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Social and pension insurance problem in Russian Federation

Problemy ubezpieczeń społecznych i emerytalnych w Federacji Rosyjskiej

Author(s): Maria Balcerowicz-Szkutnik,Włodzimierz Szkutnik / Language(s): Polish / Issue: 415/2016

Keywords: pension system in Russia; demographic indicators; pension reform in Russia

Article is an analysis of current state of pension system in the biggest country of central-eastern Europe – Russian Federation; Russian Federation has very diversified territory in terms of demographic and economic factors. In article there are presented: general scheme of functioning of social & pension insurance systems, historical view on those systems in Russia and very differentiated regions in Russian Federation in terms of demographic and economic factors. It will allow to indicate estimated changes of pension reform which will happen in Russian Federation in the coming years.

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The motives of purchase voluntary insurances by farmers of the Middle Pomerania

Motywy zakupu dobrowolnych ubezpieczeń przez rolników Pomorza Środkowego

Author(s): Agnieszka Kurdyś-Kujawska / Language(s): Polish / Issue: 415/2016

Keywords: agricultural activity; voluntary insurance; motives of insurance purchase

Due to their specific nature agricultural activity is exposed to a number of risks, which outbreak may cause the loss of production and the instability of the agricultural holding. One of the tools of risk management in agriculture is insurance, which guarantees to compensate losses and payment of benefits in cash in the event of the occurrence of unfavorable events on a farm. The aim of this article is to define motives inducing farmers to purchase voluntary insurance and to identify links between motives of voluntary insurance purchase and selected characteristics of a farm. The source of information was the questionnaire used among owners or managers of a farm in the region of Middle Pomerania. Multivariate correspondence analysis was used to accomplish the objective. A role of dependent features was played by four of eight variants of features concerning the motives ofvoluntary insurance purchase and they were: fear for the future of a farm, experience the damage, unfortunate event at friends/family and a low price.The choice was dictated by the largest sum of ranks for individual options.

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Supervision over the globally functioning insurance institutions – capital requirements

Nadzór nad globalnie działającymi zakładami ubezpieczeń – wymogi kapitałowe

Author(s): Robert Kurek / Language(s): Polish / Issue: 415/2016

Keywords: insurance; supervision; solvability; capital requirements

The study presents the characteristics and analysis of capital requirements (SCR + capital charge) as well as the internationally (ICS) and globally (BCR + HLA) suggested ones, implemented in the European Union and provided for insurance institutions at various levels of their organization and spatial operations. Both the analysis and assessment were performed based on subject literature studies, legislation in force and in preparation and also source documents in the form of reports and studies conducted by international institutions. The analysis confirmed that the increased capital requirements allowed for higher capacity of loss absorption and the lower probability of insurance institutions failure worldwide. The implementation of requirements may, however, result in some difficulties in the functioning of global insurance institutions as well as limit some areas of their operations.

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Perspectives for the classic cars insurance market in Poland

Perspektywy dla rynku ubezpieczeń samochodów zabytkowych w Polsce

Author(s): Sergiusz Lenhardt / Language(s): Polish / Issue: 415/2016

Keywords: classic car; classic car insurance; car valuation

The article was devoted to the topic of classic car insurance market in Poland and its coming perspectives for growth. Particular attention was dedicated to terms with classic cars AC insurance, like service availability, valuation matters and liquidation of damages. The aim of the article was to investigate by analyzing foreign insurers’ offers and available domestic materials, expected development directions of classic car insurance products in Poland. The paper consists of three main parts: the initial one in which there is described a present situation in Poland, the second with coming perspectives and the third about foreign solutions’ analysis.

