Analysis of the organization of personal insurance at OJSC "Moscow Insurance Company"

Technical and economic characteristics of the insurance company

Open Joint-Stock Company"Insurance Group MSK" (JSC "SG MSK") was founded in 1992. Today OJSC SG MSK is a high-tech universal insurance company, which is part of one of the largest insurance holdings, created in 2007 with the direct participation of the Moscow Government and the Bank of Moscow ( Management Company- OJSC "Capital Insurance Group").

In February 2010, companies included in the group of leaders of the domestic insurance market, OJSC Moscow Insurance Company and Insurance CJSC MSK-Standard (formerly SZAO Standard-Reserve) were integrated into OJSC Insurance Group MSK. The united company OJSC SG MSK took upon itself the renewal of contracts, settlement of losses and payment of insurance compensation to clients and partners of the Moscow Insurance Company and MSK-Standard.

Thus, as a result of the merger, SG MSK absorbed more than 15 years of experience of three insurance companies, each of which actually stood at the origins of the development of insurance in Russia. The merged company ranks 8th in the ranking of insurance companies in terms of premiums collected in 2009, with more than 3,300 full-time employees.

The consolidation of JSC SG MSK further strengthened the financial stability and reliability of the company as insurance partner. Currently, the authorized capital of the merged company is one of the largest in the Russian insurance market and amounts to 6.5 billion rubles, net assets exceed 8 billion rubles. Thanks to the presence of 88 branches, SG MSK is represented in almost all regions of Russia.

The financial stability of JSC SG MSK has also been confirmed by international rating agency Fitch, which assigned the combined company a rating financial stability on the international scale “BB” and on the national scale “AA-(rus)”. Before the reorganization, the Fitch rating of MSK OJSC was at the level of “BB-” on the international scale and “A+ (rus)” on the national scale. The Expert RA rating agency assigned JSC SG MSK a reliability rating of A+ (“Very high level of reliability”). Before the merger, the reliability ratings of the MSK and MSK-Standard companies from Expert RA were at the level of A+ and A, respectively.

SG MSK offers a full range of services focused on the interests of clients, including auto insurance, property insurance and civil liability, voluntary health insurance, travel insurance, accident insurance and comprehensive services corporate clients. In the coming years, the company plans to significantly increase its share in the retail and corporate insurance market.

The benefits of working with JSC SG MSK have already been appreciated by many of the largest metropolitan and regional enterprises and organizations, such as the Moscow United Energy Company, Moscow Fuel Company, Mosvodokanal, Segezha Pulp and Paper Mill, Novosibirsk Metallurgical Plant, etc.

OJSC SG MSK still remains one of the main partners of the Moscow Government in insurance of state-owned property, insurance of state and municipal employees, and insurance of residential premises. The company is the official insurance partner of the Bank of Moscow collateral property, car loans and programs mortgage lending, and also has a positive history of cooperation on various insurance programs with the largest Russian banks, including Sberbank, Vneshtorgbank, Gazprombank, Alfa Bank, Rosselkhozbank and others.

OJSC "SG MSK" is a member of professional associations of insurers, including the All-Russian Union of Insurers, the Russian Union of Auto Insurers, Russian Association aviation and space insurers.

OJSC "SG MSK" is part of the holding managed by OJSC "Capital Insurance Group", which also includes the following Insurance companies: CJSC "Insurance Group Spasskie Vorota", CJSC "MSK-Life", OJSC "Moscow Reinsurance Company" (JSC "Moscow Re"), CJSC "Medical Insurance Company "Solidarity for Life" (SOVITA).

The state, to regulate the activities of insurance organizations, in the law of the Russian Federation “On the organization of insurance business in Russian Federation» the main guarantees of the financial stability of insurers are determined by the Law of the Russian Federation of November 27, 1992 No. 4015-1:

1 Economically feasible insurance rates.

2 Insurance reserves sufficient to fulfill obligations under insurance, coinsurance, reinsurance, mutual insurance contracts.

3 Own capital.

4 Organization of reinsurance.

Besides, in new edition The law formulates more stringent requirements for these guarantees:

1 Insurance reserves and the insurer’s own funds must be provided with assets that meet the requirements of diversification, liquidity, repayment and profitability.

2 Own funds of insurers (except for mutual insurance companies) include authorized capital, reserve capital, Extra capital, retained earnings.

3 Insurers must have a fully paid-up authorized capital, the amount of which must not be lower than that established by this Law minimum size authorized capital.

4 Contribution to capital borrowed money and pledged property is not allowed.

But these guarantees are not enough for banks, so they have to develop their own methods.

Banks' methods for analyzing insurance companies are all different, but they have common indicators that determine the financial stability of insurers, which we will consider further.

