The purpose of this project is to determine National Insurance Company Limited (NAT) customer preferences for using claims systems via the Internet.

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The current effects of globalisation are requiring of leaders to deal with many changes in the workplace, including a globally changing, diverse workforce. The question that this research report aims to address is what does it require of a leader to be successful in the business environment today and what characteristics or behaviours would such a leader display? It is argued that although the context of leadership has and will continue to change, the fundamentals of leadership have essentially remained the same (Kouzes and Pousner, 2002:xviii). A comprehensive study of literature in the field of leadership will reveal the views of various writers on this subject, namely what constitutes effective leadership. Five leadership theories, which in the researcher's opinion give a balanced overview of the various theories, are discussed in more detail and later on used to evaluate the leadership characteristics and style of one of the very successful leaders in South Africa, the current CEO of Sanlam, Dr. Johan van Zyl. The combination of these five theories focuses on leadership characteristics, leadership behaviours, different leadership styles and the relational aspect of leadership, that is the interaction between the leader and his followers. These five theories include the situational leadership theory, servant leadership, transformational leadership, the theory of level five leadership and emotional intelligence. A broad overview of Sanlam's history focusing on the company's transformation in recent years and its contribution to broad based empowerment are also discussed, providing the background and context to discuss the leadership provided by Johan van Zyl in recent years. The fourth chapter of this report provides an analysis of primary data collected through questionnaires sent to senior executives of Sanlam as well as through an interview with Van Zyl. The final chapter contains conclusions from the research results, namely the leadership characteristics and style of Van Zyl and his leadership approach as compared to the various theories studied. The researcher is of the opinion that valuable lessons are to be extracted from examining Van Zyl's leadership characteristics and style and that these could be applied to modern business practice. The research results showed that Van Zyl has characteristics of most of the leadership theories investigated in this study including characteristics of the situational leader, transformational leader, level five leader and that of an emotionally intelligent leader and that this is standing him in good stead for the transformation and strategic repositioning of Sanlam. / AFRIKAANSE OPSOMMING: Die huidige gevolge van 'n globaliserende wereld vereis van leiers om voortdurende veranderinge in die werksplek te bestuur, insluitende 'n globaal veranderende, diverse werkspan. Die vraag wat hierdie navorsingsprojek pobeer beantwoord is wat vereis dit van 'n leier om suksesvol te wees in die besigheidswereld vandag en watter leierseienskappe en gedrag sal so n leier betoon? Dit word beweer dat alhoewel die konteks van leierskap verander het en voortdurend sal verander, het die fundamentele begrip van leierskap dieselfde gebly. 'n Omvattende literatuurstudie in die veld van leierskap sal die standpunte van verskillende skrywers in die vakgebied daarstel om vas te stel wat, volgens die teorie, effektiewe leierskap behels. Vyf leierskap teoriee, wat in die navorser se opinie 'n geredelike oorsig gee van die verskeie leierskapsteoriee, word in groter diepte beskryf en later gebruik as die grondslag waarop 'n baie suksesvolle leier in Suid-Afrika, huidige uitvoerende beampte van Sanlam, Dr. Johan van Zyl se leierskap eienskappe en styl ge-evalueer word. Die kombinasie van die vyf teoriee fokus op leierseienskappe, gedrag, leierskapstyle, en die verhoudingsaspek van leierskap, byvoorbeeld die interaksie tussen die leier en navolgers. Die vyf teoriee sluit die situasionele leierskapteorie, dienende leierskap ('servant leadership'), transformasionele leierskap, vlak vyf leierskap en die teorie van emosionele intelligensie in. 'n Bree oorsig van Sanlam se geskiedenis wat fokus op die maatskappy se transformasie die afgelope paar jaar en bydrae tot breed gebaseerde swart ekonomiese bemagtiging ('broad based black economic empowerment') word ook bespreek en dien as die agtergrond en konteks om Dr. Johan van Zyl se leierskap te evalueer. In Hoofstuk Vier word 'n analise van primere data gedoen. Die data is ingesamel deur vraelyste wat voltooi is deur senior bestuurders van Sanlam asook deur 'n onderhoud met Van Zyl. Die finale hoofstuk beval afleidings i.v.m die leierskapseienskappe en -styl van Van Zyl en sy leierskapsbenadering soos vergelyk met die teoretiese benadering bestudeer. Die navorser is van die opinie dat belangrike lesse geleer kan word vanaf die studie van Van Zyl se leierskaps eienskappe en -styl en dat dit toegepas sal kan word as moderne besigheids beginsels vir leiers. Die bevindinge van die studie het getoon dat Van Zyl eienskappe van die meeste van die leierskapsteoriee wat bestudeer is in die studie betoon. Dit sluit eienskappe in van n situasionele leier, 'n transformasionele leier, n vlak vyf leier en 'n emosionele intelligente leier. Hierdie bevindinge word onderskraag deur die literatuur oor leierskap en die navorser is van die opinie dat hierdie eienskappe hom in n goeie posisie plaas vir die transformasie en strategiese herposisionering van Sanlam.