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Mechanism of insurance group supervision in new EU regulations

Mechanizm nadzoru nad grupą ubezpieczeniową w nowych regulacjach unijnych

Author(s): Jerzy Łańcucki / Language(s): Polish / Issue: 415/2016

Keywords: three levels of supervision; group supervision; college of supervisors

The new architecture of financial supervision subject to Solvency II is formed on three levels. The first level is made up of the framework directive (Solvency II with its amendments), the second level of delegated acts and the third level of binding technical standards as well as guidelines. The Solvency II Directive regulates all basic issues related to the functioning of group supervision and the college of supervisors. Specific questions regarding group supervision and the functioning of the college shall be governed by the guidelines and binding technical standards. The analysis of accepted regulations indicates that the role of the European Commission, granted the power to adopt delegated acts and regulatory technical standards, has increased significantly. The key role has been assigned to the group supervisor. This, however, may lead to a situation where the competent state authority which is a supervisor of a group of dependent entities will have limited powers in the decision-making process at the group level. Therefore, it will be difficult to find a balance in the process of supervision between home and host states.

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The marketing meaning of customers as users of insurance services

Author(s): Beata Nowotarska-Romaniak / Language(s): English / Issue: 415/2016

Keywords: insurance market; insurance service; customer; insurance awareness; need; information

It is very important for insurance companies to know the needs of customers, because their satisfaction guarantees future profits. A satisfied customer works on behalf of an insurance company, not only by making another purchase of an insurance service, but also by shaping a positive opinion about the firm. This article shows the results of the survey defining the range of marketing essence of customers as users of insurance services.

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The participation of young people in the additional pension scheme

Partycypacja osób młodych w dodatkowym systemie emerytalnym

Author(s): Sylwia Pieńkowska-Kamieniecka / Language(s): Polish / Issue: 415/2016

Keywords: additional pension scheme; young people; individual pension programs; occupational pension programs

The article presents the attitude of young people to saving for retirement and participating in the additional pension programs. The article shows the scale of participation in these programs and barriers to saving for retirement among young adults in Poland and in the selected countries in the world. According to the research results, young people think that saving for retirement is important, but it is not a current priority. Consequently, the rates of participation of young adults in Poland in the additional pension schemes are low. Within the main reasons of this situation are the lack of money to invest and the uncertain economic situation. On the other hand a pay rise, more generous tax breaks on pension products and providing retirement plan into which not only employee, but also employer could contribute, would encourage young people to save additionally for retirement. The article presents the attitude of young people to saving for retirement and participating in the additional pension programs. The article shows the scale of participation in these programs and barriers to saving for retirement among young adults in Poland and in the selected countries in the world. According to the research results, young people think that saving for retirement is important, but it is not a current priority. Consequently, the rates of participation of young adults in Poland in the additional pension schemes are low. Within the main reasons of this situation are the lack of money to invest and the uncertain economic situation. On the other hand a pay rise, more generous tax breaks on pension products and providing retirement plan into which not only employee, but also employer could contribute, would encourage young people to save additionally for retirement. The article presents the attitude of young people to saving for retirement and participating in the additional pension programs. The article shows the scale of participation in these programs and barriers to saving for retirement among young adults in Poland and in the selected countries in the world. According to the research results, young people think that saving for retirement is important, but it is not a current priority. Consequently, the rates of participation of young adults in Poland in the additional pension schemes are low. Within the main reasons of this situation are the lack of money to invest and the uncertain economic situation. On the other hand a pay rise, more generous tax breaks on pension products and providing retirement plan into which not only employee, but also employer could contribute, would encourage young people to save additionally for retirement.

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Insurance commisions as a determinant of banks’ strategies based on co-operation with an insurance companies

Wynagrodzenia z tytułu sprzedaży ubezpieczeń jako wyznacznik strategii rozwoju banków opartych na modelu współpracy z zakładami ubezpieczeń

Author(s): Piotr Pisarewicz / Language(s): Polish / Issue: 415/2016

Keywords: insurance commission; bank; insurance company; interest income; income from fees and commissions

The aim of this research study is to analyze the level of commisions from insurance sales as an indicator of the development strategy of commercial banks based on the model of cooperation with insurance companies. Changes in banks’ financial parameters were tested against external factors which included particular two strategic elements influencing the cooperation of banks and insurers: Recommendation U issued by the KNF and changes in interest rates level. The study involved financial statements of exchange quoted banks for the years 2011-2014, ie. the period in which the KNF implemented new regulations and the MPC undertook decision by successive lowering of interest rates. The analysis of financial reports indicated that the level of remuneration for the sale of insurance products was radically different for different banks. Selected entities therefore implement their strategies based on the substantial cooperation with insurance companies and with an emphasis on other types of products. The results presented in subsequent chapters showed the diversity of the banking sector and different ways to gain a strong competitive position. The analysis pointed to current trends in the banking sector showing the influence of the examined factors and parameters on changes currently taking place in the financial market.

