Hayat sigortaları ve risk yönetimi
Life insurance and risk management
- Tez No: 87751
- Danışmanlar: YRD. DOÇ. DR. SAADET TANTAN
- Tez Türü: Yüksek Lisans
- Konular: Sigortacılık, Insurance
- Anahtar Kelimeler: Hayat sigortası, Risk yönetimi, Sigorta, Sigortacılık, Life insurance, Risk management, Insurance
- Yıl: 1999
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasası ve Borsa Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
Özet yok.
Özet (Çeviri)
CONTENTS Page TABLES V FIGURES VI GRAPHICS VII INTRODUCTION 1 1. LIFE INSURANCE 3 1.1. Definitions 3 1.2. Social Security Organizations 7 1.2.1. Social Insurance Organization 8 1.2.2. Government Retirement Fund 8 1.2.3. Private Retirement Funds 9 1.2.4. Individual Retirement Accounts ( IRA ) 10 1.3. Types Of Life Insurances 1 1 1.3.1. Term Insurance 1 1 1.3.2. Whole Life Insurance 12 1.3.3. Endowment Policies 12 1.4. Parties Of Insurance Policies And Their Responsibilities 13 1.4.1. Underwriter 13 1.4.2. Insured 14 1.4.3. Life Insured 14 1.4.4. Beneficiary 15 1.5. Life Insurance Funds ( Technical Reserves ) 15 1.5.1. Mathematical Reserves 1 5 1.5.2. Profit Share Reserves 16 1.5.3. Unearned Premium Reserves 1 7 1.5.4. Outstanding Loss Reserves 17 1.5.5. Incurred But Not Reported Loss ( IBNR ) 18 1.6. Legal Regulations 18 1.6. 1. Insurance Supervisory Law 18 1.6.2. Tax Law 19 1.6.3. Turkish Commercial Law 19 1.6.4. Turkish Debt Law 20 1.6.5. Other Regulations 20 2. INSURANCE RISKS 21 2.1. Technical Risks 21 2. 1. 1. Insurance Cover 2 1 2.1.2. Solvency 22 2.2. Financial Risks 23 2.2.1. Systematic Risks 23 2.2.2. Nonsystematic Risks.>??. 25 107 of,''3. METHODS OF RISK TRANSFER 29 3.1. Coinsurance 29 3.2. Reinsurance 30 3.3. Financial Reinsurance 32 3.3.1. Types of Contracts 34 3.3. 1. 1. Loss Portfolio Transfers ( LPT's ) 34 3.3. 1.2. Adverse Development Contracts ( ADC's ) 37 3.3.1.3. Time and Distance Contracts ( TD's ) 38 3.3.1.4. Finite Ouota Share 39 3.3.1.5. Prospective Excess of Loss Covers 42 3.3.1.6. Rollovers 43 3.4. Beta 44 3.5. Macro 46 3.6. Blended Covers 47 3.7. Securitization 48 3.7. 1. Asset Back Securities 48 3.7.2. Retention Bonds 49 3.7.2.1. Catastrophic Bonds 50 3.7.2.2. Catastrophic Swaps 52 4. PORTFOLIO MANAGEMENT 54 4.1. Theories of Portfolio Management 54 4.1.1. Modern Portfolio Theory 55 4. 1.2. Capital Asset Pricing Models ( CAPM ) 55 4. 1.3. Arbitrage Pricing Theory 59 4.2. Principles of Portfolio Management 60 4.2.1. Portfolio Selections 6 1 4.2.2. Measuring Portfolio Risks 63 4.3. Hedging Strategies 66 4.4. Hegding Strategies Instruments 68 4.4. 1. Forward Contracts 68 4.4.2. Swaps 68 4.4.3. Futures 70 4.4.4. Options 73 5. PORTFOLIO MANAGEMENT IN THE TURKISH INSURANCE 74 COMPANIES 5.1. Portfolio Allocation of Turkish Insurance Companies 74 5.2. Portfolio Management of Turkish Insurance Companies 77 5.3. A Sample Portfolio 80 CONCLUSIONS 86 REFERANCES 88 APPENDLX 92 SUMMARY 106 108INTRODUCTION Life insurance sector, has an important role for the economic development of industrialized countries. Life insurance also provides best profit and best protection for small investor. Life insurance has great potential for long term funds for developing countries economies. The main target of insurance company is managing insurance and financial risk, which is a result of its operations. They have to use new reinsurance instruments, transfer of underwriting risk and also they have to use new financial instruments for reinsurance. The purpose of this study is evaluating of risk transfer methods and principles of portfolio management for Life Insurance Company. In section I, we analyze the economic functions of life insurance funds and recent development trends in the World and Turkey In section I, we analyze social security organizations, types of life insurance, technique and legal regulations for life insurance and features of life insurance funds. In section II, Risk of insurance companies classifies as technical risk and financial risks. Technical risks also analyze as insurance cover and solvency. Financial risks analyze systematic and nonsystematic risk. 109In Section III, we explain risk transfer methods such as coinsurance, reinsurance, financial reinsurance and securitization and other innovative financial products. In section IV, We analyze principles of portfolio management for insurance companies. Also we explain hedging strategies and essentials of instruments for this operations. In Section V, We analyze portfolio allocation of Turkish insurance companies. Also we study an optimal portfolio selection for Turkish insurance sector. In last section, we have successions for development of Turkish insurance industry, legal and structural regulations.,<|ioCONCLUSIONS Turkish insurance industry has to use financial reinsurance instruments for risk management and hedging operations. Because it has many advantage with respect to the traditional reinsurance. Financial reinsurance is easy to use and flexible for adjustment of retention. Its key features; tailored to specific client problems, low operation cost, multi-year multi-line cover risk assumption by non insurer, is provide larger insurance capacity and lower capital requirements. In Turkish insurance sector, there is an important legal restriction for security investment and restrictions about portfolio allocation of life insurance companies. Insurance companies have to blocked certain percentage of their portfolio on the behalf of government. Because of this restrictions insurer can't adjust their portfolio to market fluctuations. If there is no restrictions on investment and portfolio allocation of insurance company, they can canalize their portfolio more efficient securities. inAn insurance company has to update their computer systems and they have to supply alternative products for changing client needs. Legal and technical regulations will be prepared for private retirement funds. Private retirement funds encourage with various tax advantages and other extra benefits. This Long term industrial investments and substructural investments must be financed long-term life insurance funds. « Turkish insurance and reinsurance companies must use new financial instruments and securitizations, for provide cover for industrial and catastrophic risks. This will increase capacity of insurance companies while decrease capital requirement. Life insurance has many positive effects on country economies. Life insurance collects long term capital from small savings. Long term savings discourage increase of inflation r1.Nll2
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