RESEARCH ON INTERNAL INDICATORS OF FINANCIAL STABILITY OF INSURANCE COMPANIES IN THE REPUBLIC OF SERBIA
Ključne reči:
osiguranje, finansijska stabilnost, CARMEL, analiza glavnih komponenata, klaster analiza
Sažetak
Dinamične promene u sektoru osiguranja zahtevaju novi sistem mera
performansi, koji omogućava monitoring većeg broja segmenata poslovanja društava
za osiguranje i zadovoljava različite informacione potrebe velikog broja stejkoholdera.
U skladu sa tim, u Republici Srbiji se primenjuje multidimenzionalni sistem mera
performansi – CARMEL okvir, koji je definisan u skladu sa metodologijom
Međunarodnog monetarnog fonda. S obzirom na to da ovi indikatori ukazuju na
efikasnost različitih poslovnih segmenata, analiza performansi društava za osiguranje
se ne može bazirati samo na jednoj grupi pokazatelja. Ocena finansijske stabilnosti i
rangiranje osiguravajućih društava može se izvršiti upotrebom različitih algoritama za
rudarenje podataka. Dobijeni rezultati pokazuju da se ključni interni faktori finansijske
stabilnosti ovih društava menjaju u različitim ekonomskim uslovima. Tokom perioda
finansijske krize najveći uticaj na finansijsku stabilnost imali su kvalitet menadžmenta,
kao i profitabilnost i likvidnost osiguravajućih društava. Klasifikacija društava za
osiguranje prema ostvarenim performansama je upoređena sa zvaničnim rangiranjem
koje vrši nadzorno telo na osnovu vrednosti imovine i ostvarenih premija. Može se
zaključiti da najveća osiguravajuća društva nisu i najuspešnija u svim ekonomskim
uslovima. Neadekvatno upravljanje kapitalom, kao i nemogućnost generisanja
investicionog portfolia i portfolia osiguranja, dovode do drastičnog smanjenja
profitabilnosti ovih društava.
Reference
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Almajali, A. Y., Alamro, S. A., & Al-Soub, Y. Z. (2012). Factors affecting the financial performance of Jordanian insurance companies listed at Amman Stock Exchange. Journal of Management research, 4(2), 266-289.
Authors. (2018). Economic determinants of insurance demand in the Republic of Serbia. In Kočović, J. et al. (Eds.), Insurance in the Post-crisis Era (pp. 135-153). Belgrade, Serbia: University of Belgrade, Faculty of Economics Publishing Centre.
Banker, R. D., Janakiraman, S. N., & Konstans, C. (2001). Balanced scorecard: linking strategy to performance. Financial Executives Research Foundation.
Bawa, S. K., & Chattha, S. (2013). Financial performance of life insurers in Indian insurance industry. Pacific Business Review International, 6(5), 44-52.
Camarero, C. (2007). Relationship orientation or service quality? What is the trigger of performance in financial and insurance services?. International Journal of Bank Marketing, 25(6), 406-426.
Cummins, J. D., Dionne, G., Gagné, R., & Nouira, A. H. (2009). Efficiency of insurance firms with endogenous risk management and financial intermediation activities. Journal of Productivity Analysis, 32(2), 145-159.
Danielsson, P. E. (1980). Euclidean distance mapping. Computer Graphics and image processing, 14(3), 227-248.
Das, M. U. S., Podpiera, R., & Davies, N. (2003). Insurance and issues in financial soundness (No. 3-138). International Monetary Fund.
Felício, J. A., & Rodrigues, R. (2015). Organizational factors and customers' motivation effect on insurance companies' performance. Journal of Business Research, 68(7), 1622-1629.
http://www.apr.gov.rs/
http://www.nbs.rs
Ittner, C. D., Larcker, D. F., & Randall, T. (2003). Performance implications of strategic performance measurement in financial services firms. Accounting, organizations and society, 28(7-8), 715-741.
Kaplan, R. S., & Norton, D. P. (2001). The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Harvard Business Press.
Kasturi, R. (2006). Performance management in insurance corporation. Journal of Business Administration online, 5(1), 1-15.
Kaufman, L., & Rousseeuw, P. J. (2009). Finding groups in data: an introduction to cluster analysis (Vol. 344). John Wiley & Sons.
Kočović, J., Paunović, B., & Jovović, M. (2014). Determinants of business performance of non-life insurance companies in Serbia. Ekonomika preduzeća, 62(7-8), 367-381.
Lee, C. C., & Lin, C. W. (2016). Globalization, political institutions, financial liberalization, and performance of the insurance industry. The North American Journal of Economics and Finance, 36, 244-266.
Lee, C. C., Chang, C. H., Arouri, M., & Lee, C. C. (2016). Economic growth and insurance development: The role of institutional environments. Economic Modelling, 59, 361-369.
Lillian, M. (2010). The relationship between corporate governance, ownership structure and financial performance of insurance companies in Kenya. School of Business, University of Nairobi.
Linnerooth-Bayer, J., & Mechler, R. (2015). Insurance for assisting adaptation to climate change in developing countries: a proposed strategy. In Climate Change and Insurance (pp. 29-44). Routledge.
Lu, W. M., Wang, W. K., & Kweh, Q. L. (2014). Intellectual capital and performance in the Chinese life insurance industry. Omega, 42(1), 65-74.
Malik, H. (2011). Determinants of insurance companies profitability: an analysis of insurance sector of Pakistan. Academic Research International, 1(3), 315-321.
National Bank of Serbia. (2005, 2010, 2015, 2017). Annual reports “Insurance sector in Serbia”. Belgrade: National Bank of Serbia.
National Bank of Serbia. (2016). CARMEL indicators of insurance companies’ operations with the framework guidelines for their interpretation. Belgrade: National Bank of Serbia.
