Development of recommendations for improving the system of risk insurance for debt obligations. Bank risk insurance: world experience and Russian realities Foreign experience in information risk insurance

• Specialty HAC RF08.00.10
• Number of pages 224

CHAPTER I. ECONOMIC CONTENT OF INSURANCE COVERAGE IN THE BANKING SECTOR

§2. risky nature banking and insurance protection as one of the banking risk management methods

§3. Classification of types of banking risk insurance

CHAPTER II. PROVISION OF INSURANCE COVERAGE FOR COMMERCIAL BANKS

§one. Overseas experience banking risk insurance

§2. The historical aspect of the development of banking risk insurance in Russian Federation

§3. Characteristics of the types of insurance of bank risks in the insurance market of the Russian Federation

CHAPTER III. PERSPECTIVE INSURANCE PRODUCTS IN THE BANKING SECTOR AND THE POSSIBILITIES OF THEIR APPLICATION IN THE RUSSIAN INSURANCE MARKET

§one. Problems of insurance protection bank deposits

§2. Insurance protection of the banking market plastic cards

§3. Prospects for improving the relationship between insurance companies and commercial banks in the Russian Federation CONCLUSION

Introduction to the thesis (part of the abstract) on the topic "Insurance of banking risks"

Dissertation conclusion on the topic "Finance, monetary circulation and credit", Kanamatov, Kemal Madzhirovich

Please note that the scientific texts presented above are posted for review and obtained through original dissertation text recognition (OCR). In this connection, they may contain errors related to the imperfection of recognition algorithms. There are no such errors in the PDF files of dissertations and abstracts that we deliver.

Any entrepreneurial activity, as you know, is associated with surprises, the degree of which depends on the entrepreneur’s ability to predict the political and economic situation, calculate the financial payback of the project, choose partners for their activities, quickly respond to market changes and make effective management decisions. However, it is usually impossible to foresee all the surprises that accompany entrepreneurial activity, and therefore there is always a risk of loss or failure to receive the intended profit.
An important function of management is the protection of the organization from risk. Foreign practice has accumulated many methods of protection against risk. The main attention is directed to compliance with risk parameters both before the development and adoption of a decision, and during its implementation, rapid response in cases of deviation of risk parameters and taking measures to reduce the negative consequences of activities.
At present, diversification processes are widely developed: the development of industries located at different levels or different regions of the country, the direction of investments in different areas of activity, the formation of parallel structures for the manufacture of product modifications or the solution of a complex problem.
The distribution of risk between partners and the reduction of its level for each partner is created by mutual ownership of shares in the conditions of associations, corporations, financial and industrial groups (FIGs). Thus, industrial organizations as part of FIGs acquire bank shares, thereby protecting their assets and receiving credit benefits. The banking structure as part of the FIG acquires shares of industrial organizations, contributing to their development and exercising control over their activities. A new look at relations with competitors is used. Major US automotive corporations Ford, Chrysler, General Motors are moving towards mutually beneficial cooperation and integration in the automotive business.
In foreign practice, information about a potential partner, competitor or client is contained in business information provided by information service markets. To assess the risk of relationships, of interest are informal contacts, meetings “without a tie”, which allow you to get information about a potential partner and develop a strategy of behavior with risk minimization in a timely manner.

Part 1

Development of risk management.

1.2. Concepts of risk, its types and classification.
The American economist Thomas Stewart, a recognized authority in the world of risk management, in his monograph “Risk Management in the 21st Century” (Thomas A. Stewart “Managing Risk in the 21st Century”) noted the following: “We immediately agree that risk is good . The essence of risk management is not to eliminate the risk, because then the reward will disappear, but to manage it. You need to determine when you can take risks, and when you should not take risks at all. ”
Various options for classifying economic risks are based on the basic principles of a market economy, which determine a different attitude towards a certain result, which is perceived as a risk. These principles include:
freedom of consumer choice and behavior (consumer risks);
freedom of choice of professional activity (risks of professional activity);
freedom of entrepreneurship (entrepreneurial risks);
rational behavior of all market participants, i.e. their desire to optimize their benefits (minimum costs - maximum benefit).
Depending on the possible result (risk event), risks can be divided into two large groups: pure and speculative.
Pure risks means the possibility of obtaining a negative or zero result. These risks include the following risks: natural, environmental, political, transport and part of commercial risks (property, production, trade).
Speculative risks are expressed in the possibility of obtaining both positive and negative results. These risks include financial risks that are part of commercial risks.
Depending on the main cause of risks (basic or natural risk), they are divided into the following categories: natural risks, environmental, political, transport, commercial risks.
Natural risks include risks associated with the manifestation of the elemental forces of nature: earthquake, flood, storm, fire, epidemic, etc.
Environmental risks are the risks associated with environmental pollution.
Political risks are associated with the political situation in the country and the activities of the state. Political risks include:

the impossibility of carrying out economic activities due to military operations, revolution, aggravation of the internal political situation in the country, nationalization, confiscation of goods and enterprises, embargoes, due to the refusal of the new government to fulfill the obligations assumed by its predecessors, etc.;
introduction of a deferral (moratorium) on external payments for certain period due to emergency circumstances (strike, war, etc.);
unfavorable change in tax legislation;
prohibition or restriction of the conversion of the national currency into the payment currency. In this case, the obligation to exporters can be fulfilled in national currency, which has a limited scope.

