Risk measurement in determination of solvency of non-life insurers

Osiguranje pruža zaštitu od rizika koji ugrožavaju imovinu i lica kroz isplatu naknade štete, odnosno osigurane sume, nakon nastupanja osiguranog slučaja, u zamenu za unapred utvrđenu i naplaćenu premiju osiguranja. Iz primarne funkcije osiguranja, koja se ogleda u obezbeđenju ekonomske i socijalne sigurnosti osiguranika, proizilazi značaj solventnosti, kao dugoročne platežne sposobnosti osiguravajućih kompanija. U uslovima vremenske nepodudarnosti uplata i isplata iz osiguravajućeg fonda, na osnovu podataka iz prošlosti, primenom matematičko-statističkih i aktuarskih metoda, osiguravači procenjuju iznos premija i tehničkih rezervi koje su potrebne za pokriće očekivane vrednosti šteta.Insurance provides protection against risks that threaten lives and priority through the payment of compensation or the sum insured after the occurrence of the insured event, in exchange for a previously determined and collected insurance premium. The importance of solvency as long-term debt-paying ability of insurance companies stems from the primary function of insurance, which is reflected in ensuring economic and social security of policyholders. In terms of temporal mismatch between receipts and payments from the insurance fund, based on data from the past, applying mathematical, statistical and actuarial methods, insurers estimate the amount of premiums and technical reserves needed to cover the expected value of claims

Upravljanje rizicima unit-linked životnog osiguranja

Osnovna karakteristika unit-linked životnog osiguranja ogleda se u specifičnosti ulaganja sredstava, koje je direktno vezano za vrednost investicione jedinice određenog investicionog fonda. Prednost unit-linked osiguranja, sa aspekta osiguravača, sastoji se u prenošenju rizika investiranja na osiguranika. Sa aspekta osiguranika, ovo osiguranje omogućuje, sa jedne strane, slobodu izbora nivoa zaštite, a sa druge strane, slobodu ulaganja sredstava rezerve, odnosno izbor investicionog fonda u koji će ta sredstva biti investirana, u skladu sa stepenom averzije prema riziku. Iako unit-linked osiguranje može doneti veće prinose u odnosu na tradicionalne proizvode životnog osiguranja, pri nepovoljnoj investicionoj klimi mogu biti ostvareni značajni gubici. Iz navedenih razloga, veoma je važno sagledati prednosti i nedostatke ovog vida osiguranja, sa aspekta politike investiranja, posebno u uslovima globalne finansijske krize. Tema dobija na aktuelnosti izmenom Zakona o osiguranju, kojom se omogućuje uvođenje navedenog novog proizvoda životnog osiguranja u Srbiji. Stoga je veoma značajno blagovremeno identifikovati rizike koji su povezani sa ovim vidom osiguranja, kako bi bile definisane adekvatne metode upravljanja tim rizicima

Impact of global financial crisis on insurance industry in selected Western Balkan countries

The chapter analyses the effects of the global financial crisis on the insurance market of selected Western Balkan countries, taking into account their characteristics, the achieved level of development, frameworks within which they function, and emerged tendencies on the world insurance market. The impact of the crisis is considered with respect to both business and investment side of the insurance company results. In addition to identifying existing problems of insurers during the crisis, warns of upcoming issues expected in the post-crisis period are indicated and possibilities for overcoming them suggested. Useful recommendations for further conduct and development of insurance operations are provided on the basis of comparative analysis of the insurance industry performances in time segments before and after the onset of the crisis

Doprinos analize pokazatelja finansijskih performansi osiguravača identifikovanju rizika nesolventnosti

Predmet istraživanja ovog rada je ocena finansijskog položaja osiguravajuće kompanije. Cilj rada bio je da se ukaže na prednosti primene pokazatelja rejting agencije Moody’s, koji omogućuju celovitu finansijsku i aktuarsku analizu. Praćenje kretanja vrednosti ovih pokazatelja u dužem vremenskom periodu obezbeđuje blagovremeno identifikovanje rizika koji ugrožavaju finansijski položaj osiguravajuće kompanije i koji mogu dovesti do njenog bankrotstva. Stoga je efikasno upravljanje ovim rizicima od ključnog značaja za očuvanje solventnosti osiguravača. U radu je, po prvi put na primeru konkretnog osiguravača koji posluje u Srbiji, obrazložen način obračuna i interpretacije vrednosti pokazatelja rejting agencije Moody’s. Dobijeni rezultati upućuju na moguću ugroženost adekvatnosti kapitala rastućim rizicima osiguranja, što je važna smernica za poboljšanje finansijskog položaja kompanije

