Products: Parametric Policies. 9.13 Cover for Condominium Buildings. 9.14 Questions. Directives and Regulations—Chronological Order. Suggestions for Further Study. 10 xiii 198 199 200 201 202 204 204 204 Non-Life Insurance Products: Commercial Line. 205 10.1 Learning Objectives. 206 10.2 Commercial Insurance Products. 206 10.3 Insurance Products for Damage to Property. 207 10.3.1 Fire Insurance. 207 10.3.2 Theft Insurance. 209 10.3.3 Engineering Insurance. 211 10.3.4 Cyber Risk Insurance. 212 10.3.5 Contractors All Risks (CAR) and Erection All Risks (EAR). 214 10.4 Business Liability
Insurance. 216 10.4.1 Businessowner Liability Insurance. 217 10.4.2 Employers’ Liability Insurance. 218 10.4.3 Product Liability Insurance. 219 10.4.4 Product Recall Insurance. 220 10.4.5 Environmental Pollution Risk Insurance. 220 10.4.6 Professional Indemnity Insurance. 221 10.4.7 Directors Officers (D O) LiabilityInsurance. 223 10.5 Comprehensive Business Insurances. 224 10.6 Marine Aviation Transport Insurance (MAT). 226 10.6.1 Coverage for Damage to Goods Carried. 226 10.6.2 Liability of Parties Involved in Transport Activities. 227 10.6.3 Marine Insurance for US Market. 228 10.6.4 Hull (Ships and Aircraft) Insurance. 228 10.7 Business Credit Insurance. 229 10.8 Surety Bond Insurance. 230 10.9 Insurance Covers for Employees. 232 10.9.1 Business Accident Insurance. 232 10.9.2 Creditor Protection Insurance (CPI). 235 10.9.3 Key Person Insurance. 235 10.9.4
Business Travel Insurance. 237 10.10 Questions. 238 References. 238 Directives and Regulations—Chronological Order. 238 Suggestions for Further Study. 239
xiv Contents Part II Pricing, Reserving and Reinsurance 11 Non-Life Insurance: Pricing. 11.1 Learning Objectives. 244 11.2 Probability and Equitable Premium. 244 11.3 Theory of Risk and the Problem of the Ruin of the Player. 11.4 Calculating the Safety Loading and Net Premium. 250 11.5 Multivariate Analysis in Determining the Premium. 252 11.6 Components of a Non-life Premium. 254 11.7 An Example of Determining a Non-life Premium. 257 11.8 Questions. 259 References. Suggestions for Further Study. 243 248 259 259 12 Non-Life Insurance: Reserving. 261 12.1 Learning Objectives. 262 12.2 Technical Reserves and Claim Definition in Non-life Business. 262 12.3 Loss Reserve. 263 12.4 Reserve for Losses Incurred but Not Reported at the End of the Period. 266 12.5 Claims Reporting Criterion. 267
12.5.1 The Run-off Triangle. 267 12.5.2 The Lexis Diagram. 270 12.6 Deterministic Methods of Assessment of the LossReserve. 272 12.6.1 The Grossing up Method. 274 12.6.2 The Chain Ladder Method. 275 12.6.3 The Fisher-Lange Method. 277 12.6.4 The Taylor Separation Method. 281 12.6.5 The Bornhuetter-Ferguson Method. 282 12.7 Stochastic Methods of Assessment of theLoss Reserve. 284 12.7.1 The Mack Model. 285 12.7.2 Generalised Linear Models. 286 12.7.3 Bootstrapping. 287 12.8 Premium Reserves. 292 12.9 Questions. 293 Appendix. 293 References. 295 Suggestions for Further Study. 296 13 Life Insurance:
Pricing. 13.1 Learning Objectives. 13.2 Demographic Forecasts: Mortality and Survival. 13.3 The Financial Bases and Actualising Flows. 13.4 Technical Basis and Safety Loading. 13.5 An Example of Determining a Life Premium. 13.6 Demographic Bases: Criteria for SelectingRisks. 13.7 Demographic Basis: Mortality Projection. 297 298 298 301 303 305 307 312