Part 2
2.1. Foreign risk management.
In the last decade of the last century, there was a transition to a new paradigm of risk management, which provides for a comprehensive consideration of the risks of all departments and activities of the company. Initially, risk management even at the most successful foreign enterprises showed a desire for isolation. The management of insurance, technological, financial and environmental risks was autonomous and concentrated in various divisions. As a result, there was no coordination in the area of ​​risk management in the organization, and new risks were identified with a delay.
Currently, more and more leading companies are moving to a new risk management model - enterprise-wide risk management (ERM). It can also be called "integrated risk management" or "enterprise risk management".
Specialists of the Federation of European Risk Managers Associations (FERMA) justify the need to introduce a risk management system into the enterprise infrastructure as follows: “Risk management protects the organization and promotes its capitalization through:
a systematic approach that allows planning and implementing long-term activities of the organization;
improving the decision-making process and strategic planning by developing an understanding of the structure of business processes, changes occurring in the environment, potential opportunities and threats to the organization;
contribution to the process of the most efficient use/allocation of the capital and resources of the organization;
reducing the degree of uncertainty of less critical aspects of the organization's activities;
protecting the property interests of the organization and improving the image of the company;
improving the skills of employees and creating an organizational base of "knowledge";
optimization of business processes” (Risk Management Standards, p.5 // A Risk Management Standard, “AIRMIC, ALARM, IRM”: 2002, translation copyright “FERMA”: 2003).
Building a risk management system
The risk management system has certain specifics associated with the characteristics of the object, goals and methods of management. And this is reflected in the basic principles on which risk management is based.
An adequately built risk management system in the ERM concept should meet the following basic principles.
The risk management system is part of the overall management procedures of the firm, which means its compliance with the company's development strategy and the institutional features of its functioning. FERMA's Risk Management Standards states: Risk management is not just a tool for commercial and public organizations. First of all, this is a guide for any action, both in the short and long term in the life of the organization. The concept of "risk management" includes the analysis and assessment of strengths and weaknesses organizations in the broadest sense in terms of interaction with all possible counterparties. The risk management system should be an integral part of the overall management procedures and in no case should be opposed to them. Since the company's goals and methods of achieving them in long term are set by the organization's strategy, it is the company's strategy and its position in the market that should set the features of the risk management system. It is also important to note here that the unity of the risk management system and the general management of the company is manifested not only at the level of agreeing on goals, but also at the level of linking the relevant decision-making procedures.
Features of the risk management system are reflected in its goals and objectives, which implies a highly specialized nature of decision-making within the risk management system. The task of risk management is the identification of risks and risk management. The main goal is to contribute to the process of maximizing the value of the organization. This means identifying all potential "negative" and "positive" factors affecting the organization. In other words, the main goal of the risk management system is to ensure the successful functioning of the company in the face of risk and uncertainty. This means that even in the event of an economic loss, the implementation of risk management measures should ensure that the firm can continue operations, their stability and the stability of the associated cash flows, maintain the profitability and growth of the firm, and achieve other goals. As for the tasks of risk management, they specify the goals set. They are more closely related to the specifics of risk and methods of managing it.
Risk management should take into account external and internal constraints, which means coordinating relevant special measures with the possibilities and conditions of the firm's operation. External constraints are related to factors that the firm's managers cannot influence (at least not directly). Such restrictions may take the following forms:
legal restrictions;
restrictions related to the obligations of counterparties and obligations to them;
market restrictions.
Internal restrictions are associated with the peculiarities of the functioning of the company and the adoption of managerial decisions:
institutional restrictions;
budget constraints;
information restrictions.
For the entire set of risks, a single risk management policy should be pursued which requires comprehensive and simultaneous management of all risks. Risk management should be integrated into the overall culture of the organization, accepted and approved by the management, and then communicated to each employee of the organization as a general development program with the setting of specific tasks on the ground. The concept of ERM involves advanced risk management, which means that when making decisions, all risks and opportunities must be taken into account. This requirement leads to the fact that risks must be considered at two levels:
separately, which creates conditions for the risk manager to understand the features of a particular risk situation or the specifics of the implementation of this situation. Such an analysis makes it possible to select the most appropriate management tools for each risk;
as a whole, which allows you to establish the overall impact of risks on the firm.

