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Developing trends influencing world insurance market and Czech insurance market
Mišičková, Daniela ; Daňhel, Jaroslav (advisor) ; Klaban, A (referee)
Today's globalization leads to a wide range of new developing trends influencing the insurance market. The main one is a variance in the character of risks. The generation of new threats means for insurers to face up a difficultness with an identification of risks and a prediction of future damages. Solutions of a catastrophic impact of damages are hidden in an alternative transfer of risks and a higher level of assurance. The treat of longevity has its own impact, too. Demographic shock caused by a strain of population has turned people in advanced western markets to life-insurance. Mainly, because of a current insufficient set up of pensions systems, people has searched a new possibility how to insure their post-active life. It has enabled a development of life-insurance products focusing on individual clients' needs and providing several components of flexibility and variability. As a next globalization push, I cannot omit concentration and consolidation ongoing nowadays on the insurance market. Rise of giant conglomerates can be seen in the accent of cost reduction, diversification of risks and using enormous financial power. Nevertheless, the main impulse has risen from the still changing clients' needs with the necessity of obtaining complex financial service. Last but not least, I would like to mention the implementation of a regulatory project Solvency II accompanying by IFRS in the field of the insurance market. Their objectives are a reduction of information asymmetry, a higher stability of the insurance market and transparency and comparability of insurers' financial reporting leading to higher clients' protection.
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