Made available in DSpace on 2016-03-15T19:26:02Z (GMT). No. of bitstreams: 1 Alaim Mosciaro Assad.pdf: 587996 bytes, checksum: f945748c91830f8f10e45cf18c509cca (MD5) Previous issue date: 2013-08-19 / Fundo Mackenzie de Pesquisa / The Operational Risk did not receive much attention from firms, regulators and the market until the event of the fraud on Bahrings Bank, in 1995. The regulatory agencies have issued more complex and rigorous regulations in reply to this and to many other events of operational losses. Their goal is to improve the quality of the controls of the financial institutions, as well as to mitigate the occurrence of new events of this kind. As a new discipline, the regulatory agencies have been incentivizing the financial firms to develop advance approaches based on internal models. In response, they shall have a decrease on the regulatory capital applicable. In other hand, the financial firms themselves shall benefit from na internal model that fits their characteristics, and so, as taylor made. The goal of this research is to study the development of an internal model for operational risk, based on LDA, which has been largely used by financial firms worldwide. The focus on an Insurance company is due to the expressive growth of this market in the later years, which has giving it an increasing importance to the national economy as well as institutional investors role. / Até 1995, com a fraude do Banco Bahrings, não era dada maior relevância ao Risco Operacional pelas firmas, órgãos reguladores e pelo mercado em geral. Após esse e uma série de outros eventos de perdas, algumas delas com consequências desastrosas para o mercado financeiro, os órgãos reguladores passaram a publicar regulamentações cada vez mais rigorosas, para melhorar o controle das instituições financeiras, e evitar a ocorrência de novas perdas. Esses requerimentos regulatórios, dado o seu caráter ainda incipiente, estimulam o desenvolvimento de técnicas de abordagens avançadas, calcadas em modelos internos, com a promessa que, como um modelo de gestão adequado às características de cada instituição será mais eficiente, em consequência, reduzirá a necessidade de capital regulatório. Esta pesquisa encaixa-se no rol desse desenvolvimento do conhecimento das técnicas de gestão avançadas do Risco Operacional, ao abordar o desenvolvimento de um modelo de gestão de Riscos Operacionais baseado numa dessas técnicas avançadas: a distribuição de perdas operacionais (LDA). A LDA vem sendo cada vez mais utilizada pelas instituições financeiras internacionais, e seu uso já é previsto nos normativos regulamentares nacionais em fase de audiência pública. A ênfase da aplicação desta pesquisa numa companhia seguradora se deve ao expressivo crescimento do setor nos últimos anos, que vem lhe conferindo importância cada vez maior na economia, especialmente quanto ao seu papel de investidor institucional.

O objetivo do presente trabalho foi avaliar se as companhias seguradoras no Brasil otimizaram a alocação de seus ativos no período de 2001 a 2007. Dessa forma, baseando-se na carteira de investimentos dessas companhias e na teoria clássica de seleção de carteiras, formulada por Markowitz (1952), é possível avaliar a eficiência da alocação de todos os ativos. Assim, o trabalho buscou ilustrar a aplicação de um método de avaliação de ativos, bastante semelhante ao proposto por Leal, Silva e Ribeiro (2001) .Onde através da simulação de fronteiras eficientes, busca considerar a existência dos erros de estimação presentes nos retornos e covariâncias utilizados na teoria de Markowitz (1952). Os resultados obtidos mostraram que, segundo o método utilizado, a maioria dessas instituições alocou seus ativos de forma eficiente durante o período estudado. / The main purpose of this work was to evaluate if the insurance companies in Brazil are optimizing their asset allocation for the period of 2001 to 2007. So, based on the investment portfolios of these companies and on Markowitz (1952) Portfolio Selection Theory, it is possible to evaluate the investments in all the asset area. In this way, this work illustrated the application of an asset evaluation model, very similar to the one proposed by Leal, Silva and Ribeiro (2001), that, by simulating efficient frontiers, tries to consider the existence of estimation errors on the returns and covariances used as inputs on Markowitz (1952) Portfolio Selection Theory. The results have shown that, according to the applied methodology, the majority of these institutions allocated their assets efficiently during the studied period.