2.2. Building risk management according to international standards.
Newly released global standard ISO 31000:2009 "Risk management principles and recommendations" and its companionsISO 31010:2009 "Risk management of risk assessment techniques"and ISO/IEC 73:2009 "Risk management terminology" describe this systematic and logical process in detail.
To promote the organization's risk management in accordance with ISO 31000:2009 It is recommended to take five "simple" steps:
changing concepts for risk and risk management,
adoption of a "risk management process",
adoption of a "risk management system",
assessing the maturity of the risk management system and
developing a plan to start and keep the risk management system going.
Recommendations can be used where ERM has not yet been introduced, where this strategy has been adopted but is not yet working effectively, and also where the COSO model has been adopted as a basis 1 .
Five Steps to Implementing an Organizational Risk Management System
Step 1 - Changing concepts for risk and risk management
Many risk management practitioners have already realized that it is very difficult to implement effective risk management in an organization if management, especially at the senior level, does not have a mature understanding of risk and how it can be managed.
ISO/IEC 73 defines risk as: "the effect of uncertainty in achieving goals." Of course, the new definition is far from the concepts of the majority, which still pose a risk as "danger" or "something that goes wrong". Unfortunately, many organizations often confuse the concepts "risk" and "danger" and the relationship between goals and risk is not properly understood and evaluated.
ISO 31000 targets risk, which is the uncertainty that stands between us and our goals. This concept is quite simple and, of course, very important for managers and leaders. It implies a top-down approach where risk management becomes a key process to enable an organization to define and achieve its objectives. Risk is neither positive nor negative. It's only a risk. Of course, the consequences can be both negative and positive, and the main goal of the risk management process is to treat the causes of the risk in such a way as to increase the likelihood and size of a positive, desirable consequence, and along with this, act in such a way as to reduce the likelihood and size of a negative, harmful one. effects. An illustration of this risk treatment approach is shown in Figure 1.
Figure 1: Illustration of concepts for risk and risk management
If management, especially top management, does not appreciate these concepts for risk and risk management, then no real progress can be made in implementing the standard. Achieving this understanding should be addressed, first of all, when obtaining authority to implement the standard.
Step 2 - Adopt a "risk management process"
The ISO 31000 standard uses a risk management process to manage all forms of risk, which is shown in Figure 2.
Figure 2: Risk management process
Establishing a context. The risk management process must begin with defining what we want to achieve and trying to understand the external and internal factors that can influence success in achieving our goals. This step is called "setting the context" and is an essential precursor to risk identification. An important part of establishing context is identifying our stakeholders, understanding their goals, so that we can decide how to involve them and take their goals into account when setting risk criteria. Stakeholder analysis is often viewed as part of the "communication and consultation" step, an activity that continues throughout the risk management process.
The next three elements of the process, "identification", "analysis" and "assessment" of risk, comprise what is commonly referred to as "risk assessment".
Risk identification involves applying a systematic process to understand what could happen, how, when and why? Developing an understanding of the causes of risks is vital to the adoption of adequate forms of risk treatment. Failure to use a systematic process for risk identification can lead organizations to focus on "well-known" risks and therefore overlook those that are "little known" or "not known at all" that can never be adequately handled later. Risk identification should also identify existing controls that change the consequences or their likelihood.
Risk analysis concerns developing an understanding of each risk, its consequences and the likelihood of those consequences. It involves much more than simply applying the matrix (or risk map) that some organizations use to perform risk rankings. For example, understanding the effectiveness of existing controls, and their weaknesses, is a vital part of the risk analysis and should be investigated before a judgment can be made on the level of risk.
Risk assessment involves deciding on the level or priority of each risk through the application of criteria developed in setting the context. Risks are prioritized for consideration and a cost-benefit analysis is then carried out to determine the feasibility of their treatment.
Risk treatment the process by which existing controls are improved or new ones are developed and implemented. Controls are the ways in which risks are sought to change. They can be considered "enablers" for our purposes. Risk treatment usually involves activities that seek to change either the likelihood of consequences or the type and magnitude of these consequences. Risk treatment may involve increasing an organization's exposure to risk, for those who prefer it and from which they can benefit, as well as limiting exposure for those who do not like it.
Various options for risk treatment must always be taken into account. The decision on the most appropriate option for the organization in pursuit of the goal can be made through the cost-benefit analysis. various options. This analysis should be further translated into specific activities or tasks that form the "risk treatment plan".
Monitoring and review. New risks emerge and existing risks change as the organization's internal and external environments change. Sometimes these changes occur because risk treatment introduces new risks. Often, we find that risks have changed because controls we may have relied on for years have become inappropriate or ineffective. If an organization does not monitor changes in its internal and external context and review whether its controls remain effective, then understanding the risks to which the organization is exposed and the levels of those risks may be misleading.
One of the most effective ways to monitor risks is by looking at the environment with people who are charged with ensuring that each risk is assessed and treated in a timely and appropriate manner. Such people are called "risk owners". Similarly, "control owners" are responsible for ensuring that controls remain appropriate and effective. Owners of controls do this through planned security programs based on approaches such as self-assessment of controls or management systems.
Another very effective tool for monitoring and reviewing risk and controls in an organization is the desire to learn from successes and failures, and do so consistently. Usually, this is addressed using root cause analysis to ensure that causes are systematically identified. The important thing is that it leads to lessons learned and actions to be taken to repeat successes and prevent future failures.
Step 3 - Adoption of a "risk management system"
Clause 4 of ISO 31000 provides guidance on how a system should be designed, implemented, improved and effective. Figure 3 outlines the steps in this section of the standard that are based on Deming's quality management model: Plan Do Check Act. This is what unites ISO 31000 with all the ISO standards. All aspects of management are associated with uncertainty in achieving goals such as: finance, market share, reputation, customer satisfaction, quality, health and environmental safety and this makes ISO 31000 a key " integrated control systems".
Figure 3: Steps for developing, implementing and maintaining a risk management system and its characteristic elements and processes
The starting point for improving an organization's approach to risk management should always begin with a GAP analysis that takes into account the characteristic elements of the risk management system and evaluates which elements and processes are currently in place. If any of the essential elements are missing, it is unlikely that risk management will be effective. Typically, this assessment is carried out using the GAP analysis protocol, an extract from which is shown in Figure 4.
Step 4 - Assessing the maturity of the risk management system
Unfortunately, some organizations that have attempted to implement ERM and other forms of risk management in the past have been imprudent or have followed an imperfect standard. Because of this, one can often encounter dysfunctional risk management systems that are only considered in terms of risk reporting and not effective risk management.
Section 3 of ISO 31000 contains a list of practical and important "principles" which should serve as a starting point for evaluating the maturity of the risk management system. These principles apply not only to "is there an element, process or system?", but also "Are they effective and relevant to your organization?" and " Do they add value to the organization?". In fact, the first principle of the third section is that risk management should add value to the organization.
The annex to ISO 31000 also contains a list of attributes that represent risk management excellence. They should be taken as a perspective when setting goals for the implementation of a good risk management process and system.
Step 5 - Develop a plan to start and keep the risk management system going
Plan for starting a risk management system. It is essential that the person or teams that carry out risk management activities create a plan showing the steps that will be taken initially to " run" risk management according to ISO 31000. This plan must be carefully developed as it will become the basis for effective risk management and a guideline for the whole organization to follow.
The plan should include:
Conducting GAP analysis and maturity assessment;
Appointing a sponsor and obtaining clear authority;
Establish a realistic schedule (years);
Getting a budget (and some help?);
Lapping in processes (one year?);
Definition "early adopters" for a reliable start of work with them;
Definition "saboteurs" to attract them later;
Consideration for "demonstrations" risk management success.
In particular, the plan should include a strategy to be adopted to "enable" management in the underlying layers of the organization, since the risk management system "rolling" top down.
Plan to keep the risk management system moving.
Often organizations start risk management successfully, but after the first few months, the process can stall and momentum is lost. This may result from a change in staff or leadership, but often happens because top management assumes that risk management no longer needs their attention, which is diverted to some other initiative or project. Significantly, such problems arise from the perception of risk management as short-term "initiatives" or "project" and there is no understanding that implementing ERM requires a significant culture change. There is often an unrealistic understanding of how long it takes to change an organization's culture to encompass and include risk management. Some changes can happen quickly, but it does take a lot of effort and management attention to make risk management self-evolving. For these reasons, it is also important for organizations to plan how they will maintain, reinforce, improve and adapt their approaches to risk management in times of changing external and internal contexts.
Key actions to make the risk management system self-evolving include:
Embedding risk management processes in key business processes. For example, using risk assessment as part of change management, integrating strategic plan development with risk assessment and root cause analysis, building accountability and line management skills in reviewing and maintaining controls.
Applying performance management processes to risk management, both at the individual level and at the organizational level. This will involve line management in creating accountability for their own risk management plans, strengthening risk accountability and controls through monitoring and reporting using a risk management information system and setting up a system of periodic " self-esteem " management and its subsequent verification by conducting internal audit. An example of this is shown in Figure 6.

