Страхование и актуарные расчеты
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.
The detailed review of the historical features of the development of insurance, insurance of modern terminology, as well as the functions, principles and security features; We analyzed the modern types of insurance with an emphasis on the nuances of the contractual relationship, given their different classifications; given the characteristics of financial and economic bases of insurance activities; described by the tariff policy of the insurer with a slight indentation in the actuarial calculations; and also shows the types of formed insurance reserves and characteristics of the investment policy of the insurance organization. Particular attention is given to the practical side: a huge database of abstracts on topics challenges, opportunities to create business process and conduct SWOT-analysis for the insurance company, as well as the decision of cases. The content of the textbook meets the current requirements of the Federal state educational standard of higher education. For bachelors and masters students of the educational program "Economy". The textbook is of interest not only to students, but also those interested in this kind of activity as insurance.
The banking literature points out that, borrowers can discipline banks, because they are willing to pay a higher interest rate to highquality banks. Borrower continuously need credit, which is better to require in highquality banks, with higher capital/actives ratios, because these banks are solvents and exert adequately corporate governance. With a discriminant analysis, we found evidence in favor of this hypothesis in the Russian banking system.
This article represents the application of Case-studies for the English language teaching at Business Schools (students of World Economy and International Affairs Departments). The author shows the sequence of stages that provide for the learners the effective development of professional communication skills.
This study focuses on the assessment process and evaluation tools in a case study or a role play in a non-linguistic university. The multi-skill and multi-level communication activity assessment scheme is presented herein to enhance the students’ performance.
We study the risk sharing implications that arise from introducing a disaster relief fund to the cat insurance market. Such a form of intervention can increase efficiency in the private market, and our design of disaster relief suggests a prominent role of catastrophe reinsurance. The model predicts buyers to increase their demand in the private market, and the seller to lower prices to such an extent that her revenues decrease upon introduction of disaster relief. We test two predictions in the context of the Terrorism Risk Insurance Act (TRIA). It is already known the introduction of TRIA led to negative abnormal returns in the insurance industry. In addition, we show this negative effect is stronger for larger and for low risk-averse firms -- two results that are consistent with our model. The seller's risk aversion plays an important role in quantifying such feedback effects, and we point towards possible distortions in which a firm may even be overhedged upon introduction of disaster relief.
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.
We address the external effects on public sector efficiency measures acquired using Data Envelopment Analysis. We use the health care system in Russian regions in 2011 to evaluate modern approaches to accounting for external effects. We propose a promising method of correcting DEA efficiency measures. Despite the multiple advantages DEA offers, the usage of this approach carries with it a number of methodological difficulties. Accounting for multiple factors of efficiency calls for more complex methods, among which the most promising are DMU clustering and calculating local production possibility frontiers. Using regression models for estimate correction requires further study due to possible systematic errors during estimation. A mixture of data correction and DMU clustering together with multi-stage DEA seems most promising at the moment. Analyzing several stages of transforming society’s resources into social welfare will allow for picking out the weak points in a state agency’s work.