academy of economic studies of moldova
TRANSCRIPT
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Chiinu 2003
Contents
Theme 1. Economic Essence, Functions and Classification of Insurance. 3
1.1. Economic essence and functions of insurance.. 3
1.2. Classification of insurance 4
1.3. Types of insurance funds... 7
Theme 2. Juridical Aspects of Insurance Activity. 9
2.1. Forms of insurance activity... 9
2.2. State control over the insurance activity... 10
2.3. Forms of control over insurance companies activities. 11
2.4. The core and main elements of the contract of insurance. 12
Theme 3. Insurance Marketing.. 14
3.1. The essence of the insurance marketing 143.2. Methods of promotion of insurance services. 16
3.3. Insurance middlemen. 19
3.4. The essence of the insurance market. 20
Theme 4. Insurance Market in Foreign Countries. 23
4.1. Insurance development tendencies on the international level... 23
4.2. The Insurance Market of the USA. 25
4.3. The Insurance Market of Great Britain. 28
4.4. The Insurance Market of Germany 31
4.5. The Insurance Market of Switzerland... 33
4.6. The Insurance Market of Russia 34
4.7. The Insurance Market of Moldova 35
Theme 5. Property Insurance. 37
5.1. Physical persons property insurance 385.2. Juridical persons property insurance 39
5.3. The conclusion of insurance contract 41
5.4. The measuring of damage and compensation... 42
Theme 6. International Practice of Transport Insurance... 44
6.1. Motor-vehicle insurance 45
6.2. Vessel insurance 48
6.3. Marine freight insurance 49
6.4. Containers insurance. 51
6.5. Aircraft insurance.. 52
Theme 7. The Insurance of Responsibility on the International Level. 54
7.1. The insurance of the civil responsibility of car-owners 55
7.2. The insurance of the civil responsibility of carriers to passengers 56
7.3. The insurance of the civil responsibility of the enterprises of the sources of high danger 587.4. The insurance of professional responsibility. 59
Theme 8. Economic and Political Risks Insurance... 61
8.1. Commercial risks insurance.. 61
8.2. Insurance against losses due to production interruptions.. 64
8.3. The insurance of new technique and technology risks.. 65
8.4. Political risks insurance. 66
8.5. Export credits insurance 67
Theme 9. Personal Insurance. 70
9.1. Life insurance 70
9.2. Additional pension insurance 71
9.3. Accident insurance 72
9.4. Compulsory insurance of passengers 73
9.5. Voluntary medical insurance. 73
9.6. Medical insurance of persons going abroad.. 75
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Theme 10. Reinsurance... 77
10.1. The essence and the meaning of reinsurance 77
10.2. Types of reinsurance contracts.. 78
10.3. Proportional reinsurance 80
10.4. Disproportional reinsurance.. 81
Bibliography 84
Theme 1. Economic Essence, Functions and Classification of Insurance.
1.1. Economic essence and functions of insurance.
1.2. Classification of insurance.
1.3. Types of insurance funds.
1.1. Economic essence and functions of insurance.
Insurance is a complex of economic relations associated with forming the
insurance fund at the expense of the insurers with the purpose of covering the loses
caused by some unfavourable events, stipulated in the contract.
Characteristic features of insurance:
1) Premiums are paid by policyholders up to the definite rates and the fundsare formed for the account of premiums.
2) The funds are accumulated in special organisations insurance
companies.
3) The funds are only distributed to the fund investors.
4) The funds are used only for particular purposes.
5) The funds are used according to the rates, stipulated beforehand, that is,
when joining the insurance relations the insurer knows what compensation he
might get for an incident.
6) The funds are distributed only within stated periods of time.
7) Insurance is necessary only when somebody is interested in it, i.e., when
some unforeseen circumstances can really occur.
8) The events must have features of probability or fortuity, when the
occurrence of the event is not obvious or doesnt depend on the will of the insurer.
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9) Insurance is based on mutual and solidary distribution of losses among
all participants of insurance.
Functions of insurance:
1) The core of risk and redistributing function is that the insurance funds are
redistributed among the participants due to concluding the insurance agreement
and consequence of insurance events.
2) The core of preventive function is that insurance companies carry out
financing of unfavourable events. For this the insurance company forms a set of
preventive actions for the account of allocations.
3) The core of saving function is that a sum of money is saved by means of
life insurance and is connected with the defence of the achieved income.
