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Empirický bayesovský přístup v mikromodelech pro výpočet rizika rezerv
Fedorčáková, Claudia ; Zimmermann, Pavel (advisor) ; Bílková, Diana (referee)
The traditional reserve estimation by an insurance company is based on the aggregated data. However, new trend is to utilize all the information available and analyse each claim separately. This way the application of claims specific features, such as non-proportional reinsurance or policy limits, is possible. The aim of this thesis is to construct the reserving model based on the individual claims. Following the recent legislative changes, the reserve risk has been redefined from ultimate claim horizon to a one-year risk horizon. Hence, the next task is to setup simulation model to calculate one year horizon reserve risk by updating the estimates based on new observations collected over one year. This is a typical task for Bayesian approach, therefore the model components are estimated using the tools of Bayesian statistics.
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Investment life insurance
Bláhová, Lucie ; Bílková, Diana (advisor) ; Valová, Pavlína (referee)
This diploma thesis deals with the investment life insurance. Investment life insurance combines the classical life insurance and the investments in open-end mutual funds. It is a widely discussed financial product, especially for its high expensiveness. Nevertheless, the investment life insurance holds a significant share of the insurance market. The aim of this diploma thesis is the analysis and exploration of investment life insurance market in Czech Republic. The thesis consists of theoretical and practical part. In theoretical part the basic concepts of this insurance product are defined. Theoretical part further contains the theory related to time series analysis and the description of mutual funds. Practical part deals with the five most significant insurance companies in Czech Republic, compares various mutual funds and analyses the selected mutual fund in detail. The forecast of selected mutual fund price development was performed. It turned out that the price forecasting is complicated because of variety of factors affecting the price behaviour. Further, the calculations of insurance premiums and technical provisions were performed. MS Excel was used for the calculations and the time series analysis was performed using the statistical software Eviews. Diploma thesis assists the readers with the orientation in the investment life insurance problematics.
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Technical provisions of insurance companies and its formation
Matějková, Radka ; Radová, Jarmila (advisor) ; Burešová, Jana (referee)
This bachelor thesis is focusing on technical provisions in the system of insurance. The aim is to provide a comprehensive overview about technical provisions in accordance with valid legal regulations of the Czech Republic. First of all, particular kinds of technical provisions and financial instruments into which insurance companies can invest the resources of technical provisions are described. The following section contains an analysis of the development of technical provisions and their dependence on written premium. The final section is dedicated to technical provisions and their financial placement in Ceska pojistovna, where the productiveness of investments is quantified for the year 2011.
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Technical provisions in accounting of an insurance company
Vondráková, Ivana ; Bokšová, Jiřina (advisor) ; Tršková, Vladimíra (referee)
Technical provisions represent one of the most important item of liabilities in accounting of an insurance company. Technical provisions reperesent liabilities for clients of the insurance companies. The exact amount of these provisions is not known in advance. The main reason for generating technical provisions by insurance companies is to fulfill the liabilites arising from insurance and reinsurance contracts in the future. The first chapter of this thesis deals with the principle of the provisions in accounting in general. The next chapters deals with the provisions generated according to IFRS and the czech law. The most extensive chapter describes the technical provisions from the perspective of the czech law for insurance companies. The examples of the technical provisions are the integral part of the thesis.
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Audit of Financial Placement in Insurance Companies
Valenta, Petr ; Ducháčková, Eva (advisor) ; Daňhel, Jaroslav (referee)
The thesis provides comprehensive overview of financial placement in insurance companies including practical aspects and assessment of impact of financial crisis on investment strategy of insurance companies. The aim is to emphasise importance of statutory audit as a guarantee of trueness and fairness of financial statements. The thesis also describes most common audit methods applied in financial placement area.
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The technical provisions and their picture in the accounting
Rambousková, Pavla ; Bokšová, Jiřina (advisor) ; Randáková, Monika (referee)
Technical provisions representthe most important item of the liabilities of insurance companies. First chapter of this thesis deals with the characteristics and the sense of provisions in any accounting entity. The next chapters are concerned with the regulation of provisions according to the current czech account and tax law and to the IAS/IFRS. The next chapter is the most extensive. This chapter describes technical provisions and rules for their creation, accountig, measurement according to the current valid law in the Czech republic. The subchapters describe the particular technical provisions and their differenties and calculation. The related topics of the reinsurance and the financial placing are presented here too. The examplas for accounting of the technical provisions int the life and the non-life insurance company are shown in the practical part of this thesis.
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Covariance extension of Chain-ladder method
Žváčková, Lenka ; Marek, Luboš (advisor) ; Hasil, Jakub (referee)
This diploma thesis deals with technical reserves in non-life insurance, in particular with provisions for future claim payments for damages that have occurred, but has not yet been reported to the insurance company. This type of provision is known by the acronym IBNR. After the introductory section containing a general introduction to the issue of claims reserving in non-life insurance different approaches to modeling of IBNR reserves are briefly presented. Subsequently, full attention is given to Chain-ladder method, which is most frequently used in the actuarial practise for the purpose of claims reserving. This method is then presented progressively from its simplest form of a simple computing algorithm followed by Mack's stochastic model to the last theoretical part of this part describing extended form of Chain-ladder method with relations between different groups of insurance portfolio included. In the very last section, all the lessons are demonstrated on real data to give readers an idea of how the process of claims reserving works is in the common actuarial practice.
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Analysis of technical provisions in non-life insurance
Masner, Václav ; Marek, Luboš (advisor) ; Potužil, Jiří (referee)
Technical provisions represent the liabilities of the insurance company to its clients. In contrast to other liabilities the exact volume of technical provisions is not predetermined. This thesis is focused on technical provisions in non-life insurance, mainly on claims provisions, that are the most significant type of provisions in non-life classes of business. The aim is to analyse methods leading to the estimate of the value of ultimate claims arising from insurance events, that happened during the given time period. Claims provision is the part of ultimate claims, that has not already been paid. The speciality of some insurance classes as well as several factors, that may influence the correct estimate of claims provisions, are also analysed. The goal of this thesis is to present various possible ways, how to deal with these factors in order to prevent distortions of the estimate of ultimate claims. Finally the evaluation of the exactness of estimates and consequences, that the incorrect estimate may cause, are presented.
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