PRIMERJALNA ANALIZA NALOŽB ZAVAROVALNIC

Pukšič, Jasmina

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Title:	PRIMERJALNA ANALIZA NALOŽB ZAVAROVALNIC
Authors:	ID Pukšič, Jasmina (Author) ID Jagrič, Vita (Mentor) More about this mentor...
Files:	MAG_Puksic_Jasmina_2017.pdf (1,36 MB) MD5: 8E51EF1C3126C2821BD36AF72E172AC3
Language:	Slovenian
Work type:	Master's thesis/paper
Typology:	2.09 - Master's Thesis
Organization:	EPF - Faculty of Business and Economics
Abstract:	Zavarovalnice imajo v svetovnem merilu zelo pomembno gospodarsko in družbeno vlogo, saj predstavlja zavarovanje premoženja in oseb posebno gospodarsko in družbeno dejavnost, katere cilj je ustvarjanje ekonomske varnosti pred škodnimi dogodki. Varnost v zavarovalniškem sektorju pomeni gotovost, da bo morebitna škoda, ki izhaja iz zavarovalne pogodbe, nadomeščena. Zavarovalnica pridobiva finančna sredstva s strani vplačanih premij, katere investira v naložbe, ki so del poslovnega modela zavarovanja. Pri tem je zavarovalnica izpostavljena tveganju na dveh segmentih delovanja: najprej, ko prevzame finančno tveganje pri zavarovanju, in kasneje, pri izbiri naložb, kjer se izpostavlja naložbenemu tveganju. Zavarovalnice so pri svojem poslovanju izpostavljene številnim tveganjem, zato smo v magistrskem delu najprej proučili tveganja v zavarovalnicah in njihovo obvladovanje. Podrobneje smo proučili in predstavili naložbeno tveganje, saj je to posebno finančno tveganje zavarovalnic, s katerim se zavarovalnice srečujejo pri naložbeni dejavnosti. Pri tem gre namreč za tveganje, da naložbe ne bodo doprinesle načrtovanih donosov. Pri izbiri naložb so zavarovalnice omejene z zakonom, ki natančno opredeljuje vrsto dovoljenih naložb, njihovo višino in lokacijo. Zavarovalnice so primorane spremljati zakonodajne spremembe in jih implementirati v svoje delovanje, pri čemer je potrebno izpostaviti konec leta 2015, ko je prišlo do pomembnih sprememb na zakonodajnem področju, ki bodo v prihodnosti pomembno vplivale na naložbeno dejavnost zavarovalnic. Predstavitvi tveganj v zavarovalnicah in zakonodajnemu okvirju sledi analiza naložb zavarovalnic v Sloveniji in tujini, ter znotraj poglavja analiza razvitosti zavarovalniškega sektorja v Sloveniji in tujini, ter statistika zavarovalne premije. Zavarovalnice so največji institucionalni investitor v Evropi in eden izmed pomembnejših v svetovnem merilu, saj gospodarstvu zagotavljajo prepotrebna finančna sredstva. Naložbena politika zavarovalnic je v veliki meri odvisna od razporeditve sredstev in dospetja sprejetih obveznosti. Gospodarske razmere so tesno povezane z razvojem naložbenega portfelja, saj vplivajo na višino zbranih premij in posledično na pretok sredstev v naložbe ter na donosnost finančnih naložb. Pri poslovanju in izbiri naložb so zavarovalnice zakonsko omejene, pri čemer morajo razpolagati s sredstvi, ki zagotavljajo poravnavo zavarovalnih obveznosti v vseh zavarovalnih poslih, tudi za kritje nenačrtovanih dogodkov. Analizo naložb zavarovalnic smo v pričujočem magistrskem delu opravili skupaj za vse zavarovalnice držav članic OECD. Sledi podrobna analiza naložbenega portfelja zavarovalnic v Evropi, pri čemer smo analizirali in primerjali skupen naložbeni portfelj vseh zavarovalnic držav članic Evropskega zavarovalnega združenja, katerega članica je tudi Slovenija. Analizo naložbenega portfelja smo opravili na področju vseh zavarovalnic v Sloveniji in jih primerjali z dvema izbranima zavarovalnicama, delujočima v Sloveniji, ter posebej za zavarovalnice v Nemčiji in Avstriji. Za primerjavo smo analizirali tudi strukturo naložbenega portfelja zavarovalnic v Združenih državah Amerike in ugotovili, da tudi te zavarovalnice sledijo podobni naložbeni politiki kot zavarovalnice v Evropi.
Keywords:	zavarovalnice, naložbe, naložbeni portfelj, naložbeno tveganje
Place of publishing:	Maribor
Publisher:	[J. Pukšič]
Year of publishing:	2016
PID:	20.500.12556/DKUM-64736
UDC:	368
COBISS.SI-ID:	12707868
NUK URN:	URN:SI:UM:DK:XUHMAFUZ
Publication date in DKUM:	08.03.2017
Views:	2512
Downloads:	210
Metadata:
Categories:	EPF
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Secondary language

Language:	English
Title:	COMPARATIVE ANALYSIS OF INSURANCE COMPANIES' INVESTMENTS
Abstract:	Insurance companies have a very important impact on the today's economy and society, especially because property and person insurances constitute to a bigger economical and social activity and because their goal is to establish an economic security in case of a loss event. Security in terms of the insurance sector means a claim of certainty that an event of loss will be covered according to the insurance policy. Insurance company gathers means of financing from the insurance payments that are later on invested into investments following the insurance business model. This is why the insurance company is two times exposed to a risk, firstly taking over the risk of the insurance and secondly, while choosing the right investment. Insurance companies are exposed to several risks; this is why our thesis firstly analyses risks within insurance companies and their management. We enlarge upon risk-taking investments as a special financial risk-taking that insurance companies confront while investing which may lead to investments that won't bring back the planned incomes. In terms of investments insurance companies are restricted by a law that precisely dictates a kind of allowed investments they are supposed to make. Insurance companies therefore have to follow the changes of the legislation and implant them into their operations. Here we have to set a focus in the end of the year of 2015 where some of the very important changes in the field of legislation had been made and are having an enormous impact on the investment operations of the insurance companies. The introduction of the insurance companies' risks and legislation is followed by an analysis of the investments made by insurance companies in Slovenia and abroad in the chapter Development Analysis of the Insurance Sector in Slovenia and Abroad and Statistics of the Insurance Premium. Insurance companies are one of the biggest institutional investors in Europe as in the World, providing indispensable financial means for the economy. The investment politics of the insurance companies are therefore depending on the financial layout and delivery of the assumed obligations. Economic circumstances are closely connected to the development of the investment portfolio because they impact the amount of the collected premiums and therefore the flow of the means into investments and lucrativeness of the financial investments. Insurance companies are whilst making business and investment choices restricted by legislation and have to therefore asset means that ensure all the insurance settlements, also the unpremeditated. The thesis analyses investments of all the insurance companies that are being part of the OECD member countries. What follows is a detailed analysis of the investment portfolio of the insurance companies in Europe, wherein we analyzed and compared the joint investment portfolio of all the member countries of the European Insurance Federation, including Slovenia. The investment portfolio analysis was made for the whole Slovenian insurance market and then compared to selected Slovenian insurance companies, and extra for the insurance companies in Germany and Austria. To make a comparison we analyzed the structure of the investment portfolio of the insurance companies in the United Stated of America and made a conclusion that their insurance companies follow similar investment politics as the insurance companies in Europe.
Keywords:	insurance companies, investments, investment portfolio, investment risks

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