Страхование в системе финансовых услуг в России: место, проблемы, трансформация
The collection includes papers of participants of the XVIII International scientific-practical conference, organized by the company "Rosgosstrakh" and the Kostroma state University with the participation of the Second scientific society of insurance. In the publications considered: the place of insurance in financial system of Russia and problems of regional and global insurance markets, different types and forms of insurance protection, as training for the insurance industry. The edition is addressed to experts in the field of insurance, students, graduate students, scientific employees and teachers of educational institutions.
The rapidly growing Chinese market attracted the attention of researchers. In China, as in Russia, there are major, significant transactions. It is important to study the dynamics of the insurance market through an investment deal.
The paper studies a problem of optimal insurer’s choice of a risk-sharing policy in a dynamic risk model, so-called Cramer-Lundberg process, over infinite time interval. Additional constraints are imposed on residual risks of insureds: on mean value or with probability one. An optimal control problem of minimizing a functional of the form of variation coefficient is solved. We show that: in the first case the optimum is achieved at stop loss insurance policies, in the second case the optimal insurance is a combination of stop loss and deductible policies. It is proved that the obtained results can be easily applied to problems with other optimization criteria: maximization of long-run utility and minimization of probability of a deviation from mean trajectory.
A singular boundary value problem for a second order linear integrodifferential equation with Volterra and nonVolterra integral operators is formulated and analyzed. The problem arises in the study of the survival probability of an insurance company over infinite time (as a function of its initial surplus) in a dynamic insurance model that is a modification of the classical Cramer–Lundberg model with a stochastic process rate of premium under a certain investment strategy in the financial market.
The chapter studies a dynamic risk model defined on infinite time interval, where both insurance and per-claim reinsurance policies are chosen by the insurer in order to minimize a functional of the form of variation coefficient under constraints imposed with probability one on insured's and reinsurer's risks. We show that the optimum is achieved at constant policies, the optimal reinsurance is a partial stop loss reinsurance and the optimal insurance is a combination of stop loss and deductible policies. The results are illustrated by a numerical example involving uniformly distributed claim sizes.
Desde la perspectiva de la autora del presente estudio, esta última visión explica las recurrentes y cada vez más profundas crisis financieras del último tercio de siglo XX —especialmente la gran debacle económica de 2008—, que los gobiernos han enfrentado con políticas económicas erróneas porque, sin tener en cuenta la génesis de estos fenómenos, en lugar de generar crecimiento económico han priorizado el “rescate” de las instituciones financieras.
The article authors dwell on the international practices gained in promoting industrial diversification. One of the key barriers that hamper the process in the emerging economies is the existence of the underdeveloped financial system backed by the vast amount of natural resources and the lack of a chain of production that could integrate the domestic hi-tech companies. As a result, the costs associated with the attraction of borrowed funds become quite high. This is especially true it you take the innovative companies that operate in the SME sector. The article authors identify the ways to form hi-tech sectors on the basis of resource-intensive sectors.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.