In this article, the authors tell us about great risk insurances and describe its regulation in foreign law. Then, they point out the protective role of State in the consumption relationship is to reduce information asymmetries, but there is no total disclosure obligation in the market. Therefore, information asymmetry ceases to be relevant when the user of the service has negotiating capacity and necessary resources to make an informed decision. They conclude it is pertinent to equate the application of the Peruvian Insurance Contract Law to international standards. / En el presente artículo, los autores nos hablan de los seguros de grandes riesgos y describen su tratamiento en la legislación extranjera. Luego, señalan que el rol protector del Estado en la relación de consumo es reducir las asimetrías informativas, pero no existe una obligación total de divulgación de información en el mercado. Por lo tanto, la asimetría informativa deja de ser relevante cuando el usuario del servicio tenga capacidad de negociación y recursos suficientes para tomar una decisión informada. Concluyen que es pertinente equiparar la aplicación de la Ley del Contrato de Seguro peruana a estándares internacionales.

L’objectif de cette thèse est de mener une réflexion sur les systèmes de couverture des risques de catastrophes naturelles en accordant une place particulière à la perception que les agents économiques ont des caractéristiques de ces risques. Il s’agit d’une part de mieux comprendre les déterminants des systèmes de couverture existant dans le monde et des comportements individuels, et d’autre part de comparer les différentes formes d’intervention publique face à ces risques. Nos travaux, essentiellement empiriques, s’appuient sur des données statistiques issues d’organismes internationaux et de centres de recherche sur les risques, mais aussi sur des données comportementales issue d’une expérience contrôlée. La typologie des systèmes d’assurance contre le risque d’inondation dans le monde que nous élaborons montre que le système public est globalement dominant et surtout appliqué dans les pays à faible revenu et à forte exposition au risque, le système mixte public/privé étant principalement appliqué dans des pays riches et relativement peu exposés. Concernant la demande d’assurance, ladisponibilité à payer pour s’assurer contre les risques naturels est significativement plus faible que celle pour les autres risques et ce, indépendamment des probabilités et des montants de perte. En comparant différents systèmes d’intervention publique, nous montrons que la mesure la plus efficace semble être une subvention de la prime d’assurance, mais qui peut être très coûteuse si la population est majoritairement composée d’individus présentant de forts biais dans la perception des risques. / The objective of this thesis is to better understand the determinants of natural catastrophe insurance systems in the world, as well as of individual behavior towards these risks. We also compare the efficiency of different public intervention forms in catastrophe risk management. Our data come from international organizations, research centers and one controlled experiment. From the typology of countries in terms of flood insurance that we elaborate it appears that the publicly provided flood insurance system is globally dominant and mainly applied in low-income countries with high risk exposure. Mixed public / private system are mainly applied in rich countries with low risk exposure. Concerning insurance demand, the willingness to pay for insurance is significantly lower for catastrophe risks than for other, standard risks, regardless of probability and amount of loss. Comparing different public intervention systems, we show that the most efficient measure is insurance premium subsidy but its costs can be very high for individual whose risk perception is biased.

This Master´s thesis work analyses problems connected with supplementary pension insurance and life insurance of Respono, a.s. company. It includes a draft of choice of an adequate pension fond, life insurance and proposal of employerś contribution payments of penzion insurance and life insurance for individual employees with the purpose to eliminate company costs.

The aim of Master’s thesis is the issue of a life insurance as a tool for stimulation of employees. It includes the current situation analysis of employees insurance in the selected company. It also includes selection and compare of insurance products and proposals or recommendations for their selection to employees of chosen company.

This study shows that managers of short-term insurers may improve their financial results if they can identify and manage the factors that are critical to their financial results. The development and application of the concept of critical success factors are therefore used as a basis for this study. The study reviews the functions performed by short-term insurers, focusing on the effect these functions have on their cash flows. Selection and pricing of risk are discussed in detail. The underwriting cycle in South Africa, and several possible causes of the cycle are investigated. Reinsurance, claims handling and rilanagement expenses are important components of the cash flows of short-term insurers and are therefore examined in detail. The optimum risk level at various combinations of underwriting and investment income is empirically tested, using the financial results of several insurers. The study investigates different approaches to the measurement of financial success of insurers, and the return on shareholders' funds is found to provide the fairest and most reliable method. Empirical comparisons are made on the financial results of the insurers that participated in the study to distinguish between those that are financially successful and those that are not. To discover what the industry consider to be their critical financial success factors, a postal survey was done of key decision makers in the South African short-term insurance industry. Respondents identified several success factors, but did not include some success factors discovered during the review of the literature. Respondents apparently experienced difficulty in separating strategic issues from operational ones. The survey revealed that the pricing of risk is problematic for short-term insurers. The importance of the investment function is also underestimated by the industry. The study concludes that the combined systematic risk of the investment and underwriting portfolios is a critical success factor, along with the capital base of the insurer, the ability of the insurer to use the leverage provided by using policyholders' funds as free reserves and the size and direction of an insurer's cash flows. / Business Management / D. Com (Business Management)