4) The core of controlling function is that the insurance companies control
the activities of their clients concerning their observing of safety measures.
1.2. Classification of insurance.A classification of insurance is the distribution of insurance services
according to the groups defined by some common signs. There exist classifications
based on forms and on branches of insurance.
Classification based on forms of insurance.
Insurance is carried out in two forms: obligatory and voluntary.
Obligatory forms are defined by the following principles:
1) The obligatory insurance is defined by the law, according to which the
underwriter must insure the corresponding objects, and the insurer must take
necessary insurance payments. The law usually stipulates all necessary terms and
the order of carrying out the given kind of insurance.
2) For the overall obligatory insurance indicated by the law, the insurance
agencies carry out annual registration of the insured objects, make payments and
charge premiums in the stipulated terms.
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3) Automatic insurance covering of the objects is indicated by the law. The
insurer mustnt announce the appearance of the insured objects to the insurance
company. The given property is automatically included in the field of insurance. It
will be automatically registered and the insurer will be charged to pay the fee.
4) The effect of the obligatory insurance does not depend on the premiums.
In cases when the insurer didnt pay the insurance premiums, they are charged by
the order of the court. In case of loss of or damage to the insured property not
covered by insurance premiums the insurance compensation is due to payment out
of the insurance debts. The undue premiums are imposed with a fine.
5) Permanent obligatory insurance. It works during the whole period, within
which the insurer uses the insured property. Only unpractical and dilapidated
property doesnt fall under insurance coverage. The effect of the insurance doesnt
stop when the property is passed on from one insurer to another. It loses its effects
only in case of loss of the property. In case of personal insurance an overall
automation comes into effect. But it has a strictly stipulated period of time and is
completely dependent on insurance premiums (for example, obligatory insuranceof passengers).
Kinds of obligatory insurance in Moldova:
- insurance of passengers against accidents;
- insurance of military men;
- obligatory medical insurance;
-car owners responsibility insurance;
- carriers responsibility insurance.
Voluntary insurance is based on observing the following principles:
1) Voluntary insurance is effective under the law about insurance and under
voluntary authority. The law defines the objects that fall under insurance and
stipulates the general conditions of insurance. The specific terms are regulated by
the insurance rules.
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2) Voluntary participation in insurance is characteristic only for the
insurers. The underwriter is not authorised to refuse to insure the object if the
wishes of the insurer do not contradict the conditions of insurance. The given
principle guarantees concluding the contract on the demand of the insurer.
3) Selective voluntary insurance is due to the fact that not all insurers wish
to participate in it. Besides, there exist some restrictions for making contracts.
4) Voluntary insurance always has some time limits. For this end, the
beginning and the end of the period of insurance are specially stipulated in the
contract. Voluntary insurance may become permanent only by making the second
contract for a new period.
5) Voluntary insurance is effective only after paying the insurance
premium. The contract comes into effect after paying a single or the first insurance
premium. Non-payment of the next premium of long-term insurance brings to the
cessation of the contract.
The voluntary insurance coverage depends on the wishes of the insurer.
Under the property insurance the insurer may define the size of the insurance sumwithin the limits of the property evaluation. Under the personal insurance the
insurance sum is defined by the contract of the parties.
Classification according to the branches.
Insurance is carried out in the next branches:
- property insurance;
-personal insurance;
- responsibility insurance in the face of the third person;
- insurance of economic risks.
Property insurance is the branch of insurance, where the object of insurance
is the property that can be damaged. Depending on the forms of property and the
categories of insurance there exists: the property of juridical persons, physical
persons and agricultural enterprises.
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Personal insurance is the branch of insurance in which the objects of
insurance are life, health and ability of a person to work. There are life insurance,
insurance against accident and medical insurance.
Liability insurance is the branch of insurance the object of which is the
responsibility in the face of the third person, which may suffer from the actions of
the insurer. There are insurance of responsibility of car owners, insurance of
professional responsibility, etc.
Insurance of economic risks is the branch of insurance, the objects of which
are the results of entrepreneurs activity. There may be defined the insurance of the
risks against direct and indirect losses.
1.3. Types of insurance funds.
Insurance funds are a fair necessity, they perform the functions of safe
keeping and continuity of production of material goods for people.
Functions of insurance funds:
1) Preventing the insurance cases.2) Suppression and liquidation of the event covering losses.
