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The Models of Assessment of the Insurance Companies’ Activities
Bakalova N. М.

Bakalova, Natalya М. (2020) “The Models of Assessment of the Insurance Companies’ Activities.” Business Inform 12:395–400.
https://doi.org/10.32983/2222-4459-2020-12-395-400

Section: Finance, Money Circulation and Credit

UDC 368

Abstract:
The article is aimed at assessing the impact of the Solvency II requirements on the Ukrainian insurance market and making a forecast of possible situations after the introduction of these requirements. To achieve the aim, the following tasks were set: to describe both the quantitative and the qualitative requirements of the Solvency II in the EU and the conditions for their use in the Ukrainian insurance market; to predict a possible change in the insurance market of Ukraine under the influence of the Solvency II quantitative requirements, which was performed as a result of the presented research. It is specified that the «novelty» envisaged by the Solvency II, which is related to the use of internal models, is an important step in the different sense of the assessment of the activities of insurance companies. This assessment is dominated not only by the quantitative parameters, but also by the problem of generally recognized risk, to which company is inclined and which is ready to take over. However, a significant number of aspects of this approach still need to be closer defined. The criteria related to the use of internal models for the needs of the supervisory authority have so far had the nature of the initial assumptions, and the experience of insurance companies (using internal models for their own needs, not the needs of the supervisory authority) concerns only a small percentage of companies. The internal model allows the insurance company to independently determine the actual demand for the required amount of guarantee capital. However, internal models include certain risks. The most important types of risks to consider in the internal models are grouped as follows: technical and insurance risk; risk associated with assets; operational risk and other types of risk. It is projected that the implementation of the project is likely to face many more unexpected problems, but the idea itself is interesting and understood by both insurance companies and regulatory authorities.

Keywords: insurance market, insurance company, internal model, risk, modeling.

Bibl.: 21.

Bakalova Natalya М. – Postgraduate Student, Department of Financial and Economic Disciplines, Khmelnitsky National University (11 Instytutska Str., Khmelnytskyi, 29016, Ukraine)
Email: [email protected]

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