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<p> We address the problem of valuation of life insurance risks of different nature, market independent or equity-linked, under various assumptions regarding policyholders'mortality and the financial market. Given the incomplete nature of life insurance markets, an indifference valuation approach tailored to different models of the insurer's liability is applied. To be more specific, we propose three models for the insurer's liability: a single life insurance model, the individual risk model and the collective risk model. The last two models are generalizations of the aggregate loss models with the same name from actuarial mathematics. </p> <p> First, we investigate the pricing problem of market independent life insurance risks under the assumption of random mortality, focussing on the effects of this latter assumption on the premium. We find that random mortality is an essential assumption especially when pricing in aggregate loss models. Then, we consider life insurance products with a more complex structure of the benefit, as equity-linked term life insurances. We price them via utility indifference in all liability models mentioned above, assuming deterministic mortality and a Black-Scholes market model. Comparing the results obtained, we observe that the collective risk model is computationally more efficient than the others, but at the cost of higher premium. Finally, we conclude by extend-ing our pricing results for equity-linked term life insurance to a one factor stochastic volatility market model. We obtain that in a fast-mean-reverting volatility regime, the indifference premium can be well approximated by adjusted constant volatility results, previously derived. </p> / Thesis / Doctor of Philosophy (PhD)

Civilinės atsakomybės draudimo instituto apimami klausimai iki šiol buvo nevienareikšmiai interpretuojami tiek Lietuvos Respublikos teismų praktikoje, tiek civilinės teisės doktrinoje. Nepaisant to, Lietuvos Aukščiausiojo Teismo praktikoje yra suformuotos principinės teisės aiškinimo taisyklės draudėjo ir draudiko atsakomybės rūšies ir ribų, neturtinės žalos atlyginimo, regresinio reikalavimo bei draudimo išmokos dydžio apskaičiavimo ir išmokėjimo klausimais. Konkretizuotomis ir pakankamai išsamiai teisiškai argumentuotomis laikytinos ir vežėjų bei notarų profesinės civilinės atsakomybės draudimo sritys. LAT praktikos pokyčiai yra glaudžiai įtakojami, o kartu ir pateisinami materialinių teisinių civilinės atsakomybės draudimo santykių raidos momentais, progresyviomis mokslinėmis tendencijomis bei europine analogiško instituto teisinio reglamentavimo mintimi. Civilinės atsakomybės draudimo socialinė paskirtis, jo aktualumas civiliniuose santykiuose bei efektyvaus teisinio reguliavimo svarba suponuoja teismų bei įstatymų leidėjo pareigą šiuos santykius grįsti ir aiškini, atsižvelgiant į visų suinteresuotų santykio dalyvių interesus. / The questions involved in the institute of civil liability insurance have been construed ambiguous since our days in the practise of the courts of the Republic of Lithuania as well as the doctrine of the civil law. Despite it, the principled regulations of elucidation the law in the questions like the type and limits of responsibility of insurer and the insured, recovering non-pecuniary damage, the right of recourse, calculating and the pay off insurance premium were formed in the practise of the Supreme Court of Lithuania. The areas of the civil liability of the carrier and notary can also be considered as concretized and explained de jure enough. Some of the variations of the practise of the Supreme Court of Lithuania are closely influenced and justified by the development of the factual relations of civil liability insurance, progressive tendencies of the science and the sense of the European legal regulation of analogue institute. The social purpose of civil liability insurance, the relevance of this institute in the social relations and the importance of legal regulations presuppose an obligation to the courts and legislative bodies to base and annotate these relations in the view of all concerned parties.