Part 3
3.1. Risk management tools in foreign practice.
3.1.1. Foreign experience in business risk insurance.
The following main types of entrepreneurship can be distinguished 1:

main production (production of goods, performance of work, provision of services for industrial, non-industrial and personal consumption, purpose, their sale);
auxiliary production (engineering, consulting services, know-how, research (applied) and development work, audit, etc.);
innovative (development and transfer to producers for the introduction of scientific and technical innovations (innovations) - new types of goods, works, services, equipment, technologies, materials, sources and methods of obtaining energy, etc.);
trade and intermediary (wholesale and retail, exchange, brokerage, agency activities, commission trading, etc.);
financial and credit (activities of banks, investment funds and companies, mutual funds, insurance organizations);
for the provision of services in the social sphere (medicine, education, sports, tourism, recreation, culture).

insurance of losses under transactions for the sale of goods, works, services, other property of the entrepreneur;
insurance by the entrepreneur of time deposits and money in bank accounts;
insurance by the bank of non-repayment of the loan by the borrower of funds.

changes in currency legislation that could prevent investors from carrying out activities according to the previously stipulated program;
changes in currency legislation that would prevent the transfer of dividends to foreign investors;
the adoption of regulations that would prevent investors from using the invested funds and the possible income from them for subsequent investment;
nationalization of enterprises created with the participation of foreign investors or expropriation of their assets as a result of changes in the economy or politics undertaken by the state;
the adoption of legislation that would deprive the right of ownership of land owned by the enterprise;
the adoption of legislation allowing the complete or partial confiscation of the products of an enterprise in which foreign investments are invested;
introduction of legislation in the field of taxation, which would prevent further investment or profitable business;
introduction of regulations that would prohibit businesses dominated by foreign investors to take part in exchange transactions;
hostilities, civil unrest and social unrest resulting in damage to the property interests of the investor.

insurance of bonds and other securities;
credit insurance for short-term trade transactions and long-term investments;
insurance of mortgage bonds;
insurance of payments for renting, leasing, etc.;
insurance of payment for the cost of the supplied equipment;
car loan insurance.

transfer the investor's risk to the insurance company;
ensure price stability of insured bonds, i.e. less exposure to market conditions;
increase the degree of liquidity of insured bonds, i.e., the ability to sell them on the secondary market before the maturity date;
release the investor from a comprehensive analysis of the issuer's creditworthiness.

The insurance system in Russia is just beginning to develop in different directions and areas, while in most developed countries this activity affects all areas of the market. Using the example of banking risk insurance systems abroad, one can see how useful such a protection tool is financial system banking institution. This article will consider the structure of the banking risk insurance system in the leading world powers and the features of such insurance.

Reasons for the functioning of the system

According to statistics provided by insurance companies in Russia, most banks do not pay due attention to obtaining insurance for their property, while deposit insurance is a mandatory measure prescribed by law. The main reasons for the development of the risk insurance system are the growth in the number of financial institutions, the increase in losses due to unforeseen situations, incorrectly set tasks or incorrect decisions taken. In addition to the main function, insurance also serves as a marketing tool - a reliable organization attracts more potential customers.

History of formation

The history of bank insurance against risks has more than 100 years. So, in 1887, an underwriter from Lloyd's of London developed the world's first bank robbery insurance policy. The insurance product was so successful that it led to a large-scale development of the insurance market and the creation of Bankers Blanket Bond in New York in 1916 Since then, more than 2,000 agreements of this type have been concluded annually within the United States.BBB insurance is mandatory not only in the United States, but also in many EU countries.The presence of such a document protects the bank from a number of illegal activities, including:

• Forgeries of written documents and job descriptions;
• bank robberies;
• Robbery during the collection of funds;
• Counterfeits of securities and currencies;
• penetration into electronic system bank, computers;
• Data changes in databases under the influence of malware.

At the same time, the first version of the BBB policy included loss of property, employee dishonesty, theft, robbery, and other factors as risks. The last wording was rather vague and insurance companies were faced with the fact that banking institutions mean by it cases of insolvency, external debt, depreciation of securities. Therefore, in 1920, the range of risks and insured events was clearly defined, while in 1941 the wording was changed again, and the last amendments were made in 2004. They were connected with the changing situation in the world, which influenced and influences banking practice.

Emergence of new insurance products

Despite the fact that the BBB policy is mandatory and covers the vast majority of risks, it cannot compensate for damage to the building of a banking institution, its vaults, safes, engineering and electronic equipment, and cover indirect losses. Each of the listed positions has its own insurance conditions and specially designed policies. Special policies are offered by insurance companies in case of kidnapping of executives, bank employees and their families. There are highly specialized programs, for example, for protection against:

• The risk of losses from theft, loss of counterfeit cards issued by the bank;
• The risk of mistakes by bank employees in the performance of their direct duties;
• The risk of error in bank management (responsibility of the management team is insured) and so on.

In the 1980s, users of the BBB policy were concerned that it did not include coverage for losses from computerization processes. financial institutions. In connection with the development of computer and electronic crime. The need for such protection became especially acute with the advent of the Internet. Lloyd's London insurance market was the first to develop an insurance program against such crimes and for almost 10 years had no competitors in this niche in the market.

The popularity of computer crime insurance skyrocketed in 2000, when all computers were exposed to the Love Letters malware, which caused more than $10 billion in damages.

Currently, almost all insurance companies provide coverage for such risks, and although computer (electronic) crime insurance is not mandatory in either the US or Europe, every banking institution has such insurance. This is due to the fact that the damage from computer fraud is about 500 thousand dollars (one case). In the US, this annual figure varies from 3 to 5 billion rubles.

Foreign insurance systems

There are no more than 100 banking organizations in Japan throughout the country, and at the same time, this is the largest area in the world in terms of capital. For one of the most technologically and financially advanced countries, the bank protection system is a relatively young trend. In 1983, a form of insurance was created that repeats all the basic tasks of covering risks in the American system. Today, policies similar to the Bankers "Blanket Bond sample are issued by the Japanese Ministry of Finance. Based on the experience of the United States and European countries, the banking risk insurance system in Japan is distinguished by the presence of three separate parts, coverage volumes in which can vary significantly:

• Property insurance. This includes three subsections aimed at cash protection, equipment exterior finishes and anti-counterfeiting insurance;
• Insurance against misconduct of employees, against internal crimes;
• Insurance against hacker attacks, penetration of virus software and other adverse factors that can affect the integrity and safety of electronic data, information storages.