Aktuarski efekti prevremenog raskida ugovora o osiguranju života

Predmet analize ovog rada je merenje aktuarskih efekata prevremenog raskida ugovora o osiguranju života. Cilj rada je da se ukaže na negativne efekte raskida ovih ugovora, kako sa aspekta osiguranika, tako i sa aspekta osiguravača. Rizik prevremenog odustajanja od životnog osiguranja, koji je posebno izražen u nepovoljnim ekonomskim uslovima, narušava svrhu životnog osiguranja i ugrožava finansijski položaj osiguravača. Negativni efekti odustajanja od životnog osiguranja, koji su u radu prikazani na primeru mešovitog osiguranja kapitala, su utoliko vei u prvim godinama trajanja ugovora o osiguranju. Pouzdana statistika osiguranja, kao i realnost vrednosti relevantnih parametara makroekonomskog ambijenta u kome se odvija poslovanje životnih osiguravača, uslovljavaju pouzdanost prognoze broja raskida ugovora o osiguranju života, kao i obima njihovih negativnih efekata

Determining the Discount Rate: The Case of Oil Industry in Serbia

The paper presents theoretical and methodological aspects of determining the discount rate on the example of NIS, as the largest energy company in Serbia and one of the largest in Southeast Europe. The total cost of capital which represents the weighted average of equity and long-term debt costs is used as discount rate. The cost of equity capital is calculated using the CAPM which, despite all its limitations, is still theoretically the most correct and frequently used model in practice. The average cost of long-term debt capital to the company NIS is equal to 14.773%, the cost of equity capital is 12.453% and the total cost of capital, WACC, is 12.505%. The main component of the cost of equity capital is the risk premium of investing in Serbia. The results show that macroeconomic stability strengthening and adequate management of borrowed funds can contribute to reduction of the total cost of capital in the Serbian oil industry

Analitika hidrokortizon-acetata u mastima za oči primenom reverzno-fazne tečne hromatografije pod visokim pritiskom

In this paper the reversed-phase high performance liquid chromatographic method (RP-HPLC) was applied for the determination of hydrocortisone acetate in eye ointment. Analysis were performed on the chromatographic system Hewlett Packard 1100 which consisted of a HP 1100 pump, HP 1100 UV-VIS Detector and HP ChemStation integrator. Separations were performed on a Bio-Sil C18 250 mm x 4,6 mm, 5µm particle size column at 30.5 °C. The samples were introduced through a Rheodyne injector valve with a 20 µL sample loop. Methanol - water (75:25 V/V) was used as a mobile phase, at flow rate 1.15 mL/min and pH was adjusted to 4.0 with ortophosphoric acid. UV detection was performed at 254 nm. Mometasone furoate was used as an internal standard. Developed RP-HPLC method was validated and all the validation parameters of the method are given. The proposed method is rapid, accurate, selective and because of its sensitivity and reproducibility, it may be used in routine control of pharmaceutical dosage forms which contain hydrocortisone acetate.Postavljena je metoda reverzno-fazne tečne hromatografije pod visokim pritiskom (RP-HPLC) za analizu hidrokortizon-acetata u mastima za oči. Analiza je izvršena na hromatografskom sistemu Hewlett Packard 1100 koji čine HP 1100 binarna pumpa, HP 1100 UV-VIS detektor i HP ChemStation za automatsku obradu podataka. Postupak je obuhvatio izbor odgovarajućih hromatografskih uslova, izbor pogodnog postupka ekstrakcije hidrokortizon-acetata iz masti, kao i validaciju metode. Za hromatografsku analizu odabrana je kolona Bio-Sil C18 250 mm x 4,6 mm, 5µm veličine čestica, termostatirana na 30,5°C. Volumen injiciranja bio je 20 µL. Mobilnu fazu činila je smeša metanol?voda (75 : 25 V/V) čiji je pH podešen na 4,0 sa 85%-tnom ortofosfatnom kiselinom. Protok mobilne faze bio je 1,15 ml/min., a talasna dužina detekcije 254 nm. Kao interni standard korišćen je mometazon-furoat. Postavljena RP-HPLC metoda je validirana, tj. ispitana je robusnost, selektivnost, linearnost, tačnost, preciznost - ponovljivost i određeni su limit detekcije i limit kvantifikacije. Kako je predložena metoda pouzdana i robusna može se koristiti u rutinskoj analizi doziranih oblika koji sadrže hidrokortizon-acetat