The financial stability of the insurers is important to fulfil its role as a risk transfer mechanism and to protect the purchasers of their products. The European Union is introducing the Solvency II to modernise the current Solvency I regime and to harmonise the different insurance legislation of the members of the European Union. Solvency II introduces an architecture consisting of three pillars, with Pillar I setting the solvency capital requirements, Pillar II the governance and risk management requirements and Pillar III the reporting requirements. The South African Regulator initiated Solvency Assessment and Management for implementation in 2016 to align the South African prudential regulatory framework to meet the Solvency II requirements for third country equivalence. The problem that this study addressed is the possible effect that the introduction of Solvency Assessment and Management may have on the sustainability of short-term insurers in South Africa. The results of a empirical component of the study indicated that small and medium short-term insurers may be negatively impacted due to the costs incurred to implement and comply with the requirements of the new regulatory framework. The effect on the South African short-term industry can be that cover is concentrated among a few large short-term insurers. / Business Management / M. Com. (Business Management)

The financial stability of the insurers is important to fulfil its role as a risk transfer mechanism and to protect the purchasers of their products. The European Union is introducing the Solvency II to modernise the current Solvency I regime and to harmonise the different insurance legislation of the members of the European Union. Solvency II introduces an architecture consisting of three pillars, with Pillar I setting the solvency capital requirements, Pillar II the governance and risk management requirements and Pillar III the reporting requirements. The South African Regulator initiated Solvency Assessment and Management for implementation in 2016 to align the South African prudential regulatory framework to meet the Solvency II requirements for third country equivalence. The problem that this study addressed is the possible effect that the introduction of Solvency Assessment and Management may have on the sustainability of short-term insurers in South Africa. The results of a empirical component of the study indicated that small and medium short-term insurers may be negatively impacted due to the costs incurred to implement and comply with the requirements of the new regulatory framework. The effect on the South African short-term industry can be that cover is concentrated among a few large short-term insurers. / Business Management / M. Com. (Business Management)

Submitted by Fernando Mistura (f.mistura@gmail.com) on 2011-10-10T19:43:49Z No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-10-10T19:48:44Z (GMT) No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-10-10T19:48:59Z (GMT) No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Made available in DSpace on 2011-10-11T12:42:21Z (GMT). No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) Previous issue date: 2011-10-07 / This dissertation has sought to identify the role of BRIC country governments in the internationalization of their firms. Drawing upon an exploratory comparative analysis of BRIC OFDI trends and policies, it contributes to further an initial understanding of this phenomenon by shedding light on how and why BRIC governments have been promoting their multinationals. For this, it analysed specific OFDI-related policies implemented by BRIC countries as a way of highlighting policy-gaps and the effects of institutional set-ups in the development of internationalized companies. The rapid rise of MNCs from BRIC countries is quite a recent phenomenon. Although they had invested abroad before, only since the early 2000s OFDI by BRIC MNCs has become substantial. BRIC MNCs are becoming major players in many industries, taking-over competitors in both developed and developing countries, and reshaping competition in many industries. In this process, BRIC governments have played an important role. While until the early 1990s, BRIC governments restricted OFDI because of a negative perspective on its effects on home economies (e.g., reduction in investments at home, exports of jobs, and constraints to the balance-of-payments), in the 2000s their perception of OFDI changed. They have become more aware of the importance of OFDI for the competitiveness of their firms and industrial upgrade. While China, and to a lesser extent India, are one step further, having already put in place a comprehensive set of specific OFDI promoting policies, Brazil and Russia have yet to take further steps in order to create an enabling environment for their companies to fully exploit the advantages of global expansion / Esta dissertação procurou identificar o papel dos governos na internacionalização produtiva de empresas dos países BRIC. Por meio de uma análise comparativa do comportamento dos investimentos diretos no exterior (IDE) destes países e dos mecanismos existentes de suporte à internacionalização das empresas, foi possível identificar as diferentes maneiras de envolvimento desses governos na internacionalização produtiva de suas empresas e apontar lacunas de políticas públicas nestes países. Destarte, esta dissertação contribui à compreensão inicial sobre como e por que os governos destes países têm promovido o desenvolvimento de multinacionais. A rápida ascensão das multinacionais dos países BRIC é um fenômeno recente. Apesar de terem investido no exterior anteriormente, apenas a partir do início dos anos 2000 que o IDE de empresas destes países tornou-se significativo. Desde então, as multinacionais dos países BRIC estão se tornando importantes players em diversas indústrias, adquirindo competidores de países desenvolvidos e em desenvolvimento, e redesenhando a concorrência em muitas indústrias globais. Neste processo, os governos dos países BRIC têm desempenhado um papel importante. Até o início dos anos 1990, o IDE era restringido porque era associado a efeitos negativos sobre as economias domésticas (como por exemplo, à redução de investimentos no país de origem, à exportação de empregos, e a problemas na balança de pagamentos). Desde o início dos anos 2000, entretanto, os governos dos países BRIC mudaram de percepção e passaram a adotar políticas favoráveis à internacionalização produtiva de empresas domésticas. Eles perceberam a importância da internacionalização para a manutenção ou expansão da competitividade das empresas domésticas em um mundo globalizado. A China, e em menor grau a Índia, estão um passo adiante, tendo já posto em prática um conjunto de instrumentos específicos que facilitam a internacionalização de suas empresas. O Brasil e a Rússia ainda têm de tomar novas medidas para criar um ambiente propício para que suas empresas possam mais facilmente explorar as vantagens da expansão global.

