Role Of Insurance Companies In Financial Market

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Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)94REVIEW SCIENTIFIC PAPERSRole of Insurance Companies in FinancialMarketPiljan Ivan26, Cogoljević Dušan 27, Piljan Tatjana28AbstractThe financial market in the broadest sense is an organized place where supply anddemand for financial assets meet each other, where we have a price formation of thoseactivities. Financial job market means all institutions and processes by which buyers andsellers of financial instruments connect regardless of the nature of the financial instrument.It allows the free circulation of cash and capital and their routing where these funds canbest be utilized.Modern insurance is no longer of importance only to individuals who are joining incommunity protected from possible adverse consequences. It is of great significance for anumber of subjects, but also for the community.Due to the fact that insurance forms huge capital which is a part of national savings forimpretictable cases, the importance of insurance for the economy of each country isenormous.The subject of this paper is a theoretical study of the influence of insurance companieson the financial market. By analying insurance companies, the aim is to determine how andin what way they affect business of financial market.KEY WORDS: financial market, offer, demand, insurance, insurance companies,capitalJEL: G22UDC: 339.13:368368.03COBISS.SR-ID 21544730826Faculty of Bussines Economics and Entrepreneurship, Belgrade, Serbia, email:piljanivan@gmail.com27Faculty of Bussines Economics and Entrepreneurship, Belgrade, Serbia28Graduate school of proffesional studies "Prof. dr Radomir Bojković", Kruševac, Serbia

Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)95IntroductionInsurance represents joining of all who are exposed to danger with aim tu mutuallybear the burdern if someone suffers some kind of damage. Hence the early idea that peoplewho are threatened by some danger should organize into a community; the communitymade of contribution of each of them, which would provide sufficient funds to those whowere hit by some kind of accident.The importance of insurance for the insured one is that it helps him secure himselffrom various risks. Apart from that, he or she can provide existency to the family in case ofloss (death, permanent inability to work.) or some travel expenses or similar costs.Modern insurance influences the increase of “freedom and independence of a man”.Freedom is primarily reflected in the possibility that a man is secure from the consequencesof their activities if causing damage to another one.Based on theoretical concepts through the analysis of the insurance companies thispaper work will come up with an answer to the question in which way they affect thefinancial market and how they contribute to its development.Research in the scientific sense is based on the already well-known theoretical viewsand concepts on the subject of research and, in its largest part, on focus on empiricalresearch. The scientific objective of this research is to achieve scientific knowledge aboutthe importance of insurance companies and their impact on financial markets.Social justification arises from the fact that the insurance sector is faced with manyproblems but also challenges, which is why it is necessary to intensify research efforts thatmay contribute to a better perception of the current state and prospects of development ofthe insurance sector and, consequently, Financial Markets as well.The paper outlines the general hypotheses that: insurance companies have a verysignificant impact on the financial market of each country.As a special hypothesis we can highlight: capital market growth driven by by the development of insurance. insurance companies are one of greatest employers in the world, and thus affectthe employment rate, especially in developed countries. Huge capital is formed via insurance which affect positively financial flows andfinancial market.Market of capitalTogether with the market of goods and services and labor markets, financial market isan integral part of the overall market environment. What makes this market different fromall the others is that it generally does not have the direct contact between transactors. Themarket is characterized by high price volatility, where the value of assets determines itsfuture sale price. The future is, by the rule, uncertain, and thus the formed price on themarket is uncertain or risky. Highly standardized assets that are traded on financial marketand trading system which is mainly done by computers, enable relatively easy performanceof a huge number of transactions of great total value. The rapid flow of information present

96Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)nowadays on financial markets can very quickly change the image of the market, elevatingit to unknown heights or turning off in a very short time.Financial market allows those who need funds to obtain them and enables those who haveexcessive funds to earn more by investing. Development, wideness and stability of financialmarket are of great importance for successfull functioning of economy and at the same time theyare important indicator of national market development in regards to environment.Basic role of financial market and, subsequently, the market of capital is performanceof efficient allocation of finances through financial institutions, instruments and wide rangeof financial services, from those decreased to increased oones and to enable easytransaction performances (Brzaković, 2007, pp.18)The higher the volume stated deficit and surplus, the greater the need for efficientfinancial markets which will channel excess funds to end users in a simple manner and atthe lowest possible cost. Efficient financial markets are undoubtedly important to ensureadequate provision of capital and economic growth in the economy. One of the primaryfunctions of the capital market is to increase the profitability and efficiency of operations,because the capital market provides clear and quick overview of realized rates of return inrelation to invested assets and leads to a kind of 'cleansing' 'of the economic system ofinefficient economic entities.At the same time, the capital market is also a place which assesses managementquality issuers. Financial markets mobilize domestic financial savings and providesguidance in the economically and financially most successful entities. The capital marketallows successful companies to take over companies that perform poorly due torehabilitation of those companies. It also provides access to financial markets to finance awider audience (proprietary democracy) that have good projects and who are not able tofinance through banks (Brzaković, 2007, pp.19).Development of capital market stimulates competition, leads to specialization anddivision of labor between the stockbrokers which, then, leads to a reduction of costs offinancial intermediation. Capital market ensures the solvency of the financial system, andthe prerequisite for this is that there is a developed secondary market capital to ensureliquidity of investments, ie. the possibility that investors, if they wish, can turn reinvestments into cash.Development capital market allows easier entry of foreign capital (foreigninvestment), which is particularly important for countries that have a deficit of necessaryfinancial resources. The capital market provides long-term ownership financing through theapplication of the sale of shares, thus increasing the issuers’ own permanent capital.Financing Corporation through the capital market, regardless of the percentage shareof such funding in the total volume of financing, has many advantages: it allows obtainingadditional external funding for the development and financing of companies growth, thecreation of optimal financial structure and achievement of optimal ratio between debt andequity sources and raising funds at favorable financial conditions; it increases the efficiencyof management and improves the image of the corporation (Brzaković,2007, pp.20)On the other hand, '' opening '' of companies includes some of the negatives, such asthe creation of additional costs due to the obligation of more frequent and morecomprehensive presentation to the public of data (report) on business; corporate riskexposure to hostile takeover; exposure of corporations to pressure of broad number ofinvestors.

Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)97Insurance companiesThese institutions on the contractual basis collect funds at regular intervals. Thesefinancial intermediaries that are characterized by a high level of security can anticipate topay its obligations in the coming years, so unlike depository institutions may not beaffected by the current loss. They are not the main concern of achieving liquidity assets,and therefore tend to have long-term investments in corporate bonds, shares and mortgages.(Marović et al., 2009, pp.77)The insurance industry has a very important role in the financial systems of countriesaround the world. The world market for insurance year after year records an increasinggrowth, largely thanks to the opening of the insurance market in developing countries.Insurance markets in developing countries until recently were closed to foreign companies,and therefore, due to the lack of competition and adequate knowledge management,insurance companies were inadequately developed.The insurance industry today, despite the great importance it has in the developedparts of the world, gets the increasing influence on the markets of developing countries. Indeveloped countries, there is almost no one who does not have one or more insurancepolicies: life insurance, health insurance, disability insurance, auto liability, auto insurance,fire insurance, etc.The insurance industry applies for one of the largest employers in the world, takinginto account that in developed countries the employment rate in this sector began to declineslightly, while in developing countries, due to large growth potential of their insurancemarkets, there is an upward trend. The reason for declining growth rates in developedcountries is attributed to the development of technologies which enabled insurancecompanies to handle incoming claims for compensation for damages in simple way, whichreduced demand for administrative workers. The process of deregulation that swept throughfinancial markets worldwide has caused a huge competition between the deposit and nondeposit financial institutions, so that commercial banks and brokerage houses have begun toencroach on the parts of the market, which until recently were traditionally reserved forinsurance companies.Insurance companies are considered as financial intermediaries for several reasons.The first reason is that they receive funds from their clients for further investment. Manypeople use insurance companies as institutions in which they invest most of their savings.Another reason why these institutions can be found as financial intermediaries is that theseinstitutions place invested assets of its clients in a series of investments that will make themsome money. So, they take resources from one sector and invest them in another sector.Insurance companies deal with the risk-taking on behalf of their clients in exchangefor compensation in the form of premiums. Insurance companies generate profits bycharging insurance premiums that are designed to be sufficient to pay expected claims fordamages and to obtain certain profits. (Marvić et al.,2009, pp.79)

98Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)Assets of insurance companiesInsurance organizations as legal entities have their property. Assets of insuranceorganizations constitute the right of ownership on immovable and movable assets, cash,securities and other property rights (Vuković,2004, pp.40).Insurance companies acquire funds from multiple sources. Initial funds consist ofassets which founders provide while founding (initial capital), then the money come fromcollected premiums received for the risks in insurance as well as assets remained as profit atthe end of the fiscal year.The joint stock company sorts the means it deals with into certain funds. According tothe Law on Insurance, the funds of insurance companies are (Zakon o osiguranju, 2014,pp.49)1. Means of technical reserves2. Means of gurantee reserves3. Other insurance meansInital funds are the resources that the founders provide while establishing an insurancecompany. Unlike companies engaged in other jobs with the insurance companies, thismeans these funds must be constant. These are the so called "horizontal tools". They serveas a condition for a particular security of insured person who conclude a contract on theinitial period of operations of the new company for insurance. These funds can be used onlyin exceptional cases and only if there are no other means. It is believed that an organizationwhich uses these funds doesn't fulfill the conditions for business so the liquidation processof such company may begin.Technical reserves are the assets that consist of: Reserves for unearned premiums,reserves for unexpired risks, reserves for bonuses and discounts, damages reserves,mathematical reserves for insurances where insured ones accept participation in investmentrisk and reserves for risk equalizations. (Zakon o osiguranju, 2014, pp.50)Funds of mathematical reserves are special funds that are formed in insurancecompanies dealing with insurance of persons. These funds have purpose and so, as a rule,they are on separate account or accounts. They can not be used for any purpose other thanto pay the amount of insurance based on life insurance. Compulsory execution is notapplicable to them, and they have special treatment in case of bankruptcy of the companyengaged in life insurance.The guarantee reserve are special funds and used for permanent fulfillment ofobligations of insurance organizations. The insurance company shall, for permanentfulfillment of obligations and filing of business risks, forme a guarantee reserve, in themanner prescribed by law. The guaranty reserve shall consist of a primary capital andsupplementary capital, reduced of deductions (Zakon o osiguranju,2014,pp.52).

Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)99Financial Performance of Insurance OrganizationsInsurance organizations in legal matters act with full responsibility. This means thattey are responisble for its obligations to third parties with all its assets. It should be notedthat shareholders who have established a joint stock company are not liable for obligationsof the company. They can only bear the risk in the amount of funds invested in founding.Financial transactions are undrestood under the term organizationl business (revenue andsale of assets, loss coverage and distribution and taxes).Income and expenses - insurance organizations (JSC) receive income from itsbusiness operations. Income sources are different. Revenues of insurance companies aremade of insurance premiums, and active reinsurance businesses, and perhaps othersfunctional incomes, income from investment activities, financial income, income on thebasis of the valuation of assets and other income (Zakon o osiguranju, 2014, pp.59).Expenditures include costs of an insurance organization in the course of the businessyear. Expenses include costs for paid damages and the sum insured whether they are director for those received in reinsurance or co-insurance, then come the risk premiumssubmitted in reinsurance expenses for prevention, as well as expenditures for business ofinsurance organizations (material costs , salaries of employees and all those expenses thathave any legal entity), as well as extraordinary expenses and capital losses. Expenses areconsidered expenses of determining claims incurred, expenses for recourse claims (courtfees and costs), costs of expertise in contentious cases and other costs incurred inconnection with the evaluation and settlement of claims (Zakon o osiguranju,2014pp.59).Allocations for reserved damages are, at the same time, revenues in the coming year.Loss coverage - Organization for insurance during the annual business can show aloss. Insurance Act lays down rules to cover the loss and sequence of resources that can beused for this purpose. If an insurance organization experience business loss during the year,the coverage is made out of the following sequence: from retained earnings, or surplus, outof the free reserves, the assets of the fund prevention, from the initial fund safety. If it is amutual insurance company, the loss is covered before using funds from the initial securityfund by paying additional contributions of the insured or the proportional reduction ofdamages to all members, insurd ones or a combination of these two methods (Zakon oosiguranju, 2014, pp.61)The Act further stipulates that the insurance organization is responsible to cover theloss in the business year, and to compensate ("return") means to the initial security fund inthe amount that was used to cover the loss. In addition, insurance company obliged toinform the competent authority of finance about the occured loss. The reason for this noticeis that the competent Ministry of Finance determines the officialan who will, at the expenseof the organization controlling the implementation of measures, repair or cover the loss.Distribution of profit - Joint-stock insurance company is established in order toprofit. Gains of the insurance company are part of the income that remains when coveringtotal expenditure in the accounting period (during the business year). Tax is the first thingto be paid from the profit. The rest of the profit is a part of the deployment, and accordingto the Law, it is allocated in the following schedule (Zakon o osiguranju, 2014, pp.60) to cover the loss from the previous year (if any) Dividends and other remuneration to shareholders in proportion to the funds theyhave invested

100Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2) mutual insurance company, for the refund of excess contributions of members (policyholders), in proportion tothe amount of their contributions, the safety reserves, allocations to other funds (fund prevention, means of collectiveconsumption) and in the mutual insurance company for the return of the foundingroles with appropriate interest, to gain employment in accordance with the collective agreement.Business principles - Insurance organizations and other legal entities are obliged toact in their own business or operate in accordance with certain principles. These are theprinciples of economy, and the implementation of the profession in the insurance businessin accordance with the law and good business practices and business ethics, as well as theprinciple of fair competition. For insurance organizations, the principle of reciprocity andsolidarity is particularly stressed as well as operations in order to ensure continuedfulfillment of its obligations.The obligation of insurance organizations to provide lasting performance of itsobligations is legally regulated in the sense that the obligatio of the guarantee reserve exists.In addition, insurance is required to take into account whether you can cover all the risksassumed in insurance. If that's not possible, it is obliged to provide them via reinsurance orcoinsurance. If the organization is not able to cover all risks with its own funds, a part canbe transferred to reinsurers abroad, but only if it is not possible to achieve it within thecountry.Supervision of operations of insurance companiesSpecifics of insurance operations require special supervision over the work ofinsurance organizations. In most countries, this monitoring is very emphasized through thecontrol carried out by national authorities. National Bank of Serbia monitors everyinsurance business by the Law on Insurance in Serbia.National Bank of Serbia monitors performances of insurance branch, i.e. monitorsbusiness of insurance companies and reinsurance companies (subjects of monitoring)(Zakon o osiguranju, 2014, pp. 76)Reasons for increased control of the insurance organization are explained by thefollowing arguments: It is necessary to preserve the interests of the insured ones It is useful for the insurers as well (competition elimination and rentabilityproviding) Governmental interest.Supervision over the operations of insurance organizations determines in the first placeif the general acts, business policy and business insurance organizations are in accordancewith the law and the regulations made thereunder.The control is in the first place legality obedience, ensuring the solvency and liquidityof insurance organizations, preservation of equality of parties, the ban on gambling andbetting elements, ensuring fair competition between insurance organizations and so on.In order to achieve the objectives of the control - monitoring is present in all stages ofthe existence of insurance organizations and even before that (a requirement for obtaining

Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)101the license is the fulfillment of certain conditions stipulated by law). Therefore, thesupervision over the operations of insurance organizations can be viewed through threestages:1. Phase of establishment - the fulfillment of the conditions for the establishment andinitial operation of insurance organizations.2. In the course of operations - control of tariffs of insurance, signed agreements, theobligation to maintain certain funds, the obligation to report on the operations andso on.3. During the termination of insurance organizations-rehabilitation, withdrawal oflicense, etc.Measures for supervision of insurance organizations constitute the whole whichconsists of: special control over the operations of insurance organizations that are engaged inthe business of automobile insurance mathematical counting (obligations of organizations engaged in the business oflife insurance to ensure the actuary, the actuary participation in the evaluation ofthe annual calculation results and so on.) Revision (obligations of insurance organizations to conclude an agreement on therevision of accounting statements.).ConclusionThe importance of insurance for the insured one is in preventing him/her from variousrisks. Huge capital is formed by insurance and it represents a part of national savings forimpredictable cases and the importance of insurance for every country's economy isenormous. Assets of insurance organizations constitute the right of ownership onimmovable and movable assets, cash, securities and other property rights.The funds that the founders provided during the establishment of the insurancecompany make initial stock. Safety reserves consist of assets formed from premiums in theyear when the premium is greater than the damage occurred. The funds that are formed ininsurance companies dealing with insurance of business men are the life assurance reserves.Guarantee reserve - these are special funds that are used for continuous performance of theobligations of insurance organizations.Insurance organizations (JSC) gain revenue from its business operations. Incomesources are different. Revenues firstly come from collected premiums received forinsurance, reinsurance and coinsurance, then revenues from recourse for the paid damagefrom the responsible persons, and also extraordinary income and capital gains. If aninsurance organization, during the year, registeres an operating loss, coverage is made outof the following sequence: from retained earnings, or surplus, out of the free reserves, theassets of the fund prevention, from the initial safety fund.Gains of the insurance company are part of the income that remains when coveringtotal expenditure in the accounting period. Organization for insurance is required to takeinto account whether it can cover all the risks assumed in the insurance; if not possible, isobliged to provide them via reinsurance or coinsurance.

102Faculty of Business Economics and EntrepreneurshipInternational Review (2015 No.1-2)Supervision over the operations of insurance organizations is determined in the firstplace if the general acts, business policy and business insurance organizations inaccordance with the law and the regulations made thereunder. Insurance companies arerequired to provide the National Bank of Serbia with data about legality or illegality of thebusiness. Thus, the insurance organizations are obliged to provide the National Bank ofSerbia with: Annual and business report the copy of revision report with the authority’s comment on it Comment of the supervisory board, amendments to the business policy.References 1 Brzaković, T.(2007)Tržište kapitala – Teorija i praksa,Čugura print, Beograd 2 Jednak, J. (2007) Finansijska tržišta,Beogradska poslovna škola, Beograd 3 Marović, B.Kuzmanović, B.Njegomir V.(2009)Osnovi osiguranja ireosiguranja, Princip press, Beograd 4 Marović, B., Avdalović, V.(2005) Osiguranje i upravljanje rizikom,"DDOR,Novi Sad" 5 Tuševljak, S.Rodić, J.(2003)Finansije preduzeća, CONSSECO institut, Beograd 6 Vuković, S.(2004)Zakon o osiguranju,Službeni glasnik, Beograd 7 Zakon o osiguranju (2014)Službeni glasnik Rpublike Srbije, br 139/14 BeogradArticle history: Received 20 April 2015 First revision 6 May 2015 Accepted 21 May 2015

The subject of this paper is a theoretical study of the influence of insurance companies on the financial market. By analying insurance companies, the aim is to determine how and in what way they affect business of financial market. KEY WORDS: financial market, offer, demand, insurance, insurance companies, capital JEL: G22 UDC: 339.13:368

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