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Financial Stability Issues and Stress Testing of the Insurance Sector
Hauryliuk, Nadzeya ; Jakubík, Petr (advisor) ; Čech, František (referee)
The purpose of this thesis is to provide an overview of risk and vulnerabilities for financial stability of the European Insurance sector. The methods and principles of risk assessment are examined, as well as their application for the insurance sector. The current macroeconomic situation and its impact on insurers' financial stability is described. Downward changes of interest rates are identified as the biggest current risk. This results from a system-wide stress test conducted by EIOPA (European Insurance and Occupational Pensions Authority), analysis of sensitivities published by several big European Insurers published on a yearly basis and finally from an econometric analysis of the relationship between market data and changes in macroeconomic variables. Keywords financial stability, stress testing, insurance sector, insurance risks
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Business Model Analysis of the Czech Peer-to-Peer Insurance Carrier
Doležalová, Radka ; Polák, Petr (advisor) ; Hanus, Luboš (referee)
This thesis provides comprehensive description of a new phenomenon of peer-to-peer in- surance focusing on the classification of its main tendencies. The extended overview is accompanied by the original and unique analysis of the business model of The First Club Insurance Carrier, the only Czech peer-to-peer insurance company. The suitability of the concept developed by The First Club Insurance Carrier is tested using five different scenarios derived from its competitors on the Czech insurance market. The profitability and ability to produce payable bonuses for clients in an appropriate amount as proposed by the founders of the company are considered on the ground of scenarios simulating the future development of The First Club Insurance Carrier. On the basis of the created prediction scenarios, the research concludes that the company could achieve a positive economic result in next few years. The amount of givebacks (payable bonuses) has not accomplished the expected amount of 15% of the gross earned premium but it ranges between 9% and 10% in most scenarios. This thesis offers also some requirements for more favorable outcomes (such as a better distribution of gross earned premium between reinsurance and claims expenses). The subsequent what-if analysis showed the insignific- ance of the potential...
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Financial Stability Issues and Stress Testing of the Insurance Sector
Hauryliuk, Nadzeya ; Jakubík, Petr (advisor) ; Čech, František (referee)
The purpose of this thesis is to provide an overview of risk and vulnerabilities for financial stability of the European Insurance sector. The methods and principles of risk assessment are examined, as well as their application for the insurance sector. The current macroeconomic situation and its impact on insurers' financial stability is described. Downward changes of interest rates are identified as the biggest current risk. This results from a system-wide stress test conducted by EIOPA (European Insurance and Occupational Pensions Authority), analysis of sensitivities published by several big European Insurers published on a yearly basis and finally from an econometric analysis of the relationship between market data and changes in macroeconomic variables. Keywords financial stability, stress testing, insurance sector, insurance risks
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