The primary objective of this study was to develop an Enterprise Risk Management Maturity Framework (ERMMF) for use in the assessment of Enterprise Risk Management (ERM) maturity levels of the insurance industry in Botswana. The ERMMF incorporated elements from the Committee of Sponsoring Organisations of the Treadway Commission (COSO)’s ERM framework and the AON risk maturity model. Five criteria were utilised to define each of the eight components of ERM used to measure ERM maturity levels. The framework was developed qualitatively through literature review. The ERMMF was tested empirically to evaluate the ERM maturity levels of the insurance industry in Botswana. Data was collected from 12 respondents from long-term insurance companies, 15 from short-term insurance companies, 4 from reinsurers and 59 from brokerages. The findings revealed that the whole insurance industry is at the Defined stage of ERM maturity level as the responses bordered around 3 on the developed scale of measurement. The findings implied that the insurance sector in Botswana has generally implemented ERM but not enough follow-ups had been made to ensure that ERM became a continuous process. Results further indicated that although the whole sector was at the defined stage of ERM, the responses in each component differed per stratum. Literature indicates that insurance organisations, regardless of stratum within which they are, are faced with similar risks generally. The differing responses could be due to the magnitude of risks that could differ according to unique characteristics of each stratum. The study further recommended an enterprise risk management implementation procedure for the insurance industry in Botswana. / Business Management / D. Admin (Business Management)

This study shows that managers of short-term insurers may improve their financial results if they can identify and manage the factors that are critical to their financial results. The development and application of the concept of critical success factors are therefore used as a basis for this study. The study reviews the functions performed by short-term insurers, focusing on the effect these functions have on their cash flows. Selection and pricing of risk are discussed in detail. The underwriting cycle in South Africa, and several possible causes of the cycle are investigated. Reinsurance, claims handling and rilanagement expenses are important components of the cash flows of short-term insurers and are therefore examined in detail. The optimum risk level at various combinations of underwriting and investment income is empirically tested, using the financial results of several insurers. The study investigates different approaches to the measurement of financial success of insurers, and the return on shareholders' funds is found to provide the fairest and most reliable method. Empirical comparisons are made on the financial results of the insurers that participated in the study to distinguish between those that are financially successful and those that are not. To discover what the industry consider to be their critical financial success factors, a postal survey was done of key decision makers in the South African short-term insurance industry. Respondents identified several success factors, but did not include some success factors discovered during the review of the literature. Respondents apparently experienced difficulty in separating strategic issues from operational ones. The survey revealed that the pricing of risk is problematic for short-term insurers. The importance of the investment function is also underestimated by the industry. The study concludes that the combined systematic risk of the investment and underwriting portfolios is a critical success factor, along with the capital base of the insurer, the ability of the insurer to use the leverage provided by using policyholders' funds as free reserves and the size and direction of an insurer's cash flows. / Business Management / D. Com (Business Management)