State of the insurance market of foreign countries. Analysis of insurance activities in foreign countries

Comparative characteristics of the global insurance market is based on traditional indicators: the volume of insurance premiums by type of insurance and by regions of the world, the share of insurance premiums in gross domestic product(GDP) individual countries, insurance premium density per capita. Assessment of the dynamics of the world insurance market is made according to the growth rates of the written insurance premium in different countries and regions of the world economy.

The global insurance market is concentrated in developed countries ah North America, Western Europe, Japan and Oceania - they account for more than 90% of the total insurance premiums (Table 25.1). For a long time developing countries and emerging markets, which include countries in Latin America, Central and of Eastern Europe, South and East Asia and Africa, account for about 10% of insurance premiums. In the most developed countries of Central and Eastern Europe, as well as in the emerging insurance markets of Latin America, Southeast Asia (GDP per capita - 5-8 thousand dollars), the share of insurance premium in GDP is about 3-5%; in the USA, European countries and Japan, Hong Kong (GDP per capita 30–40 thousand dollars), the share of insurance premium in GDP reaches 10–12%. Russia, unfortunately, lags far behind in the analyzed indicators. In 2010, the share of insurance premiums in Russia's GDP was only 2.3%, which is 3–5 times less than in developed countries.

Table 25.1

Global insurance market by region (2010)

	Premiums, life insurance	Premiums, insurance other than life insurance	Insurance premium density	Share of insurance premium in GDP. 2010, %
The developed countries


Great Britain

Germany


emerging markets	No data
Latin America and the Caribbean	No data
Brazil

Countries of Central and Eastern Europe	No data
Russia
South and Southeast Asia	No data


Middle East and Central Asia	No data

	No data
World at large	No data

Statistics show that emerging markets have a greater growth potential than developed countries (Table 25.2). This is primarily due to the greater potential economic growth countries since transition economy, significant market capacity and unsatisfied demand of the population for insurance services for various purposes, which in the centrally planned model of the economy was satisfied by the system state insurance and social security.

Table 25.2

Growth rates of world insurance markets (%)

Years / Region
America
North America
South America

Western Europe
Eastern Europe


South and East Asia
Near East



Industrial regions
Developing markets

The insurance market and its participants have experienced a serious impact economic crisis, when market entities gradually began to experience a propensity to save and save precisely on "deferred" financial services which includes insurance. However, such a slight overall increase in insurance premiums in industrialized countries in 2009-2010 (by 1.4% compared to 4.0% in 2005-2006) is explained not only by the global financial crisis, but also by the fact that the insurance market Japan, which makes up about 1/5 of the global market, showed a negative increase in this indicator due to the tsunami in April 2011 and the man-made disaster in March 2011 at the Fukushima-1 nuclear power plant, which caused damage equal to almost a quarter Japanese GDP. The American insurance market also shows no growth. The negative performance of the US insurance market was offset by a significant increase in premium collection in Southeast Asia (18.8% in 2009-2010) and especially in China, where insurance market growth was an absolute record worldwide - 26.2% in 2009–2010 The growth rate of life insurance premiums fell particularly significantly in industrialized countries (negative growth of -2.7% compared to 8% in developing countries), which is primarily due to the crisis that unfolded in stock markets. The situation with premiums in the non-life insurance market turned out to be somewhat better: developed countries showed an increase of 5%, and developing countries - 8.6%. However, this increase was accompanied by a significant increase in the loss ratio due to the growth of insurance payments. In general, in the world in the period from 1996 to 2010, a pronounced positive trend in the collection of insurance premiums (an increase of about 30%) is noticeable, however, here, too, the insurance sector other than life insurance shows better dynamics than the life insurance sector (Table 25.3 ).

Table 25.3

Dynamics of collection of insurance premiums (world market, million USD)

	Life insurance	Insurance other than life insurance

Despite the crisis, in 2010 the total volume of premiums collected in the world exceeded the same indicator in 2009 and was estimated at over $4.3 trillion. premiums, although until 2007 this figure was less than half. In 2011, the overall growth of premiums in the world was negative (-0.8%), however, due to the depreciation of the dollar against other currencies in nominal terms, the growth was 6%. All insurance markets of developed countries in 2011 showed a negative growth (-1.1%), emerging markets showed a small, but stable growth(1.3%). Overall figures, however, do not reflect a significant regional difference in the results of insurance activities. For example, Western Europe's life insurance premiums fell 9.8%, while North America's growth was 2.3%. Life insurance premium collections in China and India declined due to new regulations on the sale of insurance products, while non-life insurance premiums continued to rise in these countries.

According to relative indicators illustrating the level of development of the insurance market (and, consequently, the level of socio-economic development), such as insurance premiums per capita and the share of premiums in the gross national product (GNP), the industrialized countries traditionally lead. The leading positions are occupied by the UK and Japan: in 2010, the residents of these countries spent $4,497 and $4,390 on insurance, respectively. Among the emerging insurance markets, attention should be paid to the rapidly developing insurance markets. Arab countries: The United Arab Emirates has reached a premium of $1,248 per capita. This does not contradict the trends that are observed in the world market: the largest international insurers pay close attention to these markets, actively developing takaful services. A special place in the world insurance market belongs to China, which occupies the sixth place in the general table of ranks. This rising giant country achieved a per capita insurance premium of $158 and a record premium growth rate of 26.2% already recorded in 2010. For comparison: the Russian market in 2010 was in 19th place in the world with an insurance premium density of USD 297. China's modest performance in terms of insurance development is explained by large population countries and the uneven socio-economic development of the territories.