Risk measurement in determination of solvency of non-life insurers

Osiguranje pruža zaštitu od rizika koji ugrožavaju imovinu i lica kroz isplatu naknade štete, odnosno osigurane sume, nakon nastupanja osiguranog slučaja, u zamenu za unapred utvrđenu i naplaćenu premiju osiguranja. Iz primarne funkcije osiguranja, koja se ogleda u obezbeđenju ekonomske i socijalne sigurnosti osiguranika, proizilazi značaj solventnosti, kao dugoročne platežne sposobnosti osiguravajućih kompanija. U uslovima vremenske nepodudarnosti uplata i isplata iz osiguravajućeg fonda, na osnovu podataka iz prošlosti, primenom matematičko-statističkih i aktuarskih metoda, osiguravači procenjuju iznos premija i tehničkih rezervi koje su potrebne za pokriće očekivane vrednosti šteta.Insurance provides protection against risks that threaten lives and priority through the payment of compensation or the sum insured after the occurrence of the insured event, in exchange for a previously determined and collected insurance premium. The importance of solvency as long-term debt-paying ability of insurance companies stems from the primary function of insurance, which is reflected in ensuring economic and social security of policyholders. In terms of temporal mismatch between receipts and payments from the insurance fund, based on data from the past, applying mathematical, statistical and actuarial methods, insurers estimate the amount of premiums and technical reserves needed to cover the expected value of claims

Working styles of medicine professionals in emergency medical service

Introduction: Transactional analysis is a personality and communication theory established by psychiatrist Eric Berne, at the end of the fifties. Counter script is the way of life in accordance with parental imperative. The person with a counter-script has a compulsion to fulfill the required task in order to avoid the disaster of ban. There are five drivers that are considered essential, and these are: 'Be perfect!', 'Be strong!', 'Hurry up!', 'Please others!' and 'Work hard!' Objective: a) Determination of the most dominant driver in this medical service. b) Because of the specifics of this job which requires speed and humanity, the emphasis will be on doublet: 'Hurry up!' and 'Please others!' Method: The study was conducted on a group of subjects employed in a general service with medical emergency. The instrument used in the study was Julie Hay's questionnaire for diagnosing the working styles. Results: Statistical research was conducted on a sample of 30 subjects employed in the emergency medical service. Availability of all afore mentioned drivers was tested. The research hypotheses were formulated as follows: H0: The driver is not present among the employees in this service; H1: The driver is present among the employees in this service. Calculated value of the t-statistics for the driver 'Hurry up!' is 1.398; for the driver 'Be perfect!' 3.616; for the driver 'Please others!' 11.693; for the driver 'Work hard!' -0.673; and for the driver 'Be strong!' 3.880. Since the realizable value of the t-statistics for the drivers: 'Be perfect!' and 'Please others!' and 'Be strong!' is bigger than the critical value 1.699, and p<0.05 we reject the null hypothesis and we accept the alternative hypothesis on the significance level of 95%. For the drivers 'Hurry up!' and 'Work hard!' the values of t-statistics are lower than the critical value 1.699 for significance level of 95%, so the alternative hypothesis are not acceptable. Conclusion: The results of our research have determined which drivers are the most represented among the employees in emergency medical service. Al- though the name of the service points to the necessity of quick reaction in critical situations, humanity has proved to be more

Psychosomatic reactions and hypertension in stress conditions

Introduction: Psychosomatic diseases are diseases of organs, partialy induced by mental and somatic reactions to prolonged stress. Emotional factors probably play the key role in origin of psychosomatic diseases. Objective: The aim is to establish whether there is a difference in the behavior and the expression of psychosomatic reactions to stress in healthy and hypertensive population, and to prove or reject hypothesis that hypertension is associated with psychosomatic diseases. Method: The respondents were given the original questionnaire with closed questions about ways of reaction in stressful situations. Majority of emotions included fear and withdrawal. Results: Statistical analysis was conducted on a sample of 100 patients who were divided into two groups: patients with hypertension (HTA)and control group. Research hypothesis were formed: H0:NTA is not related to psychosomatic diseases; HI: HTA is related to psychosomatic diseases. As the achieved χ2 value of 44.72 is higher than critical value of χ2=24.996, with 15 degrees of freedom and level of confidence p=0.05, the zero hypothesis must be rejected and alternative hypothesis must be accepted with p>0,05 confidence value, which leads to conclusion that there is connection between HTA and psychosomatic diseases. Secondary hipothesis is also tested: H0:HTA and withdrawal reactions are not connected; H1:HTA and withdrawal reactions are connected. As the achieved χ2 value equals 29.99 is higher than critical value χ2=3.841, with 1 degree of freedom and level of confidence p=0.05, the zero hypothesis must be excluded and alternative hypothesis must be accepted with p95% which leads to conclusion that there is connection between HTA and withdrawal reactions. Conclusion: Modern science of psychosomatic diseases suggests one of the integrative models to explain psyshophysiological mechanisms causing HTA: this model includes all findings of classic and psychosomatic medical science, in attempt to explain the dynamic chain of changes that leads to final result: high blood pressure