Studien går ut på att undersöka vattenskador som har blivit allt vanligare i svenska byggnader. Vattenskador utsätter människan för hälsorisker på grund av en hög risk för mikrobiell tillväxt. Syftet med studien är att undersöka vattenskador, var uppstår vattenskador och varför, vilka kostnader står försäkringsbolagen för och vilka kostnader står fastighetsägare eller utförare för. Inom studien undersöktes också hur olika aktörer ser på vattenskador och risker med olika typer av stommaterial. Resultatet av studien visar att försäkringsbolagen bedömer alla stommaterial lika när det gäller ersättning för vattenskador, det vill säga att de behandlar trä- och betongstomme på samma sätt. Däremot är ålder på byggnaden mer avgörande då de gör åldersavdrag för att värdera ersättningen för respektive vattenskada. Skador bör åtgärdas så fort som möjligt. Ju snabbare skador åtgärdas desto mindre sprider sig vattenskadorna. Metoden som användes i arbetet är intervjuer. / The study aims to investigate water damage that has become increasingly common in Swedish buildings. Water damage exposes humans to health risks due to a high risk for microbial growth. The purpose of the work is to discuss water damage, where water damage occurs and why, what costs do the insurance companies cover and what costs do the property owners cover. The study also examines how different actors view water damage and risks with different types of frame material. The result of the study is that the insurance companies assess all frame materials equally in terms of compensation for water damage, that is, they treat wood and concrete frames in the same way. However, the age of the building is more decisive as they make age deductions to evaluate the compensation for the respective water damage. Damage should be remedied as soon as possible, the faster the damage is rectified the less water damage spreads. The method used in the work was a qualitative method and the reliability is considered high since the results are consistent with the theoretical starting points.

L’industrie de l’assurance engage actuellement différentes réformesréglementaires au niveau européen. Celles-ci visent à améliorer le fonctionnement desassureurs et à garantir la stabilité dans les marchés financiers. Les compagnies d’assurancedoivent respecter des nouvelles exigences en fonds propres ainsi que des règlementationsconcernant la transparence dans la communication financière. Dans ce contexte, les assureursont besoin de déterminer les indicateurs qui peuvent leurs servir comme outils pour atteindreune performance financière qui répond aux attentes de toutes les parties concernées.L’objectif de cette thèse est de définir les déterminants de la performance financière enassurance, leurs indicateurs et leurs rôles dans l’aboutissement de celle-ci. Cette thèse proposeun modèle conceptuel de la performance financière des compagnies d’assurance françaisesdurant la période (2000-2009) selon une démarche quantitative. Les résultats empiriquesdémontrent que la structure de capital, la solvabilité ainsi que la rentabilité d’une compagnied’assurance sont les principaux déterminants de sa performance financière. / The insurance industry currently witnesses various regulatory reforms at the Europeanlevel. These reforms aim to improve the functioning of insurers and to guarantee the stability in thefinancial markets. Insurance companies must comply with these new regulations such as capitalrequirements and the financial reporting transparency regulations. In this context, insurers need toidentify the indicators that can help to achieve a financial performance that meets the expectations ofall stakeholders. The aim of this thesis is to define the determinants of financial performance ininsurance, their indicators and their role in it. This thesis proposes a conceptual model for the financialperformance of French insurance companies in the period of (2000-2009) through a quantitativemethod. The empirical results show that the capital structure, the solvency and the profitability of aninsurance company are the main determinants of its financial performance.