MAIN TRENDS IN THE DEVELOPMENT OF THE RUSSIAN

OF THE INSURANCE MARKET

1.1. Comparative characteristics of the insurance market in Russia and other countries

In Russia, during the transition from a planned to a market economy, there was no increase in the role of insurance in the economy. This is evidenced by the extremely low ratio of insurance premiums to GDP. The value of this indicator varied from 0.6% in 1992 to up to 2% in 1998 The share of Russia in the global volume of insurance services (in terms of collected premiums) was approximately 0.3%, which is in line with India, but inferior to Norway and China. In general, the degree of development of the insurance business in Russia lags significantly behind most countries with market and transitional economies.

Table 1.1. Indicators of insurance activity in various countries

	Total premium, (million dollars)	Premium per capita, (USD)	Premium/GDP, %
UK 1
Switzerland 1
France 1

Germany 1



Hungary 1


Brazil 2
Russia 3

Financial stabilization in 1997 created certain prerequisites for the growth of insurance services. The decrease in inflation and the maintenance of the ruble exchange rate gave grounds to count on the development of long-term life insurance and the attraction of citizens' savings to the insurance sector. A positive factor was the adoption of the Decree of the Government of the Russian Federation "The main directions of development national system insurance in Russian Federation in 1998-2000". However financial crisis clearly highlighted the problems and difficulties in the development of the insurance industry.

Needs for insurance protection of property interests legal entities and the population, taking into account the increased risks and depreciation of fixed production assets, are covered to a small extent. Existing assessment the share of currently insured potential risks of 10%, given by some experts, is clearly overestimated. This conclusion is based on two main arguments.

First, according to the Ministry of Emergency Situations, in 1997 there were more than 1,500 major accidents and catastrophes, 151,000 fires, as a result of which 1,651 people died and more than 82,000 people were injured. The total damage from these emergencies exceeded 300 billion rubles, which is more than 10 times greater than the total insurance payments for the same year. Losses in most of the emergencies were not insured and compensated.

An example is the accident of the AN-124 transport aircraft, which crashed in December 1997 on residential areas near Irkutsk. Only the lives of members of the military crew were insured, since the Ministry of Defense is obliged to insure the military personnel and cargo - military aircraft transported to Vietnam. At the same time, the transport plane was not insured (the damage was estimated at $70 million), the lives of the victims (69 people died), and the homes and property of the affected citizens.

Secondly, the damage to individuals as a result of accidents, accidents and other unforeseen events is almost impossible to assess, because. not all of them are registered. More than 30,000 people die and about 200,000 are injured and maimed every year as a result of traffic accidents alone. Due to the lack of insurance coverage, a significant part of the material and moral damage to private individuals is also not reimbursed. The potential of the insurance industry in Russia is practically not being realized, primarily due to the low solvency of the population, the lack of attractive investment instruments, distrust of financial institutions, the lack of an insurance culture, and the imperfection of legislation.

According to the data of the State Statistics Committee of Russia for 2007, 1893 insurance organizations were registered in the country, which had 5062 branches.

By European standards, the level of concentration of the Russian insurance business is relatively low (see tables 1.2 and 1.3). Although the data in the tables are not entirely comparable because they cover different types of insurance, they give an idea of the overall level of concentration in the insurance industry.

Table 1.2. Share of companies in the total volume of insurance operations in Russia, 2007 (in %).

Number of leading companies
	Personal insurance		property insurance		Liability Insurance
	contributions	Payouts	contributions	payments	contributions	Payouts

It is significant that during the first 9 months of 1998 the concentration in personal insurance increased. The share of the 10 largest companies increased from 35.12% to 46.33%, the 25 largest - from 53.33% to 62.35%. The level of concentration of the insurance business in Europe (in terms of collected premiums) is clearly evidenced by the data in Table. 1.3.:

Table 1.3. The degree of concentration in certain types insurance in European countries, 2006 (%).

Country	Life insurance			Insurance other than life insurance
Country	first 5 companies	First 10 companies	First 15 companies	first 5 companies	first 10 companies	First 15 companies
Great Britain
Germany

In the 1990s, the trend towards the centralization of capital intensified noticeably in the world insurance market. a large number of mergers of insurance companies in order to withstand fierce competition in an increasingly open market. In Eastern European countries, the share of the three largest companies in life insurance is more than 75%, and in insurance other than life insurance - more than 50%.

The Russian market has not yet reached this level of concentration. It operates a large number of small companies with extremely low financial potential. About the same number of insurance companies are registered in Russia as in the UK, France and Germany combined. However total assets The top 30 Russian insurance companies account for less than 7 billion rubles, which corresponds to the size of an average Western company. About low potential Russian companies, the instability of their position is evidenced by the constant changes in the list of leading companies. In particular, according to the results of 9 months of 2008. 39 new companies appeared among the 100 largest voluntary insurance organizations compared to 2007.