Depending on the degree there are three means of forming the insurance
funds:
1) centralised;
2) decentralised (self-insurance);
3) insurance.
Under centralised form the insurance fund is formed by the state. Its core is
that the state allocates a certain portion of its resources and keeps it for
extraordinary cases of destructive consequences. This fund may be created both in
material and monetary forms.
Negative moment: sufficient material and financial resources are drawn
from inventory reserves. It is impossible to provide big reserves.
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Positive moment: it doesnt depend on wishes and potentials of final users of
funds. It is concentrated in one owners hands and prevents its using for other
purposes.
Under self-insurance a reserve fund is formed by any juridical or physical
person. Self-insurance may be carried out both in material and monetary forms.
Negative moment: the volume of possible losses is unknown, neither is the
needed size of the fund.
Positive moment: a quick method of using, as it is at the disposal of the
owner.
Insurance as a means of forming an insurance fund assumes:
- Merging of different producers, when they are not able to cover the
losses for their own account. Then the redistribution of losses from one suffered to
other insurers takes place.
- Existence of the majority interested in forming the insurance fund,
existence of insurance companies dealing with the redistribution of resources and
possible losses. The fund is used only to cover the losses of certain participants of
the fund, stipulated beforehand.
The questions for the control:
1. Give the definition of insurance as an economic category.
2. Enumerate the characteristics of insurance.
3. Characterise the functions of insurance.4. Classify insurance according to its forms.
5. Classify insurance according to its branches.
6. Enumerate and characterise types of insurance funds.
The literature:
1. Law of RM of 15 July 1993 The Official Monitor of
the RM 12, December 1993.
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2. , a book under edition of professor Reitman L.I., The
bank and exchange scientific consultative center, M., 1992.
3. Basacov I.I. , Rostov-on-the-
Don, , 1999.
4. Serbinovski B.U., Garikusha V.N. , Rostov-on-the-
Don, , 2000.
Theme 2. Juridical Aspects of Insurance Activity.
2.1. Forms of insurance activity.
2.2. State control over the insurance activity.
2.3. Forms of control over insurance companies activities.
2.4. The core and main elements of the contract of insurance.
2.1. Forms of insurance activity.Nowadays there are the insurance companies of the following legal forms:
1) Joint-stock insurance companies are companies that are formed to carry
out insurance operations, which nominal capital is formed by issuing or selling
shares. They usually function on the same legal basis as other joint-stock
companies and can carry out any kinds of insurance on license basis.
2) State insurance organisations are juridically independent organisations,
the capital of which is partially or totally formed from the state funds.
3) Mutual insurance communities form a system of contractual relations
between the insurers, usually between construction, transportation, industrial and
financial corporations where they join their capital with one reason to cover their
possible losses. Every participant of such a community becomes both an
underwriter and an insurer.
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4) Private insurance companies belong to one owner or his family. English
corporation Lloyds is a unique form of such a corporation of private
underwriters. All members of Lloyds join in syndicates to increase their capital
when assuming the insurance risks. Insurance premiums and losses are
proportionally distributed among the members of the syndicate according to their
financial interests.
5) Non-governmental retiring fund is a special form of personal insurance
which guarantees rental payments to insurer on achieving by them a particular age.
6) Captive insurance company is a joint-stock insurance company
protecting generally insurance interests of the founders.
2.2. State control over the insurance activity.
The activities of the underwriters radically differ from other enterprises
activities as they are aimed towards uninterrupted process of compensation of
losses caused by different circumstances. A big portion of responsibility of the
underwriter for his activities requires a State insurance control. In general thiscontrol means the study of financial situation of the underwriter and his financial
solvency.
The aim of the state control is to provide and develop the market of
insurance services, ensuring necessary conditions for the underwriters activities as
well as defence of his interests.
State control must help to establish insurance companies that have strong
financial ground; avoid forming speculative and forged companies. These
functions are performed by State Insurance Supervision at the Ministry of Finance.
Obligations of the State Insurance Supervision:
1) introducing the unique State Insurance Registry;
2) auditing in insurance companies;
3) control over the insurance rates;
4) control over the payability of underwriters;
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5) setting the rules about forming and placing insurance reserve funds;
6) ensuring the publicity of insurance activities;
7) checking the authenticity of the presented reports;
8) providing official information about underwriters registration.