Contents XV Classification of Life Insurance on the Basis of Performance. . 312 13.8.1 Capital Performance. 314 13.8.2 Income Performance. 316 13.9 Components of a Life Premium and Expense Loadings. 317 13.10 Questions. 320 References. 320 Suggestions for Further Study. 320 13.8 14 Life Insurance: Reserving. 14.1 Learning Objectives. 14.2 Life Technical Reserves. 14.3 Mathematical Reserve. 14.4 Calculating the Mathematical Reserve. 14.5 Progress of the Mathematical Reserve Over Time. 14.6 Reserves for Future Expense and Additional reserves. 14.7 Questions. Reference. Suggestions for Further Study. 321 322 322 323 325 327 331 332 332 332 15
Life Insurance: How With-Profits Products Work. 15.1 Learning Objectives. 15.2 With-Profits Insurance. 15.3 Actuarial Equilibrium of Performance Adjustment. 15.4 Elements of With-Profits Contracts. 15.5 Questions. Suggestions for Further Study. 333 333 334 334 336 339 339 16 Life Insurance: Other Components of Profit. 16.1 Learning Objectives. 16.2 Components of Insurance Profit and Margin. 16.3 Demographic Profit and Financial Profit: The Homans Formula. 344 16.4 Profit for Surrender and Expense Loading. 16.5 Significance of the Components in Forming Profit. 16.6 The Profit Margin. 16.7 Questions. Suggestions for Further Study. 341 342 342 347 349 352 354 354 17 Reinsurance and
Coinsurance. 17.1 Learning Objectives. 17.2 Definition of Inwards and Outwards Reinsurance. 17.3 Forms of Reinsurance. 17.4 Proportional and Non-proportional Reinsurance. 17.5 Proportional Reinsurance. 17.5.1 Quota Share (QS) Reinsurance. 17.5.2 Surplus Reinsurance. 355 356 356 358 359 360 361 363
xvi Contents 17.6 Non-proportional Reinsurance. 17.6.1 Excess of Loss (XL) Reinsurance. 17.6.2 Stop Loss Reinsurance. 17.6.3 Comparison of Forms of Reinsurance. 17.7 Reinsurance Pools. 17.8 Reinsurance Process. 17.8.1 Defining Reinsurance Guidelines. 17.8.2 Preparing a Plan of Reinsurance Cessions. 17.8.3 Approval of the Plan and Related Audits. 17.9 Definition of Direct Coinsurance and Contribution. 17.10 Questions. Suggestions for Further Study. Part III 366 368 369 370 370 370 371 371 372 372 374 374 Business Models and Processes in the Insurance Industry 377 378 378 379 380 382 383 384 385 388 388 390 391 392 394 396 397 18 Business Models for Insurance Undertakings. 18.1 Learning Objectives. 18.2 Types of Organisational Structure. 18.3 The Elementary Structure. 18.4 The Functional
Structure. 18.5 The Divisional Structure. 18.6 The Matrix Structure. 18.7 The Network Structure. 18.8 Comparing Organisational Structures. 18.9 The Hybrid Structure. 18.10 Insurtech: The New Business Model. 18.11 Insurance Processes and Activities. 18.11.1 The Value Chain. 18.11.2 Insurance Activities and Processes. 18.11.3 Components of the IT System. 18.12 Questions. Suggestions for Further Study. 19 Competences and Organisational Functions. 399 19.1 Learning Objectives. 400 19.2 The Organisational Structure of an Insurance Undertaking. 400 19.2.1 Representing the Structure. 401 19.2.2 Support
Tools. 402 19.2.3 Organisational Hierarchy. 403 19.3 Components of the Organisational Structure. 404 19.4 Governing Body. 406 19.4.1 Top Management. 406 19.4.2 Administrative Body. 406 19.4.3 Chairman. 407 19.4.4 Managing Director. 407 19.4.5 General Manager. 408
Contents Units for Coordination and Direction. 19.5.1 Planning and Strategic Control. 19.5.2 Strategic Marketing. 19.5.3 Management of Equity Investments. 19.5.4 Management of Intragroup Relations. 19.6 Staff Units of the Governing Body. 19.6.1 Internal and External Communications/External Relations. 19.6.2 Investor Relator. 19.6.3 Legal. 19.6.4 Company Secretary. 19.7 Service Units. 19.7.1 Management of Personnel. 19.7.2 Management of Trades Union Relations. 19.7.3 Organisation. 19.7.4 Administration, Financial Statements and Fiscal. 19.7.5 Management Control. 19.7.6 Finance. 19.7.7 Treasury. 19.7.8 Information and Communication Technology (ICT). . 19.7.9 Property