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Selected method of estimating the risk of health accounts

Wybrana metoda oszacowania ryzyka rachunków zdrowia

Author(s): Agnieszka Przybylska-Mazur / Language(s): Polish / Issue: 415/2016

Keywords: risk; entropy; health care; health account

Risk is an inherent element of many design processes, that is the processes that lead human activity from the initial state − the problem to solve, which in the article is health care expenditure, to a final state − the desired result, which in this article is the needs related to health care. Therefore, a decision-making process requires risk analysis. In this article we use entropy for the assessment of uncertainty and the analysis of health accounts.

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Catastrophic and non-catastrophic risk management tools in agriculture – comparative analysis of traditional and index insurances

Instrumenty zarządzania ryzykiem katastroficznym i niekatastroficznym w rolnictwie – analiza porównawcza ubezpieczeń tradycyjnych i indeksowych

Author(s): Paweł Rozumek / Language(s): Polish / Issue: 415/2016

Keywords: crop insurance; index insurance; weather index; yield index; premium structure

The low level of penetration of compulsory subsidized crop insurance, operating in Poland since 2008 justifies the discussion on the amendment of the crop insurance system in Poland, with new tools whichbecause of the lower price would be able to spread more than traditional solutions. Research goal of this study is to compare traditional crop insurance (currently operating in Poland) and crop insurance index, including weather-based and areayield index insurances. The criterion of the comparison is, one of the most important elements influencing the decisions of the buying a mandatory crop insurance, the premium paid. Due to the lack of insurance practice in Poland in the field of index insurance, the analysis is based on theoretical assumptions of net premiums determination and other elements influencing the value of the premium paid by the policyholder. The criterion allowed to isolate significant differences in analyzed insurance products.

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Balance sheet of insurance companies for solvency requirements and for statutory purposes – similarities and differences

Bilans zakładów ubezpieczeń na potrzeby wymogów wypłacalności i do celów statutowych – podobieństwa i różnice

Author(s): Ewa Spigarska / Language(s): Polish / Issue: 415/2016

Keywords: balance sheet; solvency; accounting; valuation of assets and liabilities

According to the Solvency II Directive insurance companies operating in European Union countries are obliged to carry out two separate reporting systems. In accordance with the requirements of the Directive insurance and reinsurance companies will have to report on their solvency and publicly disclose them. At the same time they will be required to report for the purposes of accounting law, which follows clearly the accounting legislation and International Financial Reporting Standards. One of the basic elements of the report is the balance sheet that shows the assets and sources of its funding by insurance companies. This paper will present similarities and differences in the compilation of the balance sheet for solvency purposes and for statutory purposes. It will identify the valuation of assets and liabilities for two separate reporting systems, as well as the possibility of using the accounting data for the solvency purposes. Unfortunately, the introduction of the new regulations mean for insurance companies conducting double reporting.

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Identification of the key determinants of subsidized crop and livestock insurance purchase

Identyfikacja kluczowych determinant zakupu dotowanego ubezpieczenia upraw rolnych i zwierząt gospodarskich