The subjects of the Doctoral Dissertation is the problem of disclosing information seen in a horizon of legal intercourse, genesis of this information, historical development and it’s implementation into practice. An obligation to disclose information seen in a horizon of legal intercourse is analyzed from the theoretical and practical points of view. This reflects upon the structure of thesis - in the first part theoretical questions linked with the obligation to disclose information, and in the other parts - peculiarities and problems of its practical implementation. In theoretical part of the work the genesis of the obligation to disclose information that links with legal intercourse of insurance, also the main theories and doctrines which interpret and predicate existing of the obligation to disclose information in the sphere of legal intercourse. An attention must be paid also to this fact that in theoretical part of the thesis the main attention is paid to analysis the research results of obligation to disclose information and being in other social sciences. The law must be seen as a tool concerning with a regulation of social relationships and that is why when performing scientific researches we must not limit ourselves only with methods of legal regulation or with the subject and regulating the positive law. The other branches of science help to disclose peculiarities of social intercourse and give an opportunity to see social relationships from the other point of... [to full text] / Disertacijoje nagrinėjama informacijos atskleidimo pareiga draudimo teisiniuose santykiuose, jos kilmė, istorinė raida, paskirtis bei praktinio įgyvendinimo ypatumai. Ši tema nagrinėjama teoriniu bei praktiniu aspektu. Tai atsispindi ir darbo struktūroje – pirmoje dalyje analizuojami su pareigą atskleisti informaciją susiję teoriniai klausimai, o kitose praktinio realizavimo ypatumai bei problematika. Teorinėje darbo dalyje nagrinėjama pareigos atskleisti informaciją draudimo teisiniuose santykiuose genezė, pagrindinės teorijos bei doktrinos, kurios aiškina ir grindžia pareigos atskleisti informaciją egzistavimą teisiniuose santykiuose. Taip pat atkreiptinas dėmesys į tai, kad disertacijos teorinėje dalyje ypatingas dėmesys yra skiriamas kitų socialinių mokslų, nagrinėjančių pareigą atskleisti informaciją, tyrimų rezultatų analizei. Teisė yra tik įrankis visuomeniniams santykiams reguliuoti, todėl atliekant mokslinius tyrimus negalima apsiriboti tik teisinio reguliavimo metodais ir pozityviosios teisės reguliavimo objektu. Kitos mokslo šakos padeda atskleisti visuomeninio santykio ypatumus, suteikia galimybę pažvelgti į visuomeninius santykius kitomis akimis. Teorinėje darbo dalyje taip pat nagrinėjama, kaip pareiga atskleisti informaciją draudimo teisiniuose santykiuose atsirado bei evoliucionavo bendrosios ir kontinentinės teisės sistemose, taip pat kokios pareigos atskleisti informaciją draudimo teisiniuose santykiuose perspektyvos Europos sutarčių teisės kontekste... [toliau žr. visą tekstą]

La déjudiciarisation des litiges est un sujet actuel et fondamental pour les pouvoirs publics au regard de l’engorgement des juridictions françaises. Il s’agit d’une préoccupation que partage l’assureur en responsabilité civile médicale pour lequel faciliter le règlement amiable des conflits signifie diminuer ses coûts de gestion internes, avoir une meilleure maîtrise des sommes allouées au titre la réparation des dommages résultant de soins et valoriser son image d’expert de l’indemnisation auprès de ses assurés. Aujourd’hui, le monde de l’assurance du risque médical s’engage publiquement en faveur de la recherche d’une solution négociée des litiges. Il présente cette dernière comme étant un mode opératoire bénéficiant à toute la société et particulièrement aux patients (ou à leurs ayants-droit), lesquels peuvent obtenir une indemnisation plus rapidement que devant les juridictions et en limitant leurs frais. Pour mettre en œuvre cette démarche, l’assureur se dote de processus internes afin d’optimiser les chances de succès des réclamations présentées dans un cadre amiable. Il s’appuie également sur l’action des pouvoirs publics, lesquels ont, notamment, créé les commissions (régionales) de conciliation et d’indemnisation des accidents médicaux, affections iatrogènes et infections nosocomiales, qui permettent de faciliter les solutions négociées aux litiges. Pour autant, force est de constater qu’il existe des limites à cette entreprise. En effet, outre le fait que la victime demeure la principale décisionnaire du choix du mode opératoire de l’examen de sa demande, d’autres acteurs directs et indirects voire le professionnel de l’assurance du risque médical lui-même, peuvent être à l’origine de la judiciarisation du différend. En tout état de cause, le recours aux juges ne doit pas être entendu uniquement comme un échec de la solution négociée dans la mesure où la jurisprudence peut se révéler être un atout pour faciliter la déjudiciarisation des litiges ultérieurs. / Solving disputes outside of the judicial system is a contemporary and a fundamental challenge for public authorities given the current congested workload of Courts. Medical liability insurers obviously share that concern. Indeed, facilitating amicable settlements is a way to decrease internal administration costs, to have better control over the damages awarded, and to enhance their image as Experts in their field. Nowadays, medical risk insurance companies are publicly committed to negotiated solutions. According to them, the out of Court approach can benefit the entire society and particularly the patients (or their beneficiaries), who can reach compensation more quickly than they would in front of a court, while limiting their fees. In order to implement this procedure, the insurance companies provide themselves with new internal processes, to optimize the chances of finding amicable settlements for the claims they receive. The success of this strategy also relies on the action of public authorities, whose decision to create the C(R)CI (Commissions of conciliation and compensation for medical accidents, iatrogenic disorders and nosocomial infections), has eased access to negotiated solutions.Nevertheless, this approach cannot always lead to a successfull outcome. As a matter of fact, the victims remain the last to decide on the way they want the litigation to be settled. Some other direct or indirect actors, or even the medical liability insurer itself, can bring the action before the Court. Either way, recourse to a Judge does not have to be only seen as a failure, since it allows jurisdictions to give orientations that will help parties position themselves in the event of further cases.