Management. 19.7.10 General Services. 19.7.11 Purchases Unit. 19.8 Control Function Units. 19.8.1 Risk Management Function. 19.8.2 Internal Audit Function. 19.8.3 Compliance Function. 19.8.4 Actuary Function. 19.8.5 Anti-money-Laundering Function. 19.8.6 Complaints Management Function. 19.8.7 Privacy Function. 19.9 Technical Insurance Units. 19.9.1 Pricing/Reserving Unit. 19.9.2 Product Development. 19.9.3 Risk Underwriting. 19.9.4 Reinsurance. 19.9.5 Claims Management. 19.9.6 Technical Portfolio Management and Technical Accounting. 19.9.7 Intermediary Accounting. 19.10 Sales-
Distribution Units. 19.10.1 Commercial Unit. 19.10.2 Commercial Planning. 19.10.3 Channel Management and Development. 19.5 xvii 409 409 410 410 410 411 411 411 412 412 412 413 413 414 414 415 415 416 416 417 418 418 419 419 420 421 421 422 423 423 423 424 424 425 425 426 428 428 429 429 429 430
xviii 20 Contents 19.10.4 Sales Force Inspection. 19.10.5 Marketing. 19.11 Coordination Committees. 19.11.1 Executive Committee. 19.11.2 Investment Committee. 19.11.3 ALM (Asset and Liability Management) Committee. 433 19.11.4 Product Committee. 19.11.5 Expense Committee. 19.11.6 Risk Committee and Related Sub-committees. 19.11.7 Audit Committee. 19.11.8 Crisis Committee. 19.12 Questions. References. Directives and Regulations: Chronological Order. Suggestions for Further Study. 430 431 431 432 432 Product Development Process. 20.1 Learning Objectives. 20.2 Stages of Product Development
Process. 20.3 Product Concept. 20.3.1 Preliminary Analysis of Competition. 20.3.2 Benchmarking the Product. 20.3.3 Involving the Channel. 20.3.4 Product Concept Finalisation. 20.4 Framework and Operating Model. 20.4.1 Bill of Material of the Product. 20.4.2 IT Operating Model. 20.4.3 Product Launch Scheduling. 20.5 Product Realisation. 20.5.1 Pricing (Technical Bases). 20.5.2 Sales and After-Sales Processes. 20.5.3 Contractual and Precontractual Documentation. 20.5.4 Functional Analysis and IT Parametrization. 20.5.5 Requirements and Selection of TPA. 20.5.6 Reinsurance Agreements. 20.6 Internal Corporate Validation of the Product. 20.7 Product Presentation to the Sales Channels. 20.8 Product Release. 20.8.1 IT
Tests. 20.8.2 Issue of the Formal Sales Kit and Training. 20.8.3 Commercial Agreement with the Sales Channels. . . 20.9 POG: Product Oversight Governance. 20.10 Questions. Regulations: Chronological Order. Suggestions for Further Study. 437 438 438 439 439 440 440 440 441 441 442 443 443 444 444 445 445 445 446 446 447 447 448 448 448 449 450 450 451 433 433 434 434 435 435 435 435 436
Contents 21 Underwriting Process. 21.1 Learning Objectives. 21.2 Stages of Underwriting Process. 21.3 Underwriting Process for Insurance Products. 21.3.1 Consideration of the Demands and Needs of the Customer. 455 21.3.2 The Quotation. 21.3.3 The Proposal. 21.3.4 Verification/Waiver of Underwriting Limits. 21.3.5 Issuing the Contract and the Release for Premium Paid. 458 21.4 Underwriting Process for Industrial Risks. 21.4.1 Acquisition of the Request. 21.4.2 Preliminary Assessment of the Request. 21.4.3 Management of the Quotation and Verification of Underwriting Limits. 460 21.4.4 Sending the Quotation to the Distributor and the Confirmation of Cover. 461 21.4.5 Issuing the Contract and the Release for Premium. . . 21.5 Underwriting Process for Standardized Contracts. 21.5.1 Consideration of the Demands and Needs of the Customer. 463 21.5.2