The State Inspection has the right to:
1) have a call report about insurance activities and financial situation;
2) carry out the control over the authenticity of the information provided
and over the observing the legislation;
3) instruct the underwriters about elimination the infringements and in case
of non-fulfilment of state orders to hold up the effect of the license;
4) to make a claim against the underwriter in case of multiple infringements
of law.
2.3. Forms of control over the insurance companies activities.
The system of state regulation of insurance activity includes registration of
insurance companies and issue of licenses for providing different kinds ofinsurance.
To register an insurance company the founders make a written application to
the Registration Chamber, enclosing the necessary documents (the protocol of the
foundation meeting, the foundation contract and the charter).
When the organisation is registered it is introduced into the State Register of
Underwriters. The founder is given a State Registration Certificate.
State registration may be denied only if the foundation documents do not
meet the legislation requirements of RM.
The following information is included in the State Register of Underwriters:
1) the full and abbreviated name of organisation;
2) the juridical form of organisation;
3) the period of functioning of the organisation;
4) the location of the organisation and its branches;
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When making the insurance contract the insurer gets acquainted with the
rules of the proper kind of insurance and the terms of the contract are specified at
that.
There may be essential and nonessential terms of the contract.
Essential terms express the subject of the contract and the main interests of
the parties. The terms may be changed only if both parties agree to do it.
Essential terms are: the insured objects; the volume of the insurance
liabilities; insurance compensation; insurance sum; an insurance period; insurance
rate.
Non-essential terms are: the size of insurance premiums; the procedure of
making a contract; the procedure of paying the insurance fee; the procedure of
paying the insurance compensation, etc.
When making the contract the parties must specify the causes of its
termination. As a rule the insurance contract is terminated in the cases of:
- expiration of validity;
-carrying out of all taken obligations;
- non-payment of insurance fees in due time;
- liquidation of the underwriter;
- liquidation of the insurer or his death;
- arbitration award to invalidate the insurance contract.
The questions for the control:
1. Enumerate and characterise types of insurance companies existing
nowadays.
2. Specify purposes and targets of state regulation of insurance activities.
3. Enumerate the rights and obligations of the State Insurance Supervision
Office.
4. Speak on the regulation of State registration of insurance companies.
5. Speak on the regulation of licensing of insurance activities.
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6. Characterise the essential and non-essential conditions and terms of
insurance contract.
7. Specify the cases of termination of an insurance contract.
The literature:
1. Law of RM of 15 July 1993 The Official Monitor of
the RM 12, December 1993.
2. , a book under edition of professor Reitman L.I., The
bank and exchange scientific consultative center, M., 1992.
3. Basacov I.I. , Rostov-on-the-
Don, , 1999.
4. Serbinovski B.U., Garikusha V.N. , Rostov-on-the-
Don, , 2000.
5. under edition of L.I. Korchevskaia, ..
Turbina, ., , 96.
6. The decision of the Government of the RM 77 of 3 February 1996
.
Theme 3. Insurance Marketing.
3.1. The essence of the insurance marketing.
3.2. Methods of promotion of insurance services.
3.3. Insurance middlemen.
3.4. The essence of the insurance market.
3.1. The essence of the insurance marketing.
Marketing is a philosophy of the underwriter, determining the strategy and
tactics of his activities in the conditions terms of competition. Marketing
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simultaneously combines market research, new product development, distribution,
advertising, promotion, product improvement and so on.
The Insurance service is the specific goods the sale of which is quite
difficult. The central part of the underwriters marketing is sales activity, oriented
to the sale or the insurance services promotion from the underwriter to the insurer.
The sales activity is a range of the insurance companys action that may be
taken as two important tasks to form the demand for the insurance services and
to satisfy the insurance clients interests of a company.
The demand formation is a goal-oriented influence on potential clients with
one purpose to raise the achieved demand level by the insurance company up to the
wished level. It influences potential insurer with the help of advertising, forming a
positive image of the underwriter, holding the meetings for concluding the
insurance agreements, differentiation of tariffs for the insurance services,
combination of the insurance services with different forms of trade and juridical
service.
The second important task of marketing is satisfaction of insurance interests.It is noted that the level of the insurance of the clients service influences the
demand, i.e. the higher the service level, the bigger demand for his insurance
services.
If the insurance services demand goes down, the leaders should find out the
reasons and take measures directed to their elimination.