The value of this indicator varied from 0.6% in 1992 to up to 2% in 1998 The share of Russia in the global volume of insurance services (in terms of collected premiums) was approximately 0.3%, which is in line with India, but inferior to Norway and China. In general, the degree of development of the insurance business in Russia lags significantly behind most countries with market and transition economies (see Table 1)

Table 1.1. Indicators of insurance activity in various countries

1 Source: European Insurance 1997 in Figures CEA, 1996 data.
2 Source: International Insurance Report, June 1997, 1994 data.
3 According to the State Statistics Committee of the Russian Federation for 1997, data for 1997.

Financial stabilization in 1997 created certain prerequisites for the growth of insurance services. The decrease in inflation and the maintenance of the ruble exchange rate gave grounds to count on the development of long-term life insurance and the attraction of citizens' savings to the insurance sector. A positive factor was the adoption of the Decree of the Government of the Russian Federation "Main Directions for the Development of the National Insurance System in the Russian Federation in 1998-2000". However, the financial crisis has clearly highlighted the problems and difficulties in the development of the insurance industry.

Insurance coverage needs property interests legal entities and the population, taking into account the increased risks and depreciation of fixed production assets, are covered to an insignificant extent. The existing estimate of the share of currently insured potential risks of 10%, given by some experts, is clearly overestimated. This conclusion is based on two main arguments.

First, according to the Ministry of Emergency Situations, in 1997 there were more than 1,500 major accidents and catastrophes, 151,000 fires, as a result of which 1,651 people died and more than 82,000 people were injured. The total damage from these emergencies exceeded 300 billion rubles, which is more than 10 times greater than the total insurance payments for the same year. Losses on most of emergencies were not insured and compensated.

An example is the accident of the transport aircraft AN-124, which fell in December 1997 on residential areas near Irkutsk. Only the lives of members of the military crew were insured, since the Ministry of Defense is obliged to insure the military personnel and cargo - military aircraft transported to Vietnam. At the same time, the transport aircraft was not insured (the damage was estimated at $70 million), the lives of the victims (69 people died), and the homes and property of the affected citizens.

Secondly, the damage to individuals as a result of accidents, accidents and other unforeseen events is almost impossible to assess, because. not all of them are registered. More than 30,000 people die and about 200,000 are injured and maimed every year as a result of traffic accidents alone. Due to the lack of insurance coverage, a significant part of the material and moral damage to private individuals is also not reimbursed. The potential of the insurance industry in Russia is practically not realized, primarily due to the low solvency of the population, the lack of attractive investment instruments, distrust of financial institutions, lack of insurance culture, imperfection of legislation.

According to the data of the State Statistics Committee of Russia for 1997, 1893 insurance organizations were registered in the country, which had 5062 branches.

By European standards, the level of concentration of Russian insurance business relatively low (see tables 1.2 and 1.3). Although the data in the tables are not entirely comparable because they cover different types of insurance, they give an idea of the overall level of concentration in the insurance industry.

Table 1.2. Share of companies in the total volume of insurance operations in Russia, 1997 (in %).

Source: "Expert-RA"

Table 1.3. Degree of concentration in certain types of insurance in European countries, 1996 (%).

Country	Life insurance			Insurance other than life insurance
Country	first 5 companies	First 10 companies	First 15 companies	first 5 companies	first 10 companies	First 15 companies
Great Britain	30,2	45,8	56,6	30,9	45,1	52,4
Germany	30,7	46,1	57,2	23,0	35,6	45,5
France	48,6	69,8	82,8	39,9	61,7	74,9
Italy	42,0	55,1	64,8	33,7	51,5	62,7
Poland	97,0	99,9	100,0	89,2	94,4	97,7
Czech	96,9	99,5	99,9	89,8	95,4	97,8
Hungary	92,2	99,9	100,0	91,1	99,9	100,0

Source: European Insurance 1997 in Figures CEA.

In the 1990s, the trend towards the centralization of capital increased markedly in the global insurance market, and a large number of mergers of insurance companies took place in order to resist fierce competition in an increasingly open market. In Eastern European countries, the share of the three largest companies in life insurance is more than 75%, and in insurance other than life insurance - more than 50%.

Russian market until you reach that level of concentration. It operates a large number of small companies with extremely low financial potential. About the same number of insurance companies are registered in Russia as in the UK, France and Germany combined. However, the total assets of the 30 largest Russian insurance companies are less than 7 billion rubles, which corresponds to the size of an average Western company. The low potential of Russian companies and the instability of their position are evidenced by constant changes in the list of leading companies. In particular, according to the results of 9 months of 1998. among the 100 largest organizations in voluntary insurance 39 new companies appeared in comparison with 1997.

This type of insurance accounts for 75 of all life insurance contracts. The second most important type of insurance in the United States was the insurance of the credit and financial sector, which is largely due to the widespread use of the principles of credit settlements in the field of trade and services in the country. All insurance companies in this country are divided into two groups according to the organizational principle: joint-stock companies; mutuals of a mutual insurance partnership. characteristic feature The US insurance system is involved in the insurance process...

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eight . Course "Insurance"

FROM . Sh . BUT .