Banks evaluate the financial condition of an insurance company according to the following criteria:

1 The company has been operating in the insurance market for at least 3 (three) years.

2 The company has a license to carry out insurance activities.

3 The authorized capital of the company corresponds to the standard established by the Law of the Russian Federation “On the organization of insurance business in the Russian Federation”.

4 The company has no regulations from Rosstrakhnadzor limiting its activities.

5 The company does not conduct litigation that is significant for its activities.

7 The company places its insurance reserves in accordance with the Order of the Ministry of Finance of the Russian Federation dated 08.08.2005. No. 100n “On approval of the rules for placing insurance reserves by insurers.”

9 If the company’s insurance portfolio is balanced, then there is a share of insurance premiums attributable to car insurance and owner’s liability insurance vehicles, constitutes no more than 60% of the total volume of insurance premiums received by the company in the previous year.

10 If the company maintains the correct reinsurance policy.

12 If there are no overdue wages owed to employees.

13 With positive dynamics of the company’s basic performance indicators (net assets, own funds, net profit, balance sheet currency, insurance reserves) for the last 2 financial years.

14 In case of deviation from the “norm” there are no more than two coefficients.

The analysis should include the following indicators:

1 Dynamics of growth of the company’s insurance portfolio by type of insurance (see Table 2.1).

2 Size of net assets.

3 Financial stability indicators (K1):

§ share equity in balance sheet currency (K1.1);

§ level of coverage of net insurance reserves with equity capital (K1.2).

4 Profitability indicators (K2):

§ profitability of insurance and financial economic activity(except life insurance) (K2.1);

§ return on equity (K2.2).

5 Indicators of unprofitability of insurance operations (K3):

§ level of insurance payments, except life insurance (K3.1);

§ loss ratio, except life insurance (K3.2);

§ level of expenses other than life insurance (K3.3).

6 Indicator of investment adequacy and quality investment portfolio(K4):

§ quality of the investment portfolio (K4.1);

§ coverage level investment assets net insurance reserves (K4.2).

7 Indicator for assessing reinsurance operations (K5) - the share of reinsurers in insurance reserves, except life insurance.

8 Indicators for assessing the solvency of an insurance company and assessing its liquidity as a whole (K6):

§ current solvency of the insurance company (K6.1);

§ current liquidity (K6.2).

The degree of risk of insuring the property of Banks and its clients in a given insurance company is assessed based on a comparison of the coefficient values obtained by calculation and the indicators given in Table 3.

Table 2.1 Dynamics of growth of the Company’s insurance portfolio (by type of insurance)

Types of insurance, million rubles.	Growth, %	Growth, %
VHI (voluntary health insurance)
Insurance against accidents (accidents)
Property insurance
Liability Insurance
Car insurance (CASCO)

Grand total

In 2008, there was a positive increase in profitability on insurance other than life insurance by 147% compared to 2007. Significant profits were brought mainly by personal insurance, increasing by 332%, property insurance - by 244% and CASCO - by 210%. Personal insurance and property insurance grew due to the company's active policy aimed at these segments. CASCO has grown due to an active company developing a regional network, working with intermediaries and banks. The voluntary health insurance portfolio increased by 155% due to the attraction of large corporate clients. The OSAGO portfolio grew by only 120%, because the company deliberately decided not to increase it, preferring to concentrate on more profitable market segments, because OSAGO is an unprofitable type of insurance. Liability insurance also increased by 120% due to high competition in this segment.

In 2009, the result was negative, that is, insurance premiums were received less than in 2008 by 4%. This was caused, first of all, by a 51% decrease in liability insurance in the insurance portfolio. This result was caused by the beginning financial crisis. All other types of insurance increased, but not as significantly as in 2008.

Net Asset Size

Financial stability is, first of all, a characteristic of stability financial situation insurance organization, provided by a high share of equity capital in the total amount used financial resources. Important indicator financial stability of insurance organizations created in the form of joint-stock companies - net assets.

The methodology for assessing the value of net assets was approved by order of the Ministry of Finance of Russia and the Federal Commission for the Securities Market of Russia Order of the Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market dated September 12, 2003 NN 83n, 03-158/pz. (6).

The value of net assets is understood as a value determined by subtracting from the amount of assets accepted for calculation the amount of its liabilities accepted for calculation.

Net assets must be greater than the minimum legally established authorized capital, as well as the authorized capital specified in the constituent documents.

The minimum size of the insurer's authorized capital is determined on the basis of the basic size of its authorized capital, equal to 30 million rubles, and the coefficient. In the case of this company, the coefficient is equal to 2 - for the insurance of objects provided for in subparagraphs 1 and 2 of paragraph 1 of Article 4 of the Law “On the organization of insurance business in the Russian Federation” Law of the Russian Federation of November 27, 1992 No. 4015-1.(3).