Quotation. 21.5.3 Processing Proposal. 21.5.4 Issuing theContract and Release for Premium. 21.6 Pre-contractual Documentation for Life and Non-Life Products 21.7 Management of Renewals. 21.7.1 Analysis and Management of Due Dates. 21.7.2 Management of Policies Falling Due. 21.8 Technical and Administrative Endorsement. 21.8.1 Acquisition and Assessment of a Request for Technical Endorsement. 468 21.8.2 Managing a Technical Endorsement. 21.9 Questions. References. Directives and Regulations - Chronological Order. Suggestions for Further Study. 22 Investment Process. 22.1 Learning Objectives. 22.2 Overall Approach: Premiums, Investments and Reserves. 22.2.1 Cycle of Activities in Financial Wealth Management. 472 xix 453 454 454 455 456 457 458 459 460 460 462 462 463 464 464 464 466 466 467 467
468 469 469 469 469 471 472 472
Contents XX 23 22.3 Definition of Investments. 22.3.1 Principles for Investments. 22.4 Stages of Investment Process. 22.4.1 Characteristics of Investment Process. 22.4.2 Activities of Treasury Process. 22.5 Types of Investments. 22.6 Regulation of Investments. 22.7 The Case of the American Insurance Group. 22.8 Questions. Reference. Directives and Regulations - Chronological Order. Suggestions for Further Study. 474 475 477 478 480 481 483 484 485 485 485 485 Loss Event Management Process. 487 488 488 488 489 490 490 491 Learning Objectives. Stages of Loss Event Management Process. Loss Reporting. 23.3.1 Taking a Loss Report. 23.4 Screening of Loss
Events. 23.5 Opening and Quantify ng of the Loss Event. 23.6 Assessment of Loss Events. 23.6.1 Requesting an Opinion of an Adjuster or a Medical Board. 492 23.6.2 Escalation Process: Opinion from a Loss Coordinator. 492 23.6.3 Managing Special Treatment and Closing the Claim File. 493 23.7 Settling Losses. 23.7.1 Authorising Payment or Rejectingthe Loss. 23.8 Procedure for an Automobile Civil Liability Claim. 23.9 Reimbursement Under a Life Policy. 23.10 Questions. References. Directives and Regulations—Chronological Order. Suggestions for Further Study. 23.1 23.2 23.3 24 Insurance Marketing. 24.1 24.2 24.3 24.4 24.5 24.6 Learning Objectives. Marketing of
Services. Peculiarities of Insurance Marketing. Strategic Insurance Marketing. 24.4.1 Macro-environment and Strategies. 24.4.2 Segmentation, Positioning and Targeting. Internal Insurance Marketing. Communications. 493 493 494 495 497 497 497 497 499 500 500 502 506 507 508 508 509
Contents 25 24.7 Price in Insurance Industry. 24.8 New Trends in Marketing and Online Marketing. 24.9 Customer Relationship Management. 24.10 Digital Marketing in Insurance Industry. 24.11 Customer Experience in Insurance Services. 24.12 Questions. References. Suggestions for Further Study. 510 511 513 514 517 517 518 518 Insurance Distribution. 25.1 Learning Objectives. 25.2 The Function of Insurance Distribution. 25.3 From Intermediation to Distribution. 25.3.1 Regulations on Insurance Intermediation. 25.4 Insurance Distribution Directive. 25.5 New Paradigm of Insurance Distribution. 25.6 Product Oversight Governance. 25.7 Rules of Conduct for Distributors and Pre-contract
