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International Accounting
 

Managerial accounting in the information management system for insurance risks

Vol. 18, Iss. 24, JUNE 2015

Available online: 28 July 2015

Subject Heading: Managerial accounting

JEL Classification: 

Pages: 46-55

Turgaeva A.A. Astrakhan State Technical University, Astrakhan, Russian Federation
a_turgaeva@mail.ru

Subject The article considers the use of methods and techniques of management accounting as a system of insurance risk management. Managerial accounting provides information support to the management system; it is defined as an independent area of accounting. Information support is an integral part of the insurance risk system. Managerial accounting enables to generate reports for managers of different levels (as opposed to financial accounting that considers information based on general accounting rules), and make management decisions aimed at profit maximization.
     Objectives The research aims to substantiate the impact of specific characteristics of insurance on the set of objects of management accounting, and to develop a mechanism to generate relevant information for insurance risk management.
     Methods The study employs scientific methods of deduction, induction, analogy and systems approach to analyze various aspects of insurance business and identify the most efficient systems to manage insurance activities.
     Results I have provided a sequence of accounting procedures within the management accounting system in the form of a scheme; presented insurance company's costs in the form of variable and fixed costs; classified specific features of insurance affecting the organization of management accounting; developed an in-house schedule of links between the segments of activity and responsibility centers for insurance organizations.
     Conclusions The availability of more detailed and prompt data on costs enable to obtain relevant information about expected profit or loss of the organization, and thereby to be alert to changes.

Keywords: insurance, management accounting, variable and fixed costs, profit margin, insurance premium, insurance compensation, loss, accident, insurance portfolio, responsibility center

References:

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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