As necessary, the bank may not buy a full package of services. To do this, it has been possible to use only the first or third package of services or choose a combined option: a combination of the first and second points and the combination of parts 1 and 3. And despite the prevalence of such insurance in the world, most of the income still comes from the London market and the USA. In the first case, the amount of annual premiums is almost $ 1 billion, while about 60% of all cash injections into the banking risk insurance system come from the United States. Of course, this is incomparable with Russian indicators. In 2007, only 2-4% of all banking institutions used the BBB product in the Russian Federation. Of course, in 2018 this figure is somewhat higher, and yet such a product is not in demand by Russian banks.

Market segment development in Russia

The lack of demand for BBB products is explained by the closeness of the Russian banking system. After all, in order to issue a BBB, a banking institution must undergo some kind of examination and be analyzed for the level of protection from risks, which means that the internal document flow, business processes, and more will be available to the insurance organization, which in the unlikely event can lead to information leakage. Another reason for the low demand for BBB is market conditions. Russian banking institutions are characterized by insurance for certain types risks, while a small percentage of such institutions provide themselves with comprehensive insurance.

In the opinion of an Ingosstrakh specialist, an obstacle to the development of banking risk insurance is the lack of integrated approach to risk management in many banking institutions of the Russian Federation, that is, such risks are financed by organizations on a residual basis.

Experts suggest that in the near future, active interest in the BBB product will appear not only among large, leading banks of the Russian Federation, but also among those who start working in the external financial market, who take loans from foreign organizations. The need for such insurance should also appear in credit organizations, which have a wide regional network, as well as institutions aimed at lending to small and medium-sized businesses.

Conclusion

The conditions of insurance in force in foreign countries cannot fully take root in Russia due to their specifics and other reasons. But the competent integration of foreign experience into reality Russian market insurance will allow developing a risk management system, which will be the result of an annual increase in the number of insured banking institutions. Thus, problems with the liquidity of such insurance products can be avoided.

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Kanamatov Kemal Madzhirovich. Insurance of bank risks: Dis. ... cand. economy Sciences: 08.00.10: Moscow, 1998 224 p. RSL OD, 61:00-8/345-1

Introduction

CHAPTER I. ECONOMIC CONTENT OF INSURANCE COVERAGE IN THE BANKING SECTOR

2. The risky nature of banking and insurance protection as one of the methods of banking risk management - 26

3. Classification of types of insurance of bank risks 48

CHAPTER II. PROVISION OF INSURANCE COVERAGE FOR COMMERCIAL BANKS

1. Foreign experience of banking risks insurance 68

2. Historical aspect of the development of banking risk insurance 101

In Russian federation

3. Characteristics of the types of banking risk insurance in the country

on the market of the Russian Federation

CHAPTER III. PERSPECTIVE INSURANCE PRODUCTS IN THE BANKING SECTOR AND THE POSSIBILITIES OF THEIR APPLICATION IN THE RUSSIAN INSURANCE MARKET

1. Problems of insurance protection of bank deposits 133

2. Insurance protection of the bank plastic cards market 152

3. Prospects for improving the relationship between insurance companies 172

companies and commercial banks in the Russian Federation

CONCLUSION 187

REFERENCES 191

APPS 199

Introduction to work

During the last ten years, since the end of the eighties, we have been able to observe the rapid development of the financial market in the Russian Federation. First of all, against the background of this growth, the increase in the role of banks in the country's economy, their formation and further development was especially prominent. To date, as of December 1, 1998, there are a total of 2,498

registered commercial banks, of which 1509 are actually operating 1 .

The systemic financial crisis that is taking place in our country and affecting, without exception, all sectors of the national economy, will undoubtedly affect the number of banks that will be able to survive and continue to operate, but in any case, the market associated with the work of commercial banks as subjects of economic activity remains. . It is possible that the extensive development of the banking sector will stop in the post-crisis period, but the need for the existence of a system of commercial banks as an important component of a market economy is of decisive importance for reforming the national economy of the Russian Federation.

The need to overcome the acute financial and economic crisis and reform the economy at the present stage, put before the insurance industry of the Russian Federation a number of urgent problems that need to be addressed. One of these problems is the provision of effective insurance protection in the banking sector of the national economy.

The interaction of two different sectors of the financial market - banking and insurance - has gone through several stages during the period of its development. The nature of the relationship between banks and insurance companies up to the present time is a very little-studied problem. Very few economic

* studies that would attempt to consider and analyze the nature
these connections.

1 The official server of the Central Bank of the Russian Federation in the computer network "INTERNET" - .

This work, perhaps, is one of the first attempts in Russian economic practice to consider a commercial bank as a subject of insurance relations and as an object of the insurer's commercial interest.

Currently, Russian banks are limited mainly to two types of insurance - bank property insurance and collection transportation. The practical purpose of this study is to determine the most complete "package of insurance services" that Russian insurance companies can offer to commercial banks to protect the property interests of the latter. However, this practical task cannot be solved without a theoretical substantiation of the concept of banking risk, insurance banking risk, classification of types of banking risk insurance.

In modern publications, including, even in special ones, bank risk insurance is almost always mistakenly understood as the creation of reserve funds by a bank, the reservation of part of the funds in the form of deductions in the Central Bank of the Russian Federation (creation of a centralized insurance fund), hedging operations and others.

Insurance companies consider the bank as a subject of insurance legal relations, having two groups of insurance interests. The first group combines the traditional risks that are characteristic of all business entities (property, transport, professional responsibility of employees, and others). The presence of the second group of insurance interests is determined by the fact that in the activities of a commercial bank there are a huge number of risks associated with the specifics of this particular type of activity. A modern commercial bank is a complex business entity that performs a large number of different operations and has a wide range of customers, partners and counterparties. The functioning of all sectors of the national economy depends on the well-functioning work of the bank. In addition, the stable operation of the banking sector is of great social importance.

