Tomislava Pavić Kramarić, Marko Miletić and Renata Kožul Blaževski
Background: Financial stability or soundness of insurance companies has gained importance over the years, especially after the financial crisis of 2008. Various stakeholders such as policy makers, regulators, the insured, etc. are interested in keeping the insurance sector stable since it contributes to overall financial stability.
Objectives: The authors explore the determinants of insurers’ soundness in selected countries in Central and Eastern Europe. The analysis covers life, non-life and composite insurers that operated in Croatia, Hungary, and Poland in the period 2013 – 2017.
Methods/Approach: A set of insurer – specific, industry – specific and macroeconomic variables are taken into consideration for having a potential influence on soundness measured by the Z-score. The variables include the size based on total assets, the share of premium ceded to reinsurance, claims growth, gross written premium growth, the premium to surplus ratio, market shares held by the five largest insurers, the share of gross written premium in the gross domestic product (GDP) and the GDP per capita growth.
Results: The findings reveal that soundness of Croatian insurers is positively influenced by the size of an insurer. Both in Hungary and Poland reinsurance plays an important factor positively affecting soundness.
Conclusions: Each of the insurance markets covered by the analysis reveals its characteristics and offers guidelines on factors influencing financial stability.
accounting Barton (2011) claims that government agencies need a different type of accounting system, because the purpose of government organizations is significantly different from the purpose of private businesses. Meanwhile, Jagalla, Sabastian, Becker, & Weber (2011) think that the claims about the benefit of accrual in government accounting and budget reforms have been massively overstated.
Budgetary accounting is a practice of keeping and presenting accounting operations in the same format alongside with the execution of the budget in double entry. An accrual
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millennium B.C. and the stone cruciform monument from Sippar in Mesopotamia, which is now in the British Museum. The inscriptions are thought to be a forgery designed to strengthen the claim of the temple to its revenues ( Parker, 1991 ).
Second, PSCA may be seen as a threat to the (limited) trust that citizens may have of their central, regional and local governments and of those who manage public services. If public sector financial information is seen to be unreliable, biased and infected with creative accounting techniques, then it quickly becomes part of ‘Fake News
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The main aim of the article is to assess the vulnerabilities and resilience of a Romanian non-life insurance company in the context of different predefined insurance stress scenarios: natural catastrophe scenario and business scenario. The natural catastrophe scenario consists in two distinct scenarios: earthquake and flood, which were carried out separately and aggregated based on three stress factors: increasing by 15% of PML, increasing by 5% of the gross best estimate claim provisions and reinsurer’s incapacity to pay. The business stress scenario was based on four stress parameters: increasing by 3 % of the claims provisions due to the inflation impact, increasing by 10% of the gross earned premium for MTPL due to the legislative changes, increasing by 15% of the claims provisions for MTPL due to the increase of frequency and severity of the losses induced by the exposure growth as a result of the lower premiums and decreasing by 10% of the ceded best estimate. The results of the stress testing shown that the insurer is more sensitive to business scenario compared to natural catastrophe scenario due to the significant exposure on the MTPL line of business. High exposure to earthquake risk is a characteristic for Romania and the stress testing results confirm the vulnerability of the insurer to the earthquake scenario (non-compliance of the solvency capital requirements), due to the biggest impact of the factor: reinsurer’s incapacity to pay. Therefore, the quality of reinsurance is very important for Romanian insurance companies to be able to manage the risks arising from the seismic events and to be compliant with the regulatory solvency capital requirements.
This paper has taken an insight to the systemic models of family business from the open systems perspective. I focus on family business system models and on the subsystems content of family system and ownership system in family business context. The paper claim that the open system perspective on intercultural family businesses has both theoretical and empirical implications on family business research. Family businesses have many reasons, including family conflicts over money, nepotism leading to wrong management, and infighting over the succession of power from one generation to the other. Regulating the family’s roles as shareholders, board members, and managers is very important because it can help avoid these pitfalls. This paper will discuss the importance of the openness of the company through five the attributes of enduring family businesses: ownership, family, business and portfolio governance, wealth management, foundation. Dimension of attributes success have taken family business like five jewelers.
Our effort focuses on the development of a process of cross-cultural peer coaching through which we have sought to grow as reflective practitioners and strengthen authentic conversations between two individuals, from Poland and the United States. By building a theoretical framework around peer coaching, intercultural interaction, and auto-ethnography we have worked to make explicit our development as educators working to enrich the process of the organizational learning and to make education more open, democratic and human. As Kottler  claims, it is possible to find stages that a tourist goes through during the process of recognizing and knowing another culture that was used to mirror the sensation of the professional growth. The findings shed light on how peer coaching might be strengthened, as well as the development of an observation protocol to structure such reflective and, ultimately, life changing work.
Much literature exists on the topic of ‘organisation’. Many different academic disciplinary areas stake their claim to aspects of business organisation. The social sciences offer many different perspectives of the phenomena associated with it; as different lenses, through which the object is perceived very differently. According to social constructivists, the business organisation is socially constructed. For psychologists, it exists at the nexus of individual human needs. For economists, the business organisation operates as a mechanism responding to signals of supply and demand. In this paper the business organisation is re-imaged as an entity existing within, and comprised of, chaotic systems. On the basis of a synthesis of seminal theory this paper attempts to offer a holistic perspective of business organisations; that ‘pulls together’ these multidisciplinary perspectives. On the basis of this synthesis, it is argued that the organisational context is inherently endogenous, and that qualitative research methods might offer management scientists a more valid perspective of the relationships within organisations than empirical methods can.
One can find at the level of the specialized literature a heated debate on the metaphor that defines the status of the international economy and human society. Some analysts argue that the Third Industrial Revolution is currently undergoing an advanced stage, while others claim that due to the speed, scale and impact of the transformations that have taken place, the fourth industrial revolution has already begun. This paper analyzes how the artificial intelligence, personalized medicine, virtual reality or the internet of things are a few motors that fueled the advance to the Fourth Industrial Revolution and their impact on cognitive competencies, skills and abilities to guarantee tertiary education programs. The main analytical hypothesis is that technology is the one that encourages humanity to accelerate and focus on changes in other areas, especially that the risk of increasing gap between technological advance and in areas such education appears. The paper examines the concrete way in which transformations that follow a symbiosis of man with technology contribute to the configuration of a new paradigm to which the educational environment has to face with. The paper aims also to highlight the main challenges of the educational environment in relation to the fourth industrial revolution, and what are the necessary transformation for a good correlation of the human capital with technological progress. Emphasis is on new sets of skills, creativity, innovation, so that new business models can be developed and applied in a changing environment.