Practically marketing is oriented to:
1) reasons of the necessity and goal-orientation of rendering some kinds of
the insurance services;
2) demand formation on the insurance services;
3) satisfaction of the clients insurance interests;
4) price forming;
5) regulation of the insurance activity;
6) pure organisation of the insurance services promotion;
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7) coordinating and planning the production, sales and financial activity of a
company;
8) organising new insurance services, corresponding to the insurers
demands;
9) regulation and orientation of the companys activity;
10) current operative leadership of the insurance services realisation and
achievement of goals.
However the specific marketing functions are: collecting and analysing the
information about the market, making contacts with the insurers, managing the
assortment of the insurance services.
Strategic marketing solves the following tasks: the selection of the
perspective company activities, orientation and kinds of the insurance services,
making image and prestigious marking, definition of the price policy.
Tactical marketing is oriented to form the system of relations of the services
consumers, interaction with public, providing forms and methods of sales, sales
management in accordance with the strategic goals.
3.2. Methods of promotion of insurance services.
There are three main methods of insurance services promotion: extensive,
exclusive and selective.
Extensive method is using services of any go-between company, capable to
conclude one or more insurance contracts.
Exclusive method is used when the insurance company counteracts with
only one general insurance agent, which has an exclusive right to conclude
insurance contract in a given region. This contract should be concluded in favour
of the above-mentioned insurance company.
Selective method is used, when the insurance company counteracts with two
or more general agents in a given region.
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Insurance service promotion is connected with the process of forming
demand for the insurance services. Promotion includes any kind of informing
people about insurance services or an insurance company. There are two basic and
two auxiliary kinds of promotion. Basic kinds of promotion include advertising
and personal contacts, auxiliary kinds of promotion include publicity and
stimulation.
Advertising is any paid form of impersonal providing the insurance service.
Personal contact is an oral communication with one or more insured persons
in order to conclude the insurance contract.
Publicity is impersonal and unpaid stimulation of the demand for the
insurance product by means of making people aware of it with the help of mass
media.
Stimulation are short-term measures of encouraging purchase or sale of an
insured product and various non-repeated techniques, which are not included in
traditional promotion.
Actually insurance companies seldom use only one way of promotion,because any way has its own advantages, disadvantages and fields of application.
Advertising has the following advantages:
- attracts a large geographically spread insurance market;
- informs potential insurers about services, it may be many times repeated
for the same audience;
-the potential insurers have a possibility to compare the offers of this
company with those of the competitors;
- gives a certain idea about the underwriters and their services;
- may change when necessary.
Advertising has also some disadvantages:
- the dialogue with the audience is impossible;
-neither an individual approach to each insurer is possible;
- it requires big charges.
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A Personal contact has the following advantages:
- it provides the dialogue with the insurers, raises a counter reaction of the
customers;
-the costs are lower than those for the advertising;
- it holds regular insurers, helps hesitating insurers to take decisions.
Disadvantages:
- it is ineffective for informing the insurers as a personal contact is
possible only with limited members;
- the costs for one consumer are higher;
- doesnt cover a big, geographically spread market.
Publicity has the following advantages:
- it gives the audience more reliable information, covers a bigger number
of citizens;
- like advertising it has better possibilities for the presentation of the
insurance company and its products;
- it is relatively cheap.
Disadvantages:
- inability of the company to control;
- non-guarantee of positive reaction of mass media;
- mass media may accentuate the customers attention on feedback,
essential characteristics of the underwriter and his services;
- non-regularity of publications.
Stimulation of the insurer has the following advantages:
- it leads to a short-term increase of the contracts conclusion;
- is supplementary to advertising and personal contacts;
- attracts attention and holds the information that can attract the potential
insurers interest;
- has a certain incentive to conclude a contract.
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Disadvantages:
- it may be used only as an additional means of promotion;
- can not be regularly used.
The essence of marketing is that operating by different means of promotion
it chooses the one that has to be accented.
3.3. Insurance middlemen.
In the process of carrying out their activity the insurance company has the
right to use the middlemens services insurance agents and brokers.
The insurance broker is a juridical or a physical person registered in the right
order as an entrepreneur, realising the intermediarys activity on insurance on their
behalf under the instructions of the insurer or underwriter. Brokerage on insurance
that is effected by a physical person must be stipulated in the document about its
validity. A physical person that has become an insurance broker, can not be the
employee of any insurance company.
Insurance agent is a physical, sometimes juridical person fulfilling, on behalf
of the underwriter, the operations of concluding the contract with the population
about the sole and property insurance and insurance payments for them.