M.Com. (Business Management) / Risk management is an important factor in ensuring business and project success. Thus, risk management methodologies are constantly being developed and improved. In order to define the goals, specify the process and manage progress, it is necessary to have a clear view of the enterprise‟s current approach to risk, as well as a definition of the intended destination. Benchmarking offers the opportunity to determine the current maturity capability against agreed frameworks, and also provides a structured route to improvement. A generally accepted framework is needed in order for an organisation to benchmark its current maturity and capability in managing risk, and this framework should also assist in defining progress towards increased maturity. Being an assessment tool, a risk maturity model is designed to measure risk management capability and to provide objectives for improvement The purpose of the research is to identify, adapt and recommend a sound risk maturity model, together with an easily applicable and effective questionnaire for use to measure the risk capability maturity of a Life Insurer (“Liberty Life”). To achieve this aim, six risk management maturity models were identified through a literature review and the proposed model was further supported with long-term insurance specific attributes of risk management as advocated by leading corporate governance codes and regulations such as King III and the newly proposed Financial Services Board (FSB) Solvency Assessment and Management (SAM) regime. Despite the widening consensus on the value of risk management, effective implementations of risk processes into organisations are not common. The benefits of mature risk management have been discussed in Chapter 2. By adopting an exploratory approach, the researcher conducted a qualitative research project, in the form of an in-depth case study, on a multinational financial services organisation. Unstructured face-to-face interviews were held with senior executives and risk managers in order to gather data regarding what they perceive as key attributes, including acceptable measurement criteria, of a risk maturity model appropriate and effective for implementation in their organisation.

The thesis "Insurance Products within Bankassurance" deals in details with the application of bankassurance principles on current Czech market. The advantages and disadvantages of this form of cooperation are stated, from all a bank's, an insurer's and a customer's point of view. The term bankassurance is defined and the main points are made to analyse current state of Czech insurers. The products of Pojišťovna České spořitelny sold by one of the largest bank on the market, a bank called Česká spořitelna, a.s., are analysed in more detail.

Tyrimo objektas – Lietuvos gyvybės draudimo įmonės. Tyrimo dalykas – Lietuvos gyvybės draudimo įmonių veikla. Darbo tikslas – išskyrus pagrindinius vertintojus ir jų tikslus, parinkti vertinimo kriterijus ir įvertinti Lietuvos gyvybės draudimo įmonių veiklą. Uždaviniai: 1) įvardinti gyvybės draudimo reikšmę, privalumus bei identifikuoti pagrindines gyvybės draudimo įmonių vertinimo problemas; 2) nustatyti gyvybės draudimo įmonių vertintojus, suformuluoti jų tikslus bei numatyti gyvybės draudimo įmonių vertinimo kriterijus; 3) parengti gyvybės draudimo įmonių vertinimo metodiką; 4) pagal parengtą metodiką, įvertinti Lietuvos gyvybės draudimo įmones. Tyrimo metodai – mokslinės literatūros analizė ir sintezė, loginė analizė ir sintezė, lyginamoji analizė, horizontalioji ir vertikalioji analizė, apibendrinimo ir reitingavimo metodai. Tyrimo rezultatai – atlikus mokslinę Lietuvos ir užsienio literatūros analizę, išanalizavus Lietuvos draudimo įstatyminę bazę bei valstybinės draudimo priežiūros komisijos teikiamus duomenis, buvo atrinkti penki gyvybės draudimo įmonių vertintojai, nustatyti jų vertinimo kriterijai ir rodikliai, pagal kuriuos buvo sureitinguotos ir įvertintos Lietuvos gyvybės draudimo įmonės bei numatytos tendencijos. / Research object – Life insurance companies in Lithuania. Research subject – The practice of Life insurance companies in Lithuania Research aim – except the main estimators and their goals, select the criterions and evaluate the life insurance companies in Lithuania. Objectives: 1) specify the meaning of life insurance, its advantages, and identify the main evaluation problems of life insurance companies; 2) except the main estimators of life insurance, formulate their goals and predict the criterions of evaluation; 3) frame the methodology of evaluation of life insurance companies; 4) according to the methodology, which was prepared, evaluate the life insurance companies. Research methods – the analysis and synthesis of scientific literature, logical analysis and synthesis, comparable analysis, horizontal and vertical analysis, methods of summation and rating. Research results – doing the analysis of Lithuanian and foreign scientific literature, Lithuanian insurance law base and national insurance supervision commission information, helped to sort five estimators of Life Insurance companies, to identify their criterions and indexes. In accordance with them the Life insurance companies were rated, evaluated and the tendencies were forecasted.

