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Investment potential of insurance companies and their competitiveness evaluation

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

Journal: Finance and Credit, #2, 2017

Subject The article addresses the operations of insurance companies in Russia, problems and development prospects for the insurance market.
Objectives The aim of the study is to assess the potential and prospects for the insurance market and competitive advantages of Russian insurance companies.
Methods To analyze various aspects of insurance business, I employ statistical, experimental, balance sheet, and economic and mathematical methods.
Results The paper identifies strategic development areas, defines a system of indicators that characterize the level of investment potential of insurers and the level of their investment potential. It also reveals competitive advantages of insurance companies, presents a procedure for insurer's investment portfolio formation and classification of factors impacting the direct and indirect indicators that characterize the level of investment potential.
Conclusions The analysis of competitive advantages of insurance companies under consideration shows that it is necessary to establish a reasonable price of insurance coverage for the insured; understand and take into account the needs of the insured; have qualified intermediaries to conclude and maintain insurance contracts; increase the range of services offered; improve the process of settlement of losses, which would satisfy the needs of the insured; provide information on obtaining insurance products and their specifics.


Audit of the effectiveness of the insurance organization's internal control system

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

Journal: International Accounting, #2, 2020

Subject This article discusses the issues of assessment of the effectiveness of the internal control system of insurance companies.
Objectives The article aims to explore approaches to the criteria for the effectiveness of the internal control system, describe how such systems are assessed in an insurance organization and propose a new approach to such assessment based on quantitative and qualitative criteria.
Methods For the study, I used the techniques and methods of economic analysis, and the systems and integrated approaches.
Results The article proposes a plan to audit the effectiveness of the internal control system of the insurance organization and an original approach to assessing the effectiveness of such a system on the basis of quantitative and qualitative criteria. It also identifies certain conditions for the recognition of the internal control system of the insurance organization as effective.
Conclusions The implementation of internal control at the insurance organization is not possible without a system built in accordance with the current legislation, trends of the insurance market, as well as the experience of other financial organizations. However, due to the specifics of insurance companies' activities, the evaluation of the effectiveness of such a system should not be completely identical to that of credit institutions, allowing new approaches to assess the effectiveness of the insurance company's internal control system.


Probability tree of an investment project and other methods to assess investment projects' efficiency

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

Journal: Economic Analysis: Theory and Practice, #36, 2015

Subject When implementing an investment project, there may be situations leading to negative consequences for its participants. At the beginning, it is important to estimate return on investment and decide on the profitability of the employment of capital as compared to investing in risk-free securities or interest-bearing deposit. Then it is necessary to choose the option, which will earn maximum profit. An investment project is estimated to determine its potential appeal and to search for sources of funding.
     Objectives The study aims to develop projects for efficient financial investments, using the methods and models of investment analysis and forecasting.
     Methods I employed general scientific methods, namely, the statistical, monographic, experimental, balance, and economic-and-mathematical method to analyze different ways of investing, and determined the most effective models of investment analysis.
     Results I reviewed possible options of investment projects on the case of a small retailer. The article presents the probability tree as a variant of the distribution of possible net present values of the investment project. Furthermore, the article presents the developed stages of building a decision tree and the calculated mathematical expectation that characterizes the average return and the standard deviation, i.e. the project risk assessment.
     Conclusions The analysis of the methods for assessing investment projects shows the need to improve the activities of the enterprise under investigation, and to implement the investment projects.


Internal control of the business process – Financial Risk Management – in an insurance company

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

Journal: International Accounting, #1, 2020

Subject Setting up the internal control mechanism is a multi-tiered process, which, if properly designed, will have a positive impact on the management efficiency, provided risks are not only identified, but also eliminated and prevented. Monitoring and control shape what activities should be undertaken to mitigate risks on the basis of current information, qualitative and quantitative analysis of risks.
Objectives The study substantiates the mechanism for internal control of financial risk in an insurance company. I also conduct the internal control of Rosgosstrakh Insurance Company, focusing on financial risk management.
Methods The study relies upon techniques and methods for economic analysis, statistical analysis, systems and comprehensive approaches to examining analyzable indicators.
Results I detected key types of risks the insurance company is exposed to, including the risk of public contracts with mala fide suppliers, default under a public contract, internal control of financial risk management. As part of research, I outlined an insurance company check program for financial resource management and prepared a check list so as to strictly pursue goals of the control and document findings.
Conclusions and Relevance Being a key business process in an insurance company, financial risk management is important, influencing the performance of the insurance company. Thus, proper and effective internal control of this activity requires a responsible approach and high professionalism. This will reveal the growth potential.


Managerial accounting in the information management system for insurance risks

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

Journal: International Accounting, #24, 2015

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.


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