That is why banking risk insurance must be considered as a complex type, i.e. insurance that combines various

branches, types and subspecies of insurance activity. As an analogue, one can cite insurance of construction and installation risks, which includes three main types of insurance - construction and installation works, civil liability to third parties and insurance of post-launch warranty obligations, as well as a number of additional ones - insurance of workers against accidents, cargo transportation and others. .

All this testifies to the relevance of the topic of the dissertation research, which studies the insurance interests of commercial banks and its counterparties, the relationship between the insurer and the insurers arising under bank risk insurance contracts, issues related to development problems and the creation of the necessary incentives for further expansion of insurance areas in the banking sector. market.

One of the important tasks of our work is to determine the insurance interests of commercial banks and identify exactly those areas of banking activity where insurance coverage is most effective compared to other methods of risk minimization and the use of commercial insurance opportunities in the banking business.

Other objectives of this dissertation research are to build a classification of types of banking risk insurance, analyze and study the accumulated experience of banking risk insurance abroad and in our country in recent years, develop insurance products that can be offered by domestic insurers for Russian commercial banks, study insurance in such specific areas of the bank's activities, such as deposit operations and the market of bank plastic cards. In addition, the paper will analyze and identify ways to further develop relationships between insurers and banks in the Russian Federation.

The economic necessity and essence of all types of insurance, including insurance related to the banking sector, are deeply and comprehensively developed in the works of the classics of Russian and Soviet economic science, such as Konshin F.V., Motylev L.A., Nikolsky P.A. , Raikher V.K., Reitman L.I. AT

fc currently, such well-known Russian economists as Kolomin E.V., Lavrushin O.I., Larionova I.V., Or-lanyuk-Malitskaya L.A. pay great attention to these problems. Sevruk V.T., Spletukhov Yu.A., as well as foreign authors Napmen W.J., Rose P.S., Brown R.F.

When conducting this study, the works of domestic and foreign scientists in the field of insurance and banking were used.

The work was carried out on the basis of the study, generalization and analysis of the legislation of the Russian Federation, official materials of state authorities

military authorities of the Russian Federation, including the Government of the Russian Federation, the State Duma, the Department of Insurance Supervision of the Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation.

In the course of the study, practical materials of Russian insurance organizations and commercial banks, as well as foreign primary sources, were used. Periodicals, mainly economic magazines and newspapers, were widely used.

We used statistical data published in periodicals, as well as in the materials of the Department of Insurance Supervision of the Ministry of Finance of the Russian Federation, the Association of Russian Banks, the Ministry of Internal Affairs of the Russian Federation, insurance and banking special printed and computer publications.

Economic category of insurance protection and its use in the banking sector

In modern Russian, the concept of "insurance" is defined as "a system of measures to create a monetary (insurance) fund at the expense of the contributions of its participants, from which the damage caused natural disasters, accidents, as well as paid other sums of money in connection with the occurrence of certain events. In insurance theory, this term is interpreted in the following way: "insurance acts as a set of special closed redistributive relations between its participants regarding the formation of a special-purpose insurance fund at the expense of monetary contributions, intended to compensate for possible emergency or other damage to enterprises and organizations or to provide financial assistance to citizens"2. Mostly legal instrument, which determines the procedure and methods for conducting insurance, that is, the Law of the Russian Federation "On the organization of insurance business" provides the following definition:

“Insurance is a relationship to protect the property interests of individuals and legal entities in the event of the occurrence of certain events (insured events) at the expense of cash funds formed from the insurance contributions (insurance premiums) paid by them”.

In other words, insurance is a set (system, complex) of economic relations regarding the formation, at the expense of contributions (payments, premiums) of legal entities and individuals, from specialized enterprises (insurance organizations - insurers) trust funds intended for payments insurance compensation and insurance coverage in the amounts stipulated in advance by insurance contracts, with previously established legal entities and individuals (insured persons, insured persons, beneficiaries) upon the occurrence of events (insurance events) specified in the insurance contract that entailed property damage, loss of income or material liability of the person who concluded insurance contract, as well as in other cases provided for by the current legislation or the relevant contract.

From the above various definitions of the concept of insurance, the following points can be distinguished, which can be considered fundamental in this matter:

1. Insurance means economic relations, which require the participation of at least two parties - the insurer and the insured.

2. Only an organization that has a legal right to engage in such activities, that is, one that has received a license to conduct insurance, can act as an insurer. It is the insurer who develops the most rational, acceptable for both parties terms of insurance, as well as prices for insurance services. The insurer provides financial institution insurance process, including the formation of insurance funds.

3. The insured may be both an individual and a legal entity that needs to protect their property interests related to life and health, the safety of property.

At the expense of funds contributed by the insured (insurance premiums, payments, contributions), an insurance fund is formed to cover possible losses. This is the basic principle of insurance - redistributive relations within the circle of participants in the formation of the insurance fund, based on a closed solidary distribution of damage and due to the random (probabilistic) nature of the use of the insurance fund.

What is important is the fact that the distribution of damage in space and time is carried out. There is a direct relationship between the size of the territory and the number of objects that can be insured. The larger the territory, the higher the opportunity to ensure a normal distribution of damage between the participants of the insurance fund.

The layout in time is connected with the fact that if during certain period there were no insurance payments, then part of the insurance payments received will be a source of insurance reserves, and can be used to make insurance payments in unfavorable periods.

The very concept of "insurance" contains the meaning of compensation for damage as a result of unforeseen circumstances, accidents, when any predetermined event is considered as an insured event. In other words, the risky nature of insurance is one of the fundamental for this economic category. Moreover, the risk factor and the need to cover possible damage as a result of its manifestation cause the very need for insurance.

Foreign experience of banking risks insurance

In developed foreign countries, rich experience has been accumulated in insuring various property interests of banks. The history of such insurance goes back many decades. The first bank risk insurance contract was concluded in 1911 in the USA. Over the period that has elapsed since then, a system of insurance protection has been developed in the field of banking business blocking almost all objective channels of financial losses, that is, the external risks of banks. The leading insurers in this area are members of the British insurance corporation Lloyd s.

At present, bank risk insurance has been widely developed in many countries. For example, in the United States, more than 2,000 bank risk insurance contracts are concluded annually. At the same time, for several years, insurance against the risks associated with robbery has been mandatory for American banks.