Sjöförsäkring är ett samlingsnamn för en massa försäkringar ett rederi måste ha för att bedriva sjöfartsverksamhet. De två vanligaste som berör själva fartyget och dess framdrift är kasko och P&amp;I. Genom att använda RMS TITANIC fallet ämnar studien att faställa om försäkringstagaren till fartyget har rätt till försäkringsersättning eller inte enligt modern svensk sjöförsäkring. Undersökningen ämnar titta närmare på hur försäkringsbolag tillämpar villkoren för identifikation samt vad som skiljer vårdslöshet från grov vårdslöshet, för att kunna konstatera om ersättning skall betalas ut till ägaren av RMS TITANIC. Studien använder en kvalitativ metod med semistrukturerade intervjuer samt litteraturstudie. Resultatet visar att svenska försäkringsbolag tillämpar identifikation i ringa utsträckning som möjliggör att försäkringsskyddet för fartygsägare inte påverkas om en besättningsman agerar vårdslöst ombord men detsamma gäller inte om handlingen var grovt vårdslös. Det innebär att försäkringstagaren till RMS TITANIC har rätt till ersättning enligt modern sjöförsäkring. / Maritime insurance is a collective name for a multiple insurances a shipping company must have in order to conduct maritime operations. The two most common ones that affect the ship itself and its operation are Kasko and P&amp;I. Using the RMS TITANIC case, the study intends to determine whether the policyholder of the vessel is entitled to insurance compensation or not according to modern Swedish maritime insurance. The study looks more closely at how insurance companies apply the terms for identification and what differentiates negligence from gross negligence, in order to determine whether compensation should be paid to the owner of RMS TITANIC. The study uses a qualitative method with semi-structured interviews and literature study. The result shows that Swedish insurance companies apply identification to a small extent, which allows insurance coverage for shipowners not to be affected if a crew acts carelessly on board, but the same does not apply if the act was grossly negligent. This means that the policyholder of RMS TITANIC is entitled to compensation according to modern maritime insurance.

Title: Customer satisfaction research for a company ePojisteni.cz s.r.o. trough the method of Net Promoter Score. Goals: The ain is to analyze satisfaction and loyalty with company ePojisteni.cz s.r.o. and propose measures that would lead to increased satisfaction and loyalty both of the sides - the customer on the one side and company ePojisteni.cz s.r.o. on the other. Methods: Satisfaction and loyalty were measured using the Net Promoter Score. It is a tool that allows rapid measurement of customer loyalty. Question: 'How likely is that you recommend us to your friends?" was sent to 400 respondents. This issue was further extended verbal evaluation. Some shortcomings I sought a solution with the product manager of the company. Results: The company ePojisteni.cz s.r.o. is broker of insurance for czech insurance company. The result of method Net Promoter Score is hopeful. The customers are very contented with this company and they are loyal. In second part of research the customers warm about some shortcomings. On these shortcomings I was looking for a solution with Product manager of the company. Keywords: loyalty, customer, insurance, insurance contract, the policyholder, insurer, insurance company, broker, agent, method, analysis.