Natonal Bank of Serbia. (2015, 2018). Decision on the Management System of an (Re)Insurance Company. Belgrade: National Bank of Serbia.
Rousseeuw, P. J. (1987). Silhouettes: a graphical aid to the interpretation and validation of cluster analysis. Journal of computational and applied mathematics, 20, 53-65.
Smajla, N. (2014). Measuring Financial Soundness of Insurance Companies By Using Caramels Model – Case Of Croatia. Interdisciplinary Management Research, 10, 600-609.
Swiss Re. (2016). World insurance in 2015: Steady growth amid regional disparities, Sigma, 3, 1-50.
Yu, C. P. (2015). Financial policies on firm performance: The US insurance industry before and after the global financial crisis. Economic Modelling, 51, 391-402.
Zariņa, I., Voronova, I., & Pettere, G. (2018). Assessment of the Stability of Insurance Companies: The Case of Baltic Non-Life Insurance Market. Economics and Business, 32(1), 102-111.
Almajali, A. Y., Alamro, S. A., & Al-Soub, Y. Z. (2012). Factors affecting the financial performance of Jordanian insurance companies listed at Amman Stock Exchange. Journal of Management research, 4(2), 266-289.
Authors. (2018). Economic determinants of insurance demand in the Republic of Serbia. In Kočović, J. et al. (Eds.), Insurance in the Post-crisis Era (pp. 135-153). Belgrade, Serbia: University of Belgrade, Faculty of Economics Publishing Centre.
Banker, R. D., Janakiraman, S. N., & Konstans, C. (2001). Balanced scorecard: linking strategy to performance. Financial Executives Research Foundation.
Bawa, S. K., & Chattha, S. (2013). Financial performance of life insurers in Indian insurance industry. Pacific Business Review International, 6(5), 44-52.
Camarero, C. (2007). Relationship orientation or service quality? What is the trigger of performance in financial and insurance services?. International Journal of Bank Marketing, 25(6), 406-426.
Cummins, J. D., Dionne, G., Gagné, R., & Nouira, A. H. (2009). Efficiency of insurance firms with endogenous risk management and financial intermediation activities. Journal of Productivity Analysis, 32(2), 145-159.
Danielsson, P. E. (1980). Euclidean distance mapping. Computer Graphics and image processing, 14(3), 227-248.
Das, M. U. S., Podpiera, R., & Davies, N. (2003). Insurance and issues in financial soundness (No. 3-138). International Monetary Fund.
Felício, J. A., & Rodrigues, R. (2015). Organizational factors and customers' motivation effect on insurance companies' performance. Journal of Business Research, 68(7), 1622-1629.
http://www.apr.gov.rs/
http://www.nbs.rs
Ittner, C. D., Larcker, D. F., & Randall, T. (2003). Performance implications of strategic performance measurement in financial services firms. Accounting, organizations and society, 28(7-8), 715-741.
Kaplan, R. S., & Norton, D. P. (2001). The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Harvard Business Press.
Kasturi, R. (2006). Performance management in insurance corporation. Journal of Business Administration online, 5(1), 1-15.
Kaufman, L., & Rousseeuw, P. J. (2009). Finding groups in data: an introduction to cluster analysis (Vol. 344). John Wiley & Sons.
Kočović, J., Paunović, B., & Jovović, M. (2014). Determinants of business performance of non-life insurance companies in Serbia. Ekonomika preduzeća, 62(7-8), 367-381.
Lee, C. C., & Lin, C. W. (2016). Globalization, political institutions, financial liberalization, and performance of the insurance industry. The North American Journal of Economics and Finance, 36, 244-266.
Lee, C. C., Chang, C. H., Arouri, M., & Lee, C. C. (2016). Economic growth and insurance development: The role of institutional environments. Economic Modelling, 59, 361-369.
Lillian, M. (2010). The relationship between corporate governance, ownership structure and financial performance of insurance companies in Kenya. School of Business, University of Nairobi.
Linnerooth-Bayer, J., & Mechler, R. (2015). Insurance for assisting adaptation to climate change in developing countries: a proposed strategy. In Climate Change and Insurance (pp. 29-44). Routledge.
Lu, W. M., Wang, W. K., & Kweh, Q. L. (2014). Intellectual capital and performance in the Chinese life insurance industry. Omega, 42(1), 65-74.
Malik, H. (2011). Determinants of insurance companies profitability: an analysis of insurance sector of Pakistan. Academic Research International, 1(3), 315-321.
National Bank of Serbia. (2005, 2010, 2015, 2017). Annual reports “Insurance sector in Serbia”. Belgrade: National Bank of Serbia.
National Bank of Serbia. (2016). CARMEL indicators of insurance companies’ operations with the framework guidelines for their interpretation. Belgrade: National Bank of Serbia.
Natonal Bank of Serbia. (2015, 2018). Decision on the Management System of an (Re)Insurance Company. Belgrade: National Bank of Serbia.
Rousseeuw, P. J. (1987). Silhouettes: a graphical aid to the interpretation and validation of cluster analysis. Journal of computational and applied mathematics, 20, 53-65.
Smajla, N. (2014). Measuring Financial Soundness of Insurance Companies By Using Caramels Model – Case Of Croatia. Interdisciplinary Management Research, 10, 600-609.
Swiss Re. (2016). World insurance in 2015: Steady growth amid regional disparities, Sigma, 3, 1-50.
Yu, C. P. (2015). Financial policies on firm performance: The US insurance industry before and after the global financial crisis. Economic Modelling, 51, 391-402.
Zariņa, I., Voronova, I., & Pettere, G. (2018). Assessment of the Stability of Insurance Companies: The Case of Baltic Non-Life Insurance Market. Economics and Business, 32(1), 102-111.
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2021/04/23
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