It is difficult to name the area of human life, no matter where the insurance business goes in the US. Insurers are constantly expanding the scope of services. However, personal insurance is the most widely used in the United States. . It is subdivided into life insurance, health and accident insurance and annuity or pension insurance. Death insurance can be taken out on certain period , so for life. This type of insurance accounts for 75% of all life insurance contracts. The insurance contract is concluded for a fixed period and sum insured paid when the insured person reaches a certain (specified in the contract) age.

The second most important type of insurance in the United States was the insurance of the credit and financial sector, which is largely due to the widespread use in the country of the principles of credit settlements in the field of trade and services.

The number of insurance companies in the US reaches 6,000.

All insurance companies in this country are divided into two groups according to the organizational principle:

joint stock companies;
Mutuals (mutual insurance partnerships).

A characteristic feature of the US insurance system is the participation in the insurance process of various intermediaries., the insurance premium is accepted through an insurance agent or broker. Their total number in the country reaches 0.5 million people.

Insurance agents (subscribers) usually operate under a long-term contract with one insurer, selling policies on her behalf.

Independent agents (brokers) are instructed by the client to conclude an insurance contract on certain conditions, and then looking for a suitable insurer firm.

Brokerage is done as individuals as well as large specialized firms.

The most important feature of the American insurance business is its subsequent internationalization..

The largest insurance companies in the US are:

“ STATE PHARM MUCHWELL AUTOMOBILE INSURANCE COMPANY”;
"SIGNAL";

“ AMERICAN INTERNATIONAL GROUP ”;

“ ALL STATE INSURANCE COMPANY”;

“ CONTINENTAL CORPORATION ” ;

“ PRUDENSHLE INSURANCE COMPANY OF AMERICA”;

GREAT BRITAIN .

The share of the British insurance market in the global insurance market is 20%. For some indicators of overseas performance, British insurance companies are unrivaled, they operate in 43 countries, have 608 branches abroad. Almost 10% of all insurance premiums in the world go to the accounts of British insurance companies.

By the beginning of 1989, there were 838 national and foreign companies operating in the UK insurance market., 376 insurance company syndicates"LLOYD".

Every year, British insurance companies accumulate over 55 billion. f . st. insurance premium.

Insurance business in the UK has its own organizational features, related to the centuries-old traditions of this country.

The most famous insurance institution in the world - a syndicate"Lloyd" uniting more than 23, 5 thousand individual insurers, responsible for the risk of their property. It also includes 2181 foreign participants, of which 1370 are from the USA.

The syndicate operates on the maritime, common property, aviation , automotive and short-term life insurance markets.

Marine insurance accounts for 40% of all insurance premiums, received by this corporation, most of them come from international operations.

Activation of foreign capital in the British insurance market, common difficulties, experienced by the economy, lead to a reduction in the share of the British insurance business in the world market.

So , for example, many UK brokerage firms are owned by US firms , at the same time the largest English brokerage firm"SEDGWICK GROUP" took over American companies“FRED S. JAMES” and “WIGAM POWLAND”.

The largest insurance companies in the country include the following:

“ ROYAL INSURANCE COMPANY LTD”;

“ PRUDENTION INSURANCE COMPANY LTD”;

“ MERKANTAILE & GENERAL INSURANCE COMPANY LTD”.

GERMANY.

Distinguished by its tough state control for the activities of insurers, which ensures greater reliability in protecting the rights of policyholders. Legal protection insurance has become widespread in Germany. General civil and auto liability insurance is under special control of the insurance supervisory authorities.. Germany has a lot of experience in reinsurance.

The West German insurance market is divided into 39 insurance groups, of which 10 collect 51% of the total insurance premium. Companies are even more concentrated, involved in reinsurance. Here, only 5 firms concentrate 75% of the collection of premiums in their hands..

Position Strength, held by the country's insurance monopolies, is based on the huge financial resources accumulated by them. On average, only 13% of cash, which companies have, paid to policyholders, and the vast majority of them are placed in the form of capital investments.

These investments provide 25% of all investments in the economy, and income from them is more than 20% gross income insurers.

The penetration of insurance companies into foreign markets began in the 1950s, moreover, at that time, reinsurance companies showed greater activity compared to primary insurance firms.

Operations abroad are conducted by branches and through controlled foreign companies . Most of the foreign branches are located in Western European countries, in other regions, participation in the capital of local companies prevails. Total , in one form or another, insurance companies in Germany are represented in the markets of 17 countries.

The largest insurance companies in Germany are:

“ ALLIANCE AKTIENGESELSCHAFT HOLDING ”;

“ MUNICHENER RÜKFERSIECHERUNG GESESELSCHAFT AG ”.

FRANCE.

A notable feature of the development of the French insurance market is its extremely rapid growth in post-war period : since the mid 50s.

until the beginning of the 80s, its turnover increased by 25 times, whereas country's GDP increased 15 times. In France industrial groups practically do not participate in insurance companies. Shareholders of insurance companies are local and foreign banking and financial institutions, individuals , state .

Main types of insurance in France: auto and life insurance. In 1983-84. in connection with the implementation of regular commercial launches of artificial satellites, a new branch of insurance appeared - insurance of space risks. French reinsurance market ranks 5th in the world.

Foreign activity is a relatively new area for French insurance. According to this indicator, France ranks 3rd in the world.. The largest insurance companies in France have over 460 branches and offices in more than 60 countries around the world. Insurance companies successfully operate in the markets of the Middle and Far East.