Disclosure. 531 25.8 Non-life Products Pre-contractual Information: (I)PID. 25.9 Life Products Pre-contractual Information KID. 25.10 Pre-contractual Information for IB IPs. 25.11 Figures of Insurance Distributors. 25.12 Distance Marketing. 25.13 Channel Strategies in Insurance Distribution. 25.14 Bank Insurance in Europe and in the United States. 25.15 Questions. Directives and Regulations—Chronological Order. Suggestions for Further Study. 519 520 520 521 523 525 527 529 Part IV 26 xxi 532 533 534 536 538 539 539 540 541 541 Performance and Key Indicators Financial Statements of an Insurance Undertaking. 26.1 Learning Objectives. 26.2 Harmonising of European Regulations on Financial Statements. 26.3 Purposes of Financial Statements. 26.4 Account Principles. 26.5
Components of Financial Statements. 26.6 Questions. References. Directives and Regulations—Chronological Order. IFRS Principles—Chronological Order. Suggestions for Further Study. 545 546 546 547 549 551 553 553 553 553 553
xxii 27 28 Contents Introduction to IFRS and Consolidated Financial Statements. 27.1 Learning Objectives. 27.2 IAS/IFRS Historical Development. 27.3 Introduction of the New IAS/IFRS Accounting Standards to the Insurance Industry. 558 27.4 Consolidated Financial Statements. 27.5 Components of Consolidated Financial Statements. 27.6 Questions. Directives and Regulations—Chronological Order. IFRS Principles—Chronological Order. Suggestions for Further Study. International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). 569 28.1 Learning Objectives. 28.2 The Main Impacts of IAS/IFRS Standards on Insurance Industry. 570 28.3 Financial Instruments: Recognition, Measurement and Disclosure. 571 28.3.1 IAS 39: Classification of Financial Instruments. 28.3.2 IAS 39: Measurement of Financial Instruments. 28.3.3 IFRS 7: Financial Instruments:
Disclosures. 28.4 IFRS 9: Developing the Standard of Classification and Measuring of Financial Instruments. 575 28.4.1 IFRS 9: Classification and Measurement of Financial Assets. 28.4.2 IFRS 9: Classification and Measurement of Debt Instruments. Test of the Characteristics of the Instrument and Business Model. 576 28.4.3 IFRS 9: Classification and Measurement of Derivatives and Capital Instruments at Fair Value. 578 28.4.4 IFRS 9: Classification and Measurement of Financial Liabilities. 578 28.4.5 IFRS 9: Impairment. 28.4.6 IFRS 9: Hedge Accounting. 28.4.7 Deferment Option for Applying IFRS 9 to the Insurance Industry. 581 28.5 IFRS 4: Insurance Contracts: Classification, Measurement and Disclosure. 582 28.5.1 IFRS 4: Classification of Products and Area of Application. 28.5.2 IFRS 4: Separation of Components (theUnbundling) 28.5.3 IFRS 4: Liability Adequacy Test and Shadow Accounting. 584 555 556 556 559 561 567 567 567 567 570 572 573 574 575 579 581 582 584
Contents IRFS 17: Development of the Principle of Measurement of Insurance Contracts. 585 28.6.1 The General Model: Building Block Approach. 28.6.2 IFRS 17: The Revenue Account and Accounting Models for Non-life Business. 588 28.6.3 IFRS 17: The Revenue Account and Accounting Models for Life Business. 590 28.7 Other International Accounting Standards of Significance for the Insurance Industry. 593 28.7.1 IAS 38: Intangible Assets. 28.7.2 IAS 36: Impairment of Assets. 28.7.3 IFRS 3: Business Combination. 28.7.4 IAS 12: Income Taxes. 28.7.5 IFRS 8: Operating Reporting. 28.8 Questions. References. Directives and Regulations—Chronological Order. IFRS Principles—Chronological Order. Suggestions for Further Study. xxiii 28.6 29 Solvency of an Insurance Undertaking. 29.1 Learning Objectives. 29.2 Definition of