Insurance agent is a part-time worker of an insurance company. He gets his
commissions for collecting insurance duties, for serving the insurer on the basis of
the contract concluded. Insurance agent bears complete material responsibility to
the underwriter.The most important difference between the insurance agent and the
insurance broker is that the broker works as an independent qualified expert for the
insurer.
The insurance broker fulfils the following basic functions:
- appreciates the subject of the insurance, i.e. he defines what kind of
insurance the potential insurer needs and what exact risks are to be insured from;
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- makes comparative analysis of the financial health of a number of
underwriters;
- selects the most profitable underwriter for the client;
- legalises insurance agreements agreed with the insurer;
- controls duly received insurance fees from the insurer to the underwriter;
- renders advice and assistance in receiving insurance sum of money by the
insurer or the insurance compensation when the insurance accident happens.
The insurance broker is not entitled to:
- fulfil other kinds of activity;
- take part in the authorised capital of the insurance companies, hold
stocks, shares and other rights of participation.
The insurance broker is responsible for:
- the fulfilment of liabilities, stipulated in the agreement;
- reliability, objectivity, completeness and due information given to the
client and controlling authorities;
- the secrecy of the information, that is the commercial secret of a client.
The detailed list of the insurance brokers liabilities and the responsibility to
the insurer or the underwriter for their fulfilment are given in the agreement
concluded between them.
3.4. The essence of the insurance market.
Insurance market is a socio-economic area where the insurers that need
insurance services operate, underwriters (insurance companies) satisfying the
demand for them and insurance middlemen.
The first section in the insurance market is an insurance company. That is
the very place where the process of creation and usage of the insurance fund is
exercised, some economic relations are formed and others appear; personal group
and collective interests are interconnected.
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Insurance Company is an isolated structure, effecting the conclusion of the
insurance agreements, and their fulfilment. Economically isolated insurance
companies build their relations with other underwriters on the basis of reinsurance
and co-insurance.
Classification of the insurance market is carried out according to the branch
reasons and scales.
According to the branches reasons we differ the market of life insurance and
markets of property insurance, responsibility insurance and accident insurance.
According to scales we differ national, regional and international insurance
markets.
National Insurance Market is a field of the insurance organisations activity
in a particular country. It consists of insurance companies, specialised reinsurance
organisations, insurance middlemen. All the insurance activities on the national
market are effected within the framework of the National Insurance Legislation,
the control under the fulfilment of which is charged with the State Insurance
Inspection. The bigger National Insurance market has been formed in the USA,Great Britain, Germany and other countries.
Regional Insurance Market unites insurance companies, National Insurance
markets of some separate regions, connected with tight integration relations
between them. The biggest regional market is the North American Insurance
Market (USA, Canada).
International Insurance Market is a total combination of the National and
Regional Insurance markets. In the narrow sense the local insurance markets,
which are characterised by high specific share of International Insurance
operations (New York, London), are called International market.
Insurance market includes many kinds of potential clients of insurance
services with different interests and demands. Market segment are clients of
insurance services similarly reacted to these or those suggestions of insurance
companies. Market segmenting is a process of dividing consumers into groups
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according to any sign actual for the realisation of an insurance service (age, sex,
financial sufficiency, profession, etc.).
Insurance Company must choose what kind of exact service it will offer and
towards what kind of group it will be orientated. The segmentation is spread
according to geographic and demographic signs, the level of income, etc.
Geographic segmentation is built according to regional signs: republic,
district, city, land, region.
Demography is built on age, sex, level of the family income.
The questions for the control:
1. Speak on the essence and basic tasks of insurance marketing.
2. Speak what targets the practical marketing is directed to.
3. Specify the basic functions and obligations of an insurance agent.
4. Enumerate the obligations of an insurance broker.
5. Characterise the essence of an insurance market.
6. Classify the insurance market.7. Characterise the principles of insurance market segmentation.
The literature:
1. , a book under edition of professor Reitman L.I., The
bank and exchange scientific consultative center, M., 1992.
2. Basacov I.I. , Rostov-on-the-
Don, , 1999.
3. Serbinovski B.U., Garikusha V.N. , Rostov-on-the-
Don, , 2000.
4. under edition of L.I. Korchevskaia, ..
Turbina, ., , 96.
5. Gvozdenko A.A. " ", .,
, 1998.
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