The largest companies in this country:

“ UNION DEZ ASSURANCE DE PARIS”;

"Soon".

SWITZERLAND .

At the end of 1984, there were already 117 insurance companies operating in this country, of which 32 were engaged only in personal insurance., 82 general insurance and 12 reinsurance business. In Switzerland, insurance policies absorb about 15% of the average family budget and are the largest expense. big development received insurance in the field entrepreneurial activity . Almost all industrial enterprises are clients of insurance companies., trading , transport and other enterprises.

One of the conditions for the successful operation of insurance companies is their vigorous activity (investment) in the capital market.. More than half of the assets of insurance companies are placed in the form of loans and investments in bonds.

In the insurance business, the concentration of capital has reached a high level. Due to the limited economic base of a small country, the development of international operations is of great importance for Swiss companies. The companies of this country occupy the strongest positions in the world insurance market in the field of reinsurance.. It accounts for more than half of all premiums received from abroad. Within the country, more than half of insurance premiums come from personal insurance..

Switzerland is characterized by a close interweaving of national and foreign capital.. Insurance companies are often transnational corporations with extensive overseas interests..

The largest insurance companies are:

“ Zurich VERSICHERUNGSGESLESCHAFT”;

“ WINTERTHUR SWITZERLAND FERSIHERUNGSGESELSCHAFT”;

“ SWITZERLAND RUKFERSICHERUNGSGESLESCHAFFT”;

“ SWISS LIEBENS FERZIKHERUNGS& RENTENANNSTALT”;

JAPAN.

The organization of insurance in this country has a number of features.. One of them is that, that life insurance companies dominate the insurance business. Together with branches of foreign insurance companies, their number is 23. By all measures, they outperform general insurance companies.. The amount of insurance premiums they receive is more than 2 times higher than the amount of premiums, received by general insurance companies. The reason for the dominant positions of companies is the lack of a system in Japan for a long time. social insurance and ensure.

Life insurance companies are the largest owners of shares and bonds of private companies, as well as public corporations . They play an active role in lending issues. AT last years they are actively penetrating the US market, Canada and other countries. Companies implementing general insurance , also play important role as in the country's economy, and in Japan's foreign economic relations. Many of them are members of their respective monopoly groups., complementing the functions of life insurance companies. They insure various risks, Related international activities Japanese TNCs in various countries of the world. The largest act as international investors and creditors.

The state strictly regulates the activities of insurance companies. Without the consent of the Ministry of Finance, the rates of insurance premiums cannot be changed.. Competition between insurance companies is limited due to the lack of insurance brokers.. The insurance system consists of a large number branches and agents, number of insurance agents large companies reaches several thousand.

The largest insurance companies in Japan:

“ NIPPON LIFE INSURANCE COMPANY”;

“ DAITI MUCHWELLS LIFE INSURANCE COMPANY”;

“ SUMITOMO MUCHWELLS LIFE INSURANCE COMPANY”;

“ MEIJI MUCHWELLS LIFE INSURANCE”;

TRANSNATIONAL INSURANCE COMPANIES.

The modern insurance market is characterized by the growing influence of TNCs.

Insurance multinational corporations are a type of international monopoly, operating in the field of insurance and establishing dominance in the national and international insurance markets with the aim of obtaining high profits by monopolies.

The degree of monopolization of the insurance business is very high. In the early 80s. The 5 largest US insurance monopolies concentrated 40% of the total collection of insurance premiums in the US insurance market, 6 largest German insurance monopolies - almost 50% of premiums, 10 British - 65%, 10

Italian - 75%.

A special role in the process of formation of transnational insurance capital amplification played credit functions insurance. Temporarily free funds of insurance monopolies have become the main source of long-term lending in industrialized countries.

There are about 120 TNCs in the world, of which 80 are direct insurance, 20 brokerage , 10 reinsurance, international pool of shipowners' mutual insurance club, Lloyd's corporation and 5 insurance exchanges.

The characteristic of TNCs is, that the real source of profit is investment operations, insurance operations usually only provide income temporarily free funds to invest them as loan capital.

Technological chain of insurance:

. Risk - management.

Acquisition - search, attracting clients, building long-term relationships with her.
Underwriting - selection, grade , risk taking for insurance.
Reinsurance.
emergency commissioner.
Consideration and payment of insurance claims.

Separate insurance companies specialized in a particular operation., TNC covers all links of this chain.

International insurance operations are carried out through:

direct insurance of property interests in other countries through representatives and agents;
insurance through subsidiaries, mixed and national companies in other countries;
through reinsurance and insurance channels.

At present, TNCs most often combine the last two forms of ties..

There are four main types of insurance monopolies and, respectively , forms of insurance:

general insurance;
personal insurance;
reinsurance;
mixed companies, who are engaged in property insurance, and life insurance.

Insurance business in the developed countries of the world. 9 .

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The insurance business has reached the highest level of development in the USA, England, Switzerland, Germany, France, Japan and Italy.

¨ In the United States of America more than 8 thousand companies operate property insurance and about 2 thousand life insurance companies, while in the EEC countries there are about 4200 of them. By the beginning of the 90s, US citizens had about 90 million insurance policies in their hands for a total of 4.5 billion dollars.