the Solvency Requirement. 29.3 Historical Notes. 29.3.1 Solvency Prior to Solvency Π. 29.3.2 A Cue from the Banking Industry: Basel Π. 29.3.3 Solvency Π Introduction. 29.4 The Risks of an Insurance Undertaking. 29.4.1 Insurance Risks. 29.4.2 Market Risks. 29.4.3 Operational Risks. 29.5 Pillar 1: Determination of the Amount of Required Capital: Stress Scenarios. 612 29.5.1 Minimum Capital Requirement (MCR) and Solvency Capital Requirement (SCR). 29.5.2 The Market Consistent Balance Sheet (MCBS). 29.5.3 The Standard Formula. 29.5.4 The Internal Model and Undertaking Specific Parameters (USP). 29.5.5 Own Funds. 29.5.6 Solvency Ratio. 29.6 Pillar 2: Governance and Risk Monitoring. 29.7 Own Risk and Solvency Assessment. 29.8
Pillar 3: Disclosure and Transparency (SFCR, RSR, QRT). 29.9 Questions. 585 594 594 596 597 598 598 599 599 599 599 601 602 603 603 604 604 605 608 609 611 611 613 614 615 621 622 623 625 626 627 629
xxiv Contents References. Directives and Regulations—Chronological Order. Suggestions for Further Study. 629 629 630 633 634 634 634 30.4 Market Risks. 637 30.5 Underwriting Risk. 642 30.5.1 Life Risks. 642 30.5.2 Non-Life Risks. 645 30.5.3 Health Non-SLT Underwriting Risks. 652 30.6 Default Risks. 654 30.7 Aggregation. 655 30.7.1 Aggregation of Market Risks. 656 30.7.2 Aggregation of Life Risks. 656 30.7.3 Aggregation of Non-Life Risks. 657 30.7.4 Aggregation of Health Non-SLT Risks. 658 30.8 Final Calculation ofSCR of an Insurance Group. 658 30.9 Questions. 659 Directives and Regulations—Chronological Order. 659 Suggestions for Further
Study. 660 30 Solvency Il’s Capital Model. 30.1 Learning Objectives. 30.2 Definition of Capital Model. 30.3 Case Study. SCR ofan Insurance Group. 31 Asset Liability Management (ALM). 31.1 Learning Objectives. 661 662 662 663 667 672 674 675 678 679 680 Definition of Asset Liability Management. Embedded Options. Traditional Model of ALM. Risk Factors and Deterministic ALM/Stochastic ALM. Definition of Model Point. Techniques and Models for the Interest Rate. Strategic ALM and Operational ALM. Replicating Portfolio. 31.9.1 Methodology for a Replicating Portfolio Model. · 31.9.2 Limitations of Replicating Portfolios and Good Replication. 682 31.10 Technical Appendix. 683 31.10.1 Proxy
Models—General Features. 683 31.10.2 Proxy Models—One-Factor Equilibrium Model: Vasicek. 683 31.10.3 Proxy Models—One-Factor Equilibrium Model: Cox-Ingersoll-Ross. 684 31.10.4 Proxy Models—No-Arbitrage Models: Ho-Lee. 684 31.10.5 Proxy Models—No-Arbitrage Models: Hull-White. . 686 31.2 31.3 31.4 31.5 31.6 31.7 31.8 31.9
Contents XXV 31.11 Questions. References. For models forecasting the rate curve Basic bibliographic references:. Suggestions for Further Study. 687 687 32 Embedded Value. 32.1 Learning Objectives. 32.2 Definition of Embedded Value. 32.3 Definition of Adjusted Net Asset Value. 32.4 Calculating Value in Force. 32.5 Measuring the Creation of Value and Profitability. 32.6 History and Development of Embedded Value. 32.6.1 Traditional Embedded Value. 32.6.2 European Embedded Value. 32.6.3 Market Consistent. 32.6.4 A Comparison Between TEV, EEV and MCEV. 32.7 New Business Value. 32.8 Indicators for Embedded Value. 32.9 Annual Premium
Equivalent. 32.10 Model for Determining Goodwill. 32.11 Questions. References. Suggestions for Further Study. 689 690 690 693 695 699 700 700 702 705 709 711 712 713 714 716 716 717 33 Management Control in Insurance Industry. 33.1 Learning Objectives. 33.2 Definition and History of ManagementControl. 33.3 Model of Management Control. 33.3.1 The Technical-Accounting System. 33.4 An Approach for Cost Classification. 33.4.1 Main Cost Configurations. 33.5 Definition of Centre of Responsibility. 33.5.1 Guidelines for Defining a Cost Centre. 33.5.2 Organisational Centres. 33.6 Attribution, Allocation and Imputationof Costs. 33.7 Stages of Purchasing Process. 33.8 Definition of Activity-Based Costing (ABC). 33.8.1 Stages of