The growing popularity of bank risk insurance in the world is due to a number of reasons. One of them is the expansion of the insurance field, i.e. growth in the number of banks, their assets and capital, an increase in the volume of banking operations. Another reason forcing banks to resort to insurance is an increase in the frequency and expansion of the range of risks that cause losses, an increase in the amount of damage caused by various random events.

Finally, the presence of an insurance contract enhances the image of the bank, helps to attract customers and investments, as it reduces the risk of its insolvency and bankruptcy. This is due to the fact that in addition to the provision by insurers of guarantees of compensation for losses caused to the bank, when concluding insurance contracts, insurers exercise careful control over its activities.

This is reflected in the fact that they usually require a due diligence of the bank's activities, which includes an analysis of its financial condition, checking the security system, conditions of transportation and storage of valuables, etc. Based on the results of audits conducted by audit firms and the insurers themselves, a list of measures is developed that must be carried out by the bank in order for the insurance contract to come into force. The conditions for the provision of insurance protection are also the organization of strict control by the internal audit and security services, a detailed definition and differentiation in bank instructions official duties and authority of employees, ensuring reliability technical means communications and computer networks.

During the period of validity of the insurance contract, in accordance with its terms, insurers also periodically monitor the work of the bank and give instructions based on the results of inspections that help reduce the likelihood of insured events and losses from them.

In order to encourage banks to comply with the necessary measures that reduce the likelihood of losses, insurance companies, as a rule, conclude insurance contracts with an unconditional deductible, without fully indemnifying the damage caused to the bank as a result of an insured event.

The elements of the banking risk insurance system used in developed foreign countries can primarily be divided into two groups. The first of them covers the objects of insurance and insurance risks common to almost any enterprise and organization. The second one can include such objects and insurance risks, the need for insurance protection, in respect of which it is explained precisely by the specificity of banking activities. This division has already been shown in the classification of types of banking risk insurance.

Problems of insurance protection of bank deposits

One of the main types of banking operations are operations to attract funds from legal entities and individuals in bank deposits. This is the so-called passive operations. At the same time, both depositors and banks, as well as the state as a whole, are interested in the wide development of such operations. Depositors, depositing their money in the bank, expect to receive a certain income from deposit operations in the form of interest accrued on the amount of deposits. For banking institutions, the funds attracted in deposits are the most important source of resources. Finally, for the state, the sums of money mobilized through the system of commercial banks represent one of the main sources of investment. In addition, tying funds in bank deposits reduces pressure money supply to the market for goods and services, and financial market, having a beneficial effect on curbing inflationary processes in the country, reducing the demand for foreign currency.

The volume of funds placed in bank deposits is influenced by many factors: the economic and political situation in the country, the standard of living of the population and its mentality, the degree of development of the banking system, the quality of services provided by banks, etc. However, one of the main ones is the degree of risk when investing funds, the availability of money back guarantees.

It is generally accepted that investing in commercial banks is associated with the least risk for the investor, since banks, in terms of the nature of their operations, the amount of accumulated funds, the legislation governing their activities, state supervision behind them are usually one of the most stable parts of the economy. At the same time, both world and domestic history knows numerous cases of bank failures. AT different periods time, almost all developed countries faced problems with the safety of bank deposits.

Therefore, it is widely practiced in the world to provide depositors with guarantees in the form of bank deposit insurance. The essence of such insurance is that the insurer assumes obligations to depositors to return the funds invested in the bank in the event of bankruptcy of a commercial bank or its inability to return the money. At the same time, there is no single scheme for conducting this insurance, which is explained by significant differences in the banking systems of each of the countries.

According to the methodology adopted by the International Monetary Fund (IMF), all methods of deposit insurance are conventionally divided into the following two systems:

a system of non-expressed guarantees;

system of positively expressed guarantees.

When using the first system, there are usually no special legislation and other regulations, which regulate the procedure, forms, amounts of compensation for losses to depositors of the bank in the event of its bankruptcy. In addition, there is no practice of creating special funds intended to compensate for such losses, and there are only abstract obligations of the state or other bodies to protect the funds invested in banks. At the same time, the procedure for compensating losses is decided in each specific case at the discretion of the state.

Such systems are usually used in countries where the banking systems are highly dependent on the state and have not yet experienced major crises.

At the same time, insurance schemes with positively expressed guarantees are often created as a result of crises that hit banking system one country or another. Examples of this are the history of the creation of such systems in the USA, Great Britain, Italy, Argentina. The main principles of this system are the presence of a legally established procedure for guaranteeing the return of bank deposits, as well as an insurance fund specially created for this purpose.

Our country should be attributed so far to those states in which there is a system of guarantees that are not directly expressed to bank depositors. In particular, in accordance with the legislation of the Russian Federation, the state guarantees the safety of deposits of the population in those banks, the controlling stake of which belongs to it (in particular, in Sberbank and Vneshtorgbank), private depositors have the right to receive, as a matter of priority, the amounts invested by them in the bank upon its liquidation, examples of the liquidation of a number of banks that have fallen into a difficult financial situation (for example, CB "Tveruniversalbank") show that sometimes the state allows depositors to return their money.

To show the prospects for the development of insurance in Russia, it is necessary to trace the foreign experience in the development of insurance.

It is known that in addition to reducing the burden on the expenditure side of the budget (since the losses of the onset of unforeseen natural and man-made phenomena are compensated), insurance performs two most important functions in society.

Insurance allows you to successfully address issues of social security, being the most important element of the social system of the state. In countries with a developed market economy, the system of social protection of the population includes state social security, corporate insurance, individual insurance, and non-state pension provision. Such a system should be created in Russia as well.

The second function of insurance is that it is the most important mechanism for attracting investment resources to the economy. For example, insurance companies in Europe, Japan and the United States manage the total amount of funds invested in the economy in the amount of 4 trillion. US dollars (80% of these investments are provided by long-term life insurance operations). In Russia, however, the collection of premiums is about a thousand times less 9 .

Thus, it is obvious that in developed countries, insurance, due to the specifics and functions performed in society, is a strategic sector of the economy.

I will take a closer look at the insurance system in Germany.

Great experience in the field of insurance has been accumulated in Germany, where more than 100 years ago the world's first compulsory insurance system was created. social insurance. Now the German insurance system is one of the most developed in Europe.