American insurance monopolies control approximately 50% of the entire insurance market in the industrialized countries of the world. The assets of all insurance companies amount to approximately 1.6 trillion. USD. On average, the assets of one company amount to 950 million dollars, and the 12 largest companies account for 45 billion dollars.

The insurance industry in the United States is the only one that is not subject to the country's antitrust laws.

There are two types of insurance companies in the United States: joint-stock companies and mutual insurance companies. There are no state insurance companies. Shares of joint-stock companies can be acquired by both individuals and legal entities.

Insurance companies carry out three types of insurance:

· backfits (life and health insurance, medical, pensions, savings, etc.);

commercial (wide range);

personal (insurance of buildings, cars and other property of citizens is implied).

The most developed in the USA personal insurance . It is subdivided into life insurance, annuity or pension insurance, sickness and accident insurance. Life insurance, in turn, is divided into death insurance and insurance-contribution. Death insurance can be concluded for a fixed term or for life. This type of insurance in the US accounts for 3/4 of all life insurance contracts. The insurance deposit is concluded for a certain period, and the sum insured is paid when the insured person reaches the age specified in the contract. Often this type of insurance is carried out in combination with death insurance. For life insurance, the annual premium collection is about 9 billion US dollars.

The second most important type of insurance in the United States is the insurance of the credit and financial sector , which is largely due to the widespread use in the country of the principles of credit payments in the sphere of trade and services.

Property insurance and liability of large commercial and industrial firms The USA gives the volume of the insurance premium about 8 billion dollars a year.

All US insurance companies are divided into two groups according to the organizational principle: joint-stock companies (the majority of them) and "mutuals" - a kind of mutual insurance partnerships.

Owners joint stock company are the owners of the shares, who receive profit in the form of dividends. Mutual's can only be owned by those who are insured by the company. All capital is created through insurance premiums and deductions from profits.

One of the most important features of the largest US life insurance companies is the fact that, due to the high authority of insurance companies, multibillion-dollar funds belonging to various pension funds are transferred to their management. The task of insurance companies in this case is to ensure not only the safety, but also the growth of entrusted funds through an effective investment policy. Insurance companies charge a commission for managing these funds. Even moderate amounts - 0.1% of the amounts taken under management bring millions of dollars in income. Huge investment resources turn insurance companies into one of the influential centers financial control towards industrial corporations.

A characteristic feature of the US insurance system is the participation in insurance of various intermediaries - the insurance policy is not accepted directly, but through an insurance agent or broker. The total number of brokers and agents in the country reaches 0.5 million people. Brokerage is carried out by both individuals and large specialized firms.

The leading company in the US insurance market is the multinational property insurance company State Farm Mutual Automotive Insurance Company. In terms of collecting premiums, the company ranks first not only in the United States, but throughout the world. Signa, one of the leading US broadly diversified property and liability insurance corporations, American International Group (AIG) is a leading international diversified insurance group and the largest US trade and industrial risk insurer. AIG is a holding company that controls 44 subsidiaries in 130 countries. The staff of employees is about 28 thousand people.

Foreign business of American monopolies and activities foreign companies in the USA and other countries gives the volume of the insurance premium about 2 billion US dollars.

The activities of all US insurers are carefully analyzed by three consulting companies: A.M. Best, Moody S, Standard & Poors, who publish quarterly catalogs of their work. They publish official ratings of insurance companies in terms of reliability for the client and data on the state of their solvency. The main factors on which the analysis is carried out are:

· financial position;

payment of claims and level of service;

safety and loss prevention;

flexibility in the work of the company; service cost.

The level of losses, income and return on investment and the level of receivables are considered the main criteria for the effectiveness of the insurer.

¨ UK insurance market- not the largest in the world, but it is the oldest and most experienced, with great well-deserved authority.

For decades and up to the present, the English insurance market has dictated the terms and conditions of insurance. English insurance rules formed the basis of national insurance conditions in many countries of the world.

By some indicators, the English insurance market is still unrivaled in the world. Thus, with a relatively small size of a purely domestic insurance market (5.3%), its share in international operations is almost 20% of the entire global insurance business. British insurance companies operate in 43 countries. Almost a tenth of all insurance premiums in the world goes to the accounts of British insurance companies.

By the beginning of the 1990s, there were 838 national and foreign insurance companies operating in the UK insurance market; 376 syndicates of Lloyd's Insurance Corporation.

The world's most famous insurance institution, the Lloyd syndicate, unites more than 23.5 thousand individual insurers who are responsible for the risk of their property. It enters

There are also 2,181 foreign participants, of which 1,370 are from the United States. Lloyd operates in 5 main independent markets - maritime, general property, aviation, automobile and short-term life insurance. Marine insurance accounts for 40% of all insurance premiums received by the corporation, most of which comes from international operations.

Annually, insurance institutions in the UK accumulate over 55 billion pounds. Art. insurance premium.

Insurance legislation in the UK is generally harmonized with the requirements of EU insurance directives.

The institutional structure of the UK insurance market is presented joint-stock companies, mutual insurance companies, branches and representative offices of foreign insurance companies. According to EEC directives, insurance companies are not allowed to engage in any other type of business other than insurance.