the ABC Method. 33.8.2 Activity-Based Management (ABM). 33.9 Questions. References. Suggestions for Further Study. 719 720 720 722 723 724 725 725 726 727 728 731 732 733 734 736 736 736 Performance Indicators in the Insurance Business. 34.1 Learning Objectives. 737 738 34 687 687
xxvi Contents 34.2 Analysis of Financial Statements. 34.3 Analysis by Indices or Ratios. 34.4 Non-Life Business: Indicators. 34.5 Life Business: Indicators. 34.6 Indicators for Technical Reserves. 34.7 Indicators of Profitability. 34.8 Indicators of Capitalisation. 34.9 Indicators of Solvency. 34.10 Indicators of Reinsurance Area. 34.11 Technical Area: Performance Indicators. 34.12 Claims Management Area: Performance Indicators. 34.13 Questions. Suggestions for Further Study. 738 739 740 741 743 744 746 747 748 748 749 751 751 35 Business Plan for an Insurance Undertaking. 35.1 Learning Objectives. 35.2 A Definition of Business Plan. 35.3 Stages for Setting Out a Business
Plan. 35.3.1 Analysis of the External Context. 35.3.2 Strategic Visioning. 35.3.3 Business Model. 35.3.4 Economic-Financial Plan. 35.3.5 Master Plan. 35.4 Different Approaches to the Budget. 35.5 Components of Economic-Financial Plan. 35.5.1 Sales Budget. 35.5.2 Head-Office Expenses Budget and Overhead Costs. . 35.5.3 Budget of Personnel Costs. 35.5.4 Budget for the ICT Area. 35.5.5 Budget for the Finance Area. 35.6 Questions. Reference. Suggestions for Further Study. 753 754 754 755 757 757 758 758 759 759 761 763 765 767 767 768 769 770 770 |
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| index_date | 2024-07-03T22:26:10Z |
| indexdate | 2025-01-22T15:01:18Z |
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| language | English |
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| spelling | Maggioni, Massimiliano Verfasser (DE-588)1344172369 aut Fundamentals of the insurance business Massimiliano Maggioni, Giuseppe Turchetti Cham, Switzerland Springer [2024] © 2024 xxvi, 770 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Springer texts in business and economics 2192-4333 Casualty insurance Insurance business Insurance distribution Insurance handbook Insurance management Insurance manual Insurance operations Insurance products Insurance regulation Insurance underwriting Life insurance Marketing of insurance Performance of insurance companies Private insurance Profit and loss for insurance companies Property and casualty insurance Risk management and insurance Technical management and insurance Turchetti, Giuseppe Verfasser (DE-588)1344170846 aut Springer International Publishing (DE-588)1064344704 pbl Erscheint auch als Online-Ausgabe 978-3-319-52851-9 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034329741&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Fundamentals of the insurance business |
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| title_exact_search_txtP | Fundamentals of the Insurance Business |
| title_full | Fundamentals of the insurance business Massimiliano Maggioni, Giuseppe Turchetti |
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| title_full_unstemmed | Fundamentals of the insurance business Massimiliano Maggioni, Giuseppe Turchetti |
| title_short | Fundamentals of the insurance business |
| title_sort | fundamentals of the insurance business |
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