Required social. insurance. In Germany, all persons employed, in accordance with the legislation in force in Germany, are subject to compulsory social insurance: for sickness, pension, unemployment, disability as a result of an accident at work.

Contributions to social insurance funds constitute a certain proportion of wages and rise as wages rise. If the amount of wages exceeds the established limit, the increase in contributions stops.

In 1994, contributions to the social insurance funds were: 9.6 - to the pension insurance fund, to the unemployment insurance fund - 3.25%, to the sickness insurance fund - 6.6%. Thus, the total amount of contributions is not less than 20% of wages 10 .

The same contributions to the same funds are paid for each employee by his employer. With regard to the compulsory accident insurance fund, only the employer makes contributions.

The amount of unemployment benefit depends on the level of wages, the amount of pension depends on the total amount of contributions to the pension fund.

The fundamentals of social insurance have remained virtually unchanged for many decades. In recent years, however, some problems in this area have become the subject of discussion. Thus, a number of economists believe that in the context of increasing unemployment and a simultaneous increase in the share of pensioners in the total population, the state should refuse subsidies to the unemployment insurance fund. In their opinion, such a system of subsidies leads to the fact that during collective bargaining between employers and trade unions, the parties too easily agree to wage increases, which ultimately leads to job cuts. If the parties were forced to bear the financial consequences of rising unemployment, then, according to economists, wage growth would slow down, which would enable enterprises to maintain jobs. Government spending, as well as social security contributions, would no longer rise as rapidly as they currently do (over the past 25 years, contributions have grown faster than wages).

Private insurance system. Private insurance companies originated in Germany 2 centuries before the advent of the social insurance system. The scope of activities of private companies is wider than public ones.

Entrepreneurs and freelancers can be insured in both public and private companies. If the salary of an employee is above a certain amount, he can terminate the contract with a public company and apply to a private one. A private company collects contributions based not on wages, like a public company, but on the services it provides, while it insures only the person for whom the contributions are paid. Private health insurance makes it possible to receive higher quality services.

Organizational forms and state control. The most ancient of all types of insurance companies is the mutual insurance society, where the insurers are at the same time the insured.

The largest insurance companies in Germany are joint-stock companies. Mutual participation of banks and insurance companies in each other's affairs is widespread. Thus, one of the well-known German banks owns 10% of the share capital of AllianzHolding, the largest insurance concern in Europe, and the latter, in turn, has almost 20% of the share capital of this bank and a significant part of the share capital of 5 other banks (while each of them has no more than 25% capital).

With close cooperation of insurance companies, the services of both form a single complex. For example, if a private person takes a loan from a bank, the bank requires a money back guarantee. Joint services of banks and insurance companies also take place in other cases - when a client buys real estate, etc.

The state exercises control over the activities of insurance companies, which is carried out under the direction of a special federal agency, checks the style of their work, including the amount of contributions required from customers for life insurance, etc.

Every year, the relevant state institutions check the general financial position of insurance companies - whether the financial reserves are sufficient to meet the obligations to pay insurance sums and where they are invested.

Public law insurance companies insuring employees under compulsory social insurance laws pay only the cost of basic medical services. There is, moreover, insurance under which, in the event of illness, the insured receives a certain amount for every sick day. The following types of insurance are also common:

insurance for loved ones

disability insurance

private pension insurance(in addition to what is prescribed by law).

Compulsory and voluntary liability insurance. Since 1871 in Germany there is a law according to which any person must compensate for the damage caused by him to someone, even if this was done unintentionally. Such a risk can be insured, and for a certain group of persons (car owners) this insurance is mandatory, while they are given the freedom to choose an insurance company. There are about 120 insurance companies selling this type of service. The car owner must be insured for at least DM 1 million in case of damage to human health and at least DM 400,000 in case of damage to property.

60% of families have liability insurance. The insurance company incurs compensation for damage caused by members of the insured family to third parties. There are also insurances that take into account certain specific types of damage, for example, caused by a dog.

The law provides for liability insurance for a number of professions - a notary, a tax consultant, an auditor-economist. For lawyers, it is prescribed by their professional association.

Property insurance. This type of insurance includes:

car theft or damage risk insurance;

insurance of the risk of transporting the car and its passengers from the place where he refused for one reason or another (transportation of sick passengers of the car from the place where they spent their holidays);

building insurance - damage caused by fire, thunderstorm, rain, wind, flood. Day-to-day home restoration insurance provides this with rising prices for materials, etc. 80% of all apartments have household items insurance;

protection insurance legal rights, convenient for those who want to insure the risk associated with the payment of court fees and attorneys' fees in the event of losing a civil lawsuit.

In addition, each person can insure almost any kind of financial risk (for example, the risk of losing luggage).

Industry insurance. One of the types of insurance here is enterprise liability insurance. If, during the construction of a house, a tile from the hands of a roofer falls on a passerby, then the owner of the enterprise is responsible for the consequences. In cases of damage to the environment and damage caused by exceeding a certain threshold of acoustic vibrations, customers are offered to conclude an environmental liability insurance contract.

In 1990, Germany adopted a product liability law. For example, if a person falls from a sports equipment and breaks his leg, then the manufacturer may be held liable. The risk caused by the manufacturer's failure to comply with the promises regarding product quality is insured by special contracts. It is not uncommon for a firm to suffer damage due to a disruption in the production process. If the company has entered into an agreement on insurance of the consequences of production disruption, then the losses are reimbursed by the insurance company.

Credit insurance. The buyer of goods or services is not always able to pay the supplier's invoice. In this case, there is a loan insurance agreement. World famous German state insurance company HERMES taking the risk of German exporters. With its help, in recent years it has become possible to stabilize the traditional sales markets of East German enterprises in the countries of Central and Eastern Europe.

Private insurance companies also insure the political risk of suppliers, for example, against an embargo on supplies to a certain country, as a result of which ordered and manufactured equipment cannot be shipped.

Since the 80s instead of a large number of individual contracts, insurance companies offer enterprises an insurance contract for all possible risks, however, the sum insured is strictly limited.

In general, the insurance system in Germany contributes to maintaining social and economic stability, improving labor protection, protecting the environment, and consumer rights.