Personal insurance in the UK is concentrated in specialized insurance companies, pension funds, as well as investment companies (building companies) that sell real estate to the public. Over the past ten years, there has been a steady increase in the collection of insurance payments. A significant increase in insurance payments has been noted in recent years due to changes in pension legislation in the UK, which created economic incentives for the able-bodied population to purchase private pension insurance policies.

Property insurance among the population is represented by a number of traditional species. Among them is insurance cars, household property, civil liability, etc. Property insurance is also characterized by a steady pace of development.

Insurance contracts in the UK are concluded directly by insurance companies, as well as through underwriting agencies and insurance intermediaries (agents and brokers).

In the UK there is compulsory insurance civil liability for damage to third parties caused by the owners of vehicles, air travel, pets. Compulsory professional liability insurance is provided for lawyers, accountants, insurance brokers, as well as operators of nuclear power plants.

A special structure of the English insurance market is the policyholder protection department, as well as the corresponding insurance fund, which is formed at the expense of insurance companies. The level of contributions to the compensation fund is based on the net insurance premium collected by the insurer under insurance contracts. In the event of bankruptcy of an insurance company, the funds of the compensation fund will be used to fully or partially compensate for their losses under compulsory insurance contracts.

The functions of the body of state insurance supervision in the UK are carried out by the Insurance Division of the Department of Trade and Industry.

All insurance companies are required to prepare an annual financial report. The financial report must undergo an external audit procedure. Insurance companies pay tax on income from insurance activities, as well as property tax.

¨ German insurance market characterized by a number of features. 51% of the national insurance market is occupied by property insurance, personal - 37%, medical - about 12% of total revenues. Health insurance in Germany is noticeably less popular than in other countries of Western Europe.

The insurance market in Germany, which is developing very dynamically, is divided between the state social security system and the private sector of insurance services. Social insurance is compulsory for all employees unless they are covered by the private insurance sector. This refers to insurance for old age, in case of unemployment, insurance in case of temporary disability.

In the early 90s in Germany there were 115 insurance companies serving the personal insurance sector, 230 non-state pension funds, 56 societies health insurance, 35 specialized reinsurance companies, 330 other countries

khovshchikov. The specifics of the German insurance market are more than 2,200 local regional insurers, collecting about 5% of the total insurance premiums. Foreign insurers in Germany own 13% of the insurance market, of which the leading positions are traditionally occupied by insurance companies from Switzerland - about 9% of the insurance market.

The private sector of insurance services in Germany is represented by joint-stock insurance companies owned by their shareholders, mutual insurance companies and state insurance corporations.

Insurers in Germany are not allowed to engage in any activity other than insurance.

Compulsory insurance in Germany is relatively limited.

Federal legislation establishes: compulsory insurance of the employer for damage to employees caused by an industrial injury or harmful working conditions; compulsory insurance of civil liability of vehicle owners, air carriers, accountants, hunters, etc. Compulsory fire insurance has been established in a number of federal states.

Insurance business in Germany is regulated by the law on state insurance supervision, which contains the basic legal norms of insurance. National and foreign insurance companies operating in Germany are subject to mandatory state insurance supervision by the Federal Office for the Supervision of Insurance Companies (BAV). The main purpose of the activity federal body state insurance supervision - protection of the interests of policyholders.

Germany has extensive experience in reinsurance. The largest reinsurance companies are the Cologne Reinsurance Company, which collects premiums of about 2 billion marks, and the Munich Reinsurance Company, the largest reinsurance company in the world, which recently opened its representative office in Moscow. It offers reinsurance protection as well as qualified assistance in matters of insurance and reinsurance.

The German insurance market is divided into 39 insurance groups, of which 10 collect 51% of the total insurance premium. The insurance group "Alliance" is far ahead of its competitors. Its market share exceeds 20%. Alliance is one of the ten largest companies in the world. Among the major insurance companies can be called the insurance company "Kolonia", the concern "Gerling". The Volksfürsorge Group controls about 5% of the market. The degree of concentration is even higher for reinsurance companies. Here, only 5 firms concentrate almost 75% of the collection of premiums in their hands.

The strength of the positions held by the country's insurance monopolies is based on the large monetary resources accumulated in them. On average, only 13% of the funds at the disposal of insurance companies are paid out to policy holders, and the bulk of them are placed in the form of capital investments. Capital investments of insurance institutions provide 25% of all investments in the economy, and the income from them forms more than 1/5 of the gross income of insurers.

A characteristic feature of recent years is the internationalization of German insurance companies. The penetration of insurance companies into foreign markets began in the 1950s, and even then reinsurance companies were more active than primary insurance firms.

Operations abroad are conducted by branches and through controlled foreign companies. Most of the foreign branches are located in Western European countries, in other regions participation in the capital of local insurance companies prevails. In total, in one form or another, German insurance companies are represented on the markets of 17 countries.

Income from insurance activities is subject to taxation. In general, a 50% rate of taxation of profits from insurance activities is applied. An 80% tax is levied on insurance premiums under all insurance contracts, except for life insurance contracts. Value added tax is not applied to the amounts of insurance premiums.

¨ Swiss insurance market is different high level development of the insurance business. By the beginning of the 90s, there were 117 insurance companies in the country, including 23 companies personal insurance, 82 general insurance companies and 12 reinsurance companies.