Author(s): Grzegorz Strupczewski / Language(s): Polish / Issue: 415/2016

Keywords: insurance; crop insurance; demand for insurance; logistic regression

The importance of insurance in risk management strategy of farms has been one of the most important issues taken by the theorists and practitioners of insurance for many years. Insufficient demand for this type of protection, in spite of obvious dangers (especially natural) and continuous improvement of various systems of public support for market-based mechanism (eg. in the form of government subsidies for premiums and indemnities, publicprivate partnership), raises the question about factors that influence the decision to purchase crop insurance for farmers. The aim of the paper is to identify variables significantly affecting the purchase of crop and livestock insurance in Poland and to build an econometric decisionmaking model determining the probability of the insurance purchase. The analysis based on a logistic regression model has led to the conclusion that the decision to purchase crop insurance is conditioned by two factors: farm area and willingness to pay (WTP) the insurance premium. The direction of impact of the two variables is positive. The odds to purchase the insurance policy is 2.07 times higher if a farm has a bigger area of agricultural land. The higher the insurance premium which a farmer is willing to pay, the more likely is the purchase of crop insurance. The one percent increase in declared WTP is associated with a 1.73 times greater chance to purchase crop insurance.

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The method of selection of preferential insurance forms based on risk analysis and profitability in financial strategy of insurance companies

Rodzaje ubezpieczeń w strategii finansowej zakładów ubezpieczeniowych rekomendowane na podstawie analizy ryzyka i rentowności – metodologia wyboru

Author(s): Tatiana Verezubova / Language(s): Polish / Issue: 415/2016

Keywords: insurance; analysis; risk; profitability; recommendations

In terms of convergent economy, increasing risks and uncertainty it is important to choose the right direction of development of specific insurance types. A solution to this problem may be achieved by opening the internal resources that ensure implementation of the main objectives of financial strategies and the achievement of desired economic and social benefits by optimizing management actions that improve profitability, reduce risk and thereby ensure financial security of insurers. To solve the corresponding problems it is proposed to use wider economic and mathematical methods that will help in terms of validity of parameters with more reality to achieve positive results. For this purpose, the matrix is developed that provides the ability to optimize the subject structure of insurance services. Proposed original method of choosing the strategy of development of preferential insurance forms based on risk analysis and profitability increases insurance contributions and thus increases the profitability of farming.

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On the use of copula in ratemaking

Taryfikacja a priori z wykorzystaniem kopuli

Author(s): Alicja Wolny-Dominiak,Stanisław Wanat / Language(s): Polish / Issue: 415/2016

Keywords: ratemaking; GLM; copula; pure risk premium

In the current insurance practice in ratemaking the generalized linear models GLM are used. Most often, separately expected value of expected claim frequency and expected value of claim severity for individual risk taking important thesis of independence of both variables are estimated. The article confronts an alternative approach in which a relationship between these modeled variables using a copula function is acceptable. In the proposed model there were estimated both variables distribution joint as well as their marginal distributions. This allowed the estimation of the expected value of the total claim amount which is interpreted as a pure risk premium for individual risk. For the estimation there was used the likelihood function containing a specified copula function. To illustrate the functioning of the model a numerical example was shown/presented/demonstrated, which uses data from motor insurance databases. The calculations were carried out using the {CopulaRegression} R-package.

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The idea of green economy in the EU vs. perspectives of renewable energy development in Poland

Idea zielonej gospodarki w UE a perspektywy rozwoju energetyki odnawialnej w Polsce

Author(s): Bernadeta Baran / Language(s): Polish / Issue: 416/2016

Keywords: renewable energy sources; green growth; sustainable development

Renewable energy is a leading and forward-looking energy technology In many countries energy policy in the field of renewable energy sources is a significant development branch, providing new sources of growth thanks to creating “low-carbon” technologies, new markets and jobs. Also EU focuses on sustainable development, supporting economy which is more efficient, “greener” and competitive. Meanwhile in Poland, the renewable energy sector is still being created and carbon remains the main source of energy. The aim of the article is to present the idea of green growth in the EU and also the condition and perspectives of renewable energy sources development in Poland.

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Validity of social capital in shaping social cohesion

Ważkość kapitału społecznego w kształtowaniu spójności społecznej

Author(s): Beata Będzik / Language(s): Polish / Issue: 416/2016

Keywords: social cohesion; social capital; socio-economic development; local development; cooperation

The purpose of this article is to present social capital and its role in the development of social cohesion. Social capital has recently become a fundamental area of interest for both policy and research in the context of soft factors of socio-economic development. Although the very concept belongs to neologisms, the essence of social capital, i.e. trust, cooperation, etc. has virtually always been known and used. The construction of social capital based on trust, participation and civil involvement suggests its significant usefulness in shaping social cohesion, especially at a local level. This category can adequately support the creation of local policies in the fight against unemployment, social exclusion and other areas in order to strengthen social cohesion. However, due to a peculiar duality of social capital this process should be guided in a thoughtful manner.