This thesis attempts to extend the research in the Corporate Social Performance – Corporate Financial Performance relationship. The studies conducted previously display mixed findings with no unified evidence of the relationship direction and impact. This study reviews the existing literature on CSP and CFP as well as their link, identifying main problems and brings forward the concepts of strategic CSP and ad-hoc CSP. These concepts in a wider term are referred as CSP maturity. The main aim of this study is to investigate whether there is a relationship between company’s financial performance and CSP maturity and if the relationship is present, the relationship direction and causality. A study sample was constructed from large European banks and insurance companies. A panel data containing the information of 86 companies measured separately three times in three years period was analyzed. The empirical study used return on asset (ROA), return on equity (ROE) and return on sales (ROS) ratios for CFP operationalisation. CSP maturity was measured as years of continuous involvement into strategic CSP. The correlation analysis was build in order to verify the hypothesis about the CSP maturity and CFP relationship direction. Additionally the average mean of ROA, ROE and ROS was compared between the companies engaged in strategic and ad-hoc CSP. The weighted least squares regression, including several control variables was constructed to test two models of CSP maturity and CFP... [to full text] / Šiuo magistriniu darbu autorė siekia praplėsti įmonės socialnės veiklos (CSP) ir įmonės finansinių resultatų (CFP) sąryšio tyrimus. Ankstesnių tyrimų rezultatai yra prieštaraujantys ir nepateikiantys vienalyčių įrodymų apie šių dviejų kintamųjų ryšio kryptį bei stiprumą. Šis tyrimas apžvelgia ankstesnius tyrimus, atliktus siekiant ištirti ryšį tarp CSP ir CFP, identifikuoja pagrindines problemas ir pristato strateginės ir atsitiktinės socialinės veiklos sampratas. Šios sampratos apibendrintai yra vadinamos CSP branda. Pagrindinis šio tyrimo tikslas yra ištirti ar egzistuoja priežastinis ryšys tarp CSP and CFP ir jei egzistuoja, nustatyti jo kryptį bei priežastingumą. Tyrimui naudojama imtis buvo sudaryta iš stambių Europos bankų bei draudimo kompanijų. Tyrimui buvo naudojami paneliniai duomenys, kurie buvo gauti 86 įmones matuojant 3 kartus tryjų metų periode. Tyrime įmonių finansiniai rezsultatai buvo matuojami turto grąžos (ROA), nuosavybės grąžos (ROE) bei pardavimų grąžos (ROS) rodikliais. CSP branda buvo matuojama nepertraukiamos strategines CSP veiklos metų skaičiumi. Koreliacijos analizė parodė neigiamą ryšį tarp CSP brandos ir įmonės finansinų rezultatų (koreliacijos koeficinetai kievienam finansiniam rodikiui buvo -0.438, -0.358, -0.350). Nepriklausomų imčių vidurkių palyginimo T-testas parodė statistiškai reikšmingą skirtumą tarp ROA ir ROS rodiklių lyginant įmones, kurios CSP vykdė strategiškai ir atsitiktinai. Įmonės, kurios vykdė CSP atsitiktinai, jų ROA ir ROS... [toliau žr. visą tekstą]

Thesis (MA)--University of Stellenbosch, 2001. / ENGLISH ABSTRACT: Selection represents a critical human resource intervention by virtue of its ability to regulate the movement of employees into, through and out of the organisation. Selection thus represents a relatively visible mechanism through which access to employment opportunities can be regulated. From the perspectives of both affirmative action and fairness, as well as utility, selection has therefore been under intense scrutiny. This implies that there are two substantial criteria in terms of which selection procedures need to be evaluated, namely equity and efficiency. Should the human resource function be challenged to defend its selection procedure, it should be able to assemble credible evidence to show the efficiency and equity of the disputed intervention by means of a reasoned justification. The problem is, however, that most selection procedures being operated in South Africa would probably not be able to successfully meet this burden of persuasion. The search for equitable and efficient selection procedures thus necessitates the need for psychometric audits to provide the feedback required to adjust selection procedures towards greater efficiency and equity, and to provide the evidence required for the vindication of organisations should they be challenged in terms of the South African anti-discriminatory labour legislation. The Guidelines for the Validation and Use of Selection Procedures developed by the Society for Industrial Psychology (1998) represents an attempt to illustrate the ideal process according to which selection procedures should be developed and validated. Conditional on the acceptance that the Guidelines (1998) set out the most justifiable methodology for the development and justification of selection procedures, it becomes a necessity for organisations to periodically evaluate (i.e. periodically psychometrically audit) their current selection procedures and its developmental history to determine whether the human resource function can convincingly demonstrate: .:. The business necessity of the selection procedure; .:. The validity of the performance theory on which the selection procedure is based; and .:. That the selection strategy combines applicant information fairly. A checklist was developed from relevant psychometric literature for the purpose of the psychometric audit representing a structured list of activities required to justify the use of a selection procedure. A psychometric audit was conducted on a selection procedure for call centre staff of a large SA insurance company. The audit uncovered a number of deficiencies in the call center selection procedure and its developmental history. The performance hypothesis, in which the choice