Characteristic of the Swiss insurance market is the close interweaving of the national and foreign capital. Insurance companies are often multinational corporations with extensive foreign interests.

The largest general insurance company is Zurich Versiche-Rungegesellschaft. The company leads a powerful insurance group, which, in turn, includes 34 affiliated companies within the country and abroad. The Zurich group includes Vita, the third largest Swiss personal insurance company, two general insurance companies, Albina and Turegum, and others. The concern has the most significant interests in the United States, where there are 6 subsidiaries covering almost all spheres of insurance. Among them is Zurich American, which is among the 40 largest US insurance companies in terms of premiums. In Germany, Zurich's interests are represented by 7 subsidiaries of insurance companies, in addition, there are subsidiaries in Canada, Great Britain, France, Italy and a number of other countries.

Swiss companies occupy the strongest positions in the global insurance market in the field of reinsurance. Reinsurance accounts for more than half of all premiums received from abroad. Domestically, more than half of gross premiums come from personal insurance.

Switzerland has the highest collection of insurance premiums, per capita. Insurance policies Swiss families absorb up to 15% of the average family budget and are the largest item of expenditure. The average Swiss family spends more on insurance than on food. Insurance in the sphere of entrepreneurial activity has also received great development. Almost all industrial, trade, transport and other enterprises of the country are clients of insurance companies.

One of the conditions for the successful operation of insurance companies in Switzerland is their active investment activity in the capital market. More than half of all assets of insurance companies are placed in the form of loans and investments in bonds.

¨ Italian insurance market does not play such a significant role in the country's economy as in other countries. features modern insurance in Italy are the conservatism of the insurance system, the slow introduction of innovations, the lack of diversification of the activities of insurance companies in related areas of the financial and credit system, and strict state regulation of the activities of insurance companies.

By the beginning of the 1990s, 211 insurance companies operated in Italy. Of these, 6 were engaged exclusively in reinsurance operations, 25 - only life insurance, 27 - life insurance and property insurance, the remaining 135 - only property insurance. Of the total number of companies, 48 belong to foreign capital.

Approximately 50% of the total collection is for insurance of risks associated with car ownership. Most insurance companies are private joint-stock companies.

Assicurazioni Generali is the largest insurance company in Italy. It is one of the ten leading insurance companies in the world. Its capital belongs to approximately 52 thousand subscribers, mostly private. The company is engaged in all types of insurance, including property, life insurance, reinsurance. Controls at least 12% of the life insurance market in Italy and at least 8% of the property insurance market. It has a wide network of foreign branches.

¨ French insurance market extremely remarkable rapid development in the post-war period. Since the mid 50s. until the beginning of the 80s, its turnover increased 25 times, while the country's gross domestic product - 15 times.

The main types of insurance in France are auto insurance and life insurance. In 1983-1984, in connection with the implementation of regular commercial launches of artificial satellites using the Ariane rocket, a new branch of insurance was created - insurance of space risks. In order to increase the capacity of the market, in 1983 an insurance pool of space risks was established. The French reinsurance market ranks 5th in the world.

In France, unlike, for example, in Great Britain, industrial groups practically do not participate in insurance companies. The shareholders of insurance companies are local and foreign banking and financial groups, individuals, the state. In turn, insurance companies participate in the capital banking groups, contributing to the interweaving of the insurance and banking business.

Foreign activity for French insurance companies is a relatively new field of activity. According to this indicator, France ranks 3rd in the world after Great Britain and Switzerland. The largest insurance companies in France have their branches and departments in more than 60 countries around the world. Insurance companies successfully operate in the markets of the Middle and Far East.

¨ Japanese insurance market has a number of features. One of them is that life insurance companies dominate the insurance business.

Life insurance companies are the largest owners of shares and bonds of private companies, as well as public corporations. They play an important role in lending matters. In recent years, they have been actively penetrating the insurance market in the US, Canada and other countries. Their number is 23 companies. In all respects, they are ahead of general insurance companies. The amount of insurance premiums they receive is more than 2 times higher than the amount of premiums received by general insurance companies. The reason for the dominance of life insurance companies is the lack of a social insurance and security system in Japan for a long time, in connection with which the majority of the population is forced to use the services of insurance companies.

General insurance companies also play an important role both in the country's economy and in Japan's foreign economic relations. Many of them are included in the respective monopoly groups, complementing the functions of life insurance companies. They insure various risks associated with the international activities of Japanese multinational companies. The largest of them act as international investors and creditors.

The state strictly regulates the activities of insurance organizations. Insurance premium rates cannot be changed without the consent of the Ministry of Finance. Competition between insurance companies is limited due to the absence of insurance brokers. The insurance system consists of a large number of branches and their agents, the number of which in large companies reaches several tens of thousands.

A brief analysis of the insurance market of foreign countries shows that the insurance system of each of them is an integral part of the international insurance market. At the same time, the insurance market is an important sector national economies, providing a redistribution of 8 - 12% of the gross national product. Accumulated by insurance companies cash serve as a source of large investments. State regulation insurance activity abroad is mainly aimed at controlling the financial side of the work of insurance companies. The Russian insurance market should, in the coming years, become an integral part of world system insurance.