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Economic growth vs. changes in the economic and social cohesion in Central and Eastern European countries

Wzrost gospodarczy a zmiany w spójności gospodarczej i społecznej w krajach Europy Środkowo-Wschodniej

Author(s): Jan Borowiec / Language(s): Polish / Issue: 416/2016

Keywords: Central and Eastern Europe; regional convergence; economic and social cohesion; European Union

The paper presents changes in the economic and social cohesion in Central and Eastern European countries in the period 2004-2014, and determines interdependence between these changes on the economic growth. To achieve this goal descriptive statistics and correlation analysis were employed. The result shows that in the period under analysis, the economic and social cohesion increased on the national level. This process was supported by the economic growth, especially its more social aspect such as decreasing economic differences among countries as well as falling risk of poverty or social exclusion. However, cohesion decreased on the regional level measured as a dispersion index of regional GDP per capita and regional employment rate. Relation between the economic growth and the economic and social cohesion on the regional level was therefore negative.

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Euroization as an effect of slower monetary integration in the European Union

Euroizacja jako skutek spowolnienia integracji monetarnej w Unii Europejskiej

Author(s): Jarosław Czaja / Language(s): Polish / Issue: 416/2016

Keywords: Euro; monetary integration; European Union

The aim of this article is to draw attention to the issue of the established economies of the euro in the European Union countries with a derogation in relation to the weakening of belief in the significant benefits irrevocable and complete changes of domestic currency to a common currency. This issue has become particularly important because it introduced a lot of facilities supporting the use of the euro in national circulation, in spite of difficulties in meeting the nominal convergence criteria. It lasted long enough to make some adjustments in favor of the use of the euro meant that there was an unexpected opportunity to obtain benefits from the incomplete departure from the national currency (this can be called a kind of euroisation).

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Social cohesion in selected countries of the European Union

Spójność społeczna w wybranych krajach Unii Europejskiej

Author(s): Mariusz Czupich / Language(s): Polish / Issue: 416/2016

Keywords: social cohesion; quality of life; Central and Eastern Europe

The primary purpose of the European Union is to reduce the differences in the level of economic and social development between member states. A particularly important aspect of the activities of the Community is social cohesion, which is to eliminate disproportions in the level of social development. The article presents an analysis of selected countries in Central and Eastern Europe in terms of basic human development indicators over the past several years. The study enables the answers to the questions: whether in the European Union there is an increase in social cohesion and which of the CEE countries have made the greatest social progress since the entry into the EU.

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Cross-border innovation systems development in a globalizing world – the Venlo-Nieder- rhein example

Rozwój transgranicznych systemów innowacji w dobie globalizacji – przykład regionu Venlo-Niederrhein

Author(s): Małgorzata Dziembała / Language(s): Polish / Issue: 416/2016

Keywords: innovativeness; cross border innovation system; cross border economic cooperation

Nowadays, the economic relationships between border regions are developing and intensifying. The range of mutual cooperation is also expanding including not only trade and production, but also science and technology. Tightening the relationships means that the process of creation and diffusion of knowledge in the cross-border dimension occurs. Transformations of these regions economies’ structures should aim at developing the crossborder innovation systems. The operation of such a system can bring a lot of benefits. However, the process of creating such a cross-border innovation system is complex and gradual because it requires the mitigation of the existing distances. Among them, the institutional distance needs to be indicated, in the formal but also the informal dimension. The aim of the article is to analyse the development of cross-border economic relations and to identyfy the benefits resulting from the cooperation in the field of innovation. The cooperation on innovation exectuted in the Venlo-Niederrhein region on the German-Dutch borderland and institutional barriers of its implementation will also be discussed.

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