of operational predictor measures is grounded, was neither developed, nor argued, nor documented with sufficient clarity to indicate unambiguously the presumed nature of the nomological network of performance determinants and performance constructs. Problems were found with the external validity of the validation design. No reliability, validity, fairness or utility analyses had been performed at the time of the audit. Subsequent correlation analysis indicates low statistically insignificant correlations between the majority of the chosen predictors and the developed criteria. Nonetheless, linear combinations of predictors were found for each of the three call center positions that significantly explain moderate proportions of criterion variance. The fairness of the use of the CSR multiple regression equation across black and white applicants was examined and found to be acceptable. Due to practical constraints, the utility of the selection procedure has not been evaluated. It is recommended that the current selection procedure be re-examined in detail by the company to bring about positive changes in the performance hypothesis and the operational criterion measures. Thereafter, concrete evidence of reliably generated methodological research needs to be obtained again in order to verify the appropriateness, reliability and the meaningfulness of the inferences made from predictor assessments, thereby limiting, ifnot eliminating, possible cases oflitigation. / AFRIKAANSE OPSOMMING: Seleksie verteenwoordig 'n kritieke menslikehulpbronintervensie omdat dit die vermoë het om die beweging van werknemers in, deur en uit 'n organisasie te reguleer. Seleksie verteenwoordig dus 'n relatief sigbare meganisme waarmee toegang tot werksgeleenthede gereguleer word. Uit die oogpunt van sowel regstellende aksie as regverdigheid, en ook bruikbaarheid, is seleksie tans geweldig onder die vergrootglas. Hiermee word geïmpliseer dat die twee substansiële kriteria waarvolgens seleksieprosedures geëvalueer moet word, billikheid en doeltreffendheid is. Sou die menslikehulpbronfunksie uitgedaag word om sy seleksieprosedure te verdedig, sal dit met geloofwaardige bewyse voor 'n dag moet kan kom om die regverdigheid en doeltreffendheid van die intervensie onder bespreking deur middel van logiese argumente te regverdig. Die probleem is egter dat die meeste seleksieprosedures wat in Suid Afrika gebruik word, waarskynlik nie aan hierdie vereiste sal kan voldoen nie. Die soeke na regverdige en doeltreffende seleksieprosedures noodsaak dus dat die behoefte aan psigometriese oudits. aangespreek word vir die terugvoer wat nodig -is om die seleksieprosedures meer doeltreffend en regverdig te maak. Dit salook terselfdertyd die bewyse verskaf waardeur organisasies hul keuringsprosedures kan regverdig indien teen organisasies opgetree sou word in terme van Suid Afrika se antidiskriminerende arbeidswetgewing. Die "Guidelines for the Validation and Use of Selection Procedures" wat deur die Vereniging vir Bedryfsielkunde (1998) ontwikkel is, is 'n poging om die ideale proses waarvolgens seleksieprosedures ontwikkel en gevalideer behoort te word, te illustreer. Op voorwaarde dat hierdie Riglyne (1998) aanvaar word as die mees regverdigbare metodologie wat betref die ontwikkeling en regverdiging van seleksieprosedures, word dit noodsaaklik dat organisasies hulle seleksieprosedures en die ontwikkelingsgeskiedenis daarvan van tyd tot tyd evalueer (d.i. 'n periodieke psigometriese oudit) ten einde vas te stelof die menslikehulpbronfunksie die volgende oortuigend kan demonstreer: .:. die noodsaaklikheid van die seleksieprosedure uit 'n besigheidsoogpunt; .:. die geldigheid van die prestasieteorie waarop die seleksieprosedure gebaseer is; en .:. dat die seleksiestrategie die inligting van die aansoeker regverdig kombineer. 'n Kontrolelys is ontwikkel uit relevante psigometriese bronne sodat die psigometriese oudit 'n gestruktureerde lys van aktiwiteite bevat wat die gebruik van 'n seleksieprosedure sal kan regverdig. 'n Psigometriese oudit is gedoen op 'n seleksieprosedure vir die inbelpersoneel van 'n groot Suid Afrikaanse versekeringsfirma. Die oudit het 'n aantal gebreke in hierdie seleksieprosedure en sy ontwikkelingsgeskiedenis uitgewys. Die prestasiehipotese waarop die keuse van operasionele voorspellers gegrond is, was nie met voldoende helderheid ontwikkel, beredeneer of gedokumenteer om 'n onomwonde aanduiding te gee van die nomologiese netwerk van prestasiedeterminante en prestasiekonstrukte nie. Die eksterne geldigheid van die valideringsontwerp was ook problematies. Geen betroubaarheids-, geldigheids-, billikheids- of nutanalises is ten tyde van die oudit uitgevoer nie. 'n Daaropvolgende korrelasie-analise dui op lae, statisties onbeduidende korrelasies tussen die meerderheid van die gekose voorspellers en die ontwikkelde kriteria. Daar is desnieteenstaande lineêre kombinasies van voorspellers gevind vir elk van die drie inbelsentrumposte wat beduidend matige proporsies kriteriumvariansie verklaar. Die billikheid van die gebruik van die CSR meervoudige regressievergelyking vir wit en swart aansoekers is ondersoek en aanvaarbaar gevind. As gevolg van praktiese beperkinge is die nut van die seleksieprosedure nie geëvalueer nie. Daar word aanbeveel dat die huidige seleksieprosedure weer noukeurig deur die maatskappy ondersoek sal word om positiewe veranderinge aan die prestasiehipotese en die operasionele kriteriumtellings aan te bring. Daarna moet konkrete bewyse uit betroubaar gegenereerde, metodologiese navorsing weereens verkry word om die relevansie, betroubaarheid en betekenisvolheid van die afleidings wat gemaak is op grond van voorspellerevaluerings te verifieer, om op dié manier moontlike regsgedinge te beperk, indien nie uit te skakel nie.

The main purpose of this article is to give a tax approach about the tax credit insurers which is generated as product replenishment of goods in case of accidents, and thus determine whether or not to use the tax credit referred.From the analysis made in respect of the different doctrinal positions which are presented about the controversy to be develop in this article, we can conclude by saying that when insurance companies deliver goods to the insured as a result of claims do nothing that operations that are part of its line of business, and in that sense, being goods that are required to achieve their economic ends is that in any way, our tax authorities should fix the tax credit that would have been generated concept the acquisition of the property that was the subject of insurance, even more if, as we have indicated the economic purpose of VAT is to tax the final consumer of goods and services, and achieve tax neutrality (application of the tax credit). / El presente artículo tiene como principal objetivo otorgar un enfoque tributario del crédito fiscal de las empresas aseguradoras que se genera producto de la reposición de bienes en caso de siniestros, y de esta manera determinar si corresponde o no utilizar el referido crédito fiscal.A partir del análisis efectuado respecto de las diferentes posturas que se presentan a nivel doctrinario con ocasión de la controversia que desarrollaremos en el presente artículo, podemos concluir señalando que las empresas de seguros, cuando entregan bienes a los asegurados como consecuencia de los siniestros, no hacen más que efectuar operaciones que son parte de su giro de negocio y, en tal sentido, al tratarse de bienes que son requeridos para lograr sus fines económicos es que, en ningún sentido, nuestra Administración Tributaria debería reparar el crédito fiscal que se hubiera generado por concepto de la adquisición del bien que fue objeto de seguro; más aún si, conforme hemos indicado la finalidad económica del IGV es gravar al consumidor final de los bienes y servicios, y lograr la neutralidad del impuesto (aplicación del crédito fiscal).

O objetivo do presente trabalho foi avaliar se as companhias seguradoras no Brasil otimizaram a alocação de seus ativos no período de 2001 a 2007. Dessa forma, baseando-se na carteira de investimentos dessas companhias e na teoria clássica de seleção de carteiras, formulada por Markowitz (1952), é possível avaliar a eficiência da alocação de todos os ativos. Assim, o trabalho buscou ilustrar a aplicação de um método de avaliação de ativos, bastante semelhante ao proposto por Leal, Silva e Ribeiro (2001) .Onde através da simulação de fronteiras eficientes, busca considerar a existência dos erros de estimação presentes nos retornos e covariâncias utilizados na teoria de Markowitz (1952). Os resultados obtidos mostraram que, segundo o método utilizado, a maioria dessas instituições alocou seus ativos de forma eficiente durante o período estudado. / The main purpose of this work was to evaluate if the insurance companies in Brazil are optimizing their asset allocation for the period of 2001 to 2007. So, based on the investment portfolios of these companies and on Markowitz (1952) Portfolio Selection Theory, it is possible to evaluate the investments in all the asset area. In this way, this work illustrated the application of an asset evaluation model, very similar to the one proposed by Leal, Silva and Ribeiro (2001), that, by simulating efficient frontiers, tries to consider the existence of estimation errors on the returns and covariances used as inputs on Markowitz (1952) Portfolio Selection Theory. The results have shown that, according to the applied methodology, the majority of these institutions allocated their assets efficiently during the studied period.