Authorized capital OJSC "Moscow Insurance Company" for 2007-2009. amounted to 1 billion rubles, which is significantly higher than the minimum legally established authorized capital.

NA 2007 = 8169427 - 6754629 = 1414798 thousand rubles.

NA 2008 = 11708158 - 10228573 = 1479585 thousand rubles.

NA 2009 = 13605356 - 11429678 = 2175678 thousand rubles.

During the analyzed period, the insurance organization observed an excess of net assets over the authorized capital, and there was also a positive trend of an increase in the indicator by 104% in 2008 and by 147% in 2009, which indicates an improvement in the financial stability of the organization.

Table 2.2 Comparison of coefficient values

Indicators

Financial stability indicators

1 Share of Equity in the balance sheet currency.

This indicator determines the overall level of financial stability of the insurance company and is calculated as the ratio of equity capital to balance sheet liabilities.

K1.1 2007 = 1464217/8218883 = 18%

K1.1 2008 = 1478970/11708158 = 12.6%

K1.1 2009 = 2175179/13605356 = 16%

Compared to 2007, the figure decreased by 5.4%. This indicates a deterioration in financial stability and is due to the fact that the liabilities of the insurance organization increased by 142%, and equity capital by 101%. But in 2009, the company managed to increase this figure by 3.4% due to an increase in equity capital by 147% and liabilities by 116%, i.e. For every unit of equity capital there are fewer units of liabilities.

2 Level of coverage of insurance reserves - net with own capital.

This indicator determines the adequacy of equity capital in relation to the volume of risks assumed by the insurance company for insurance operations without taking into account reinsurance, expressed in the form of net insurance technical reserves.

It is calculated as the ratio of equity capital to technical insurance reserves - net insurance other than life insurance.

Technical insurance reserves - net insurance other than life insurance include:

§ reserve of unearned premiums minus the share of reinsurers in the reserve;

§ loss reserves minus the share of reinsurers in the reserve.

K1.2 2007 = 1464217/(1909707 + 548317) = 1464217/2458024 = 60%

K1.2 2008 = 1478970/(4079753 + 1157972) = 1478970/5237725 = 28%

K1.2 2009 = 2175179/(3942307 + 1525836) = 2175179/5468143 = 40%

The fall in 2008 was caused by an increase in the risks assumed by the insurance company by 213%, and in equity capital by 101%. In 2009, risks increased by 104%, and equity capital by 147%, which made it possible to increase the share of equity capital in the volume of risks accepted by the insurance company.

Profitability indicators

1 Profitability of insurance and financial and economic activities (except life insurance).

The indicator reflects the level of profitability from the specified types of activities of the insurance organization through the ratio of profit from ordinary activities by types of insurance other than life insurance to the total income from insurance, investment and other activities (except life insurance).

It is calculated as the ratio of profit (loss) before tax without taking into account life insurance to the income of the insurance company without taking into account life insurance.

Insurance company income excluding life insurance includes:

§ insurance premiums (contributions) for all types of insurance other than life insurance;

§ investment income;

§ operating income, except income related to investments;

§ remuneration and bonuses under reinsurance contracts.

K2.1 2007 = (18959 - 44247)/(6467459 + 42227 + 154550 + 16719) = (-25288)/6680955 = -0.4%

K2.1 2008 = (82975 - 389)/(9450319 + 83929 + 462923 + 17142) = =82586/10014313 = 0.8%

K2.1 2009 = (490137 - 9782)/(7068362 + 54184 + 782176 + 24223) = =480355/7928945 = 6%

The negative result in 2007 was caused by losses on insurance other than life insurance. In 2008, the company began a policy to increase non-life insurance contracts, which led to an increase in profitability by 1.2%, and in 2009 by 5.2%.

2 Return on equity.

This indicator determines the level of return on the insurance company's equity capital involved in the business.

Calculated as the ratio of profit (loss) before tax to average equity capital for the period:

K2.2 2007 = 18959/0.5*(1464217 + 717817) = 18959/1091017 = 1.7%

K2.2 2008 = 82975/0.5*(1478970 + 1464217) = 82975/1471593.5 = 5.6%

K2.2 2009 = 490137/0.5*(2175179 + 1478970) = 490137/1827074.5 = 26.8%

High growth in return on equity indicates that the company is investing its equity capital profitably.

Indicators of unprofitability of insurance operations

1 Indicator of the level of payments other than life insurance.

This indicator determines the overall level of expenses of an insurance organization for insurance operations in the amount of premiums earned, taking into account reinsurance operations.

It is calculated as the ratio of payments under non-life insurance contracts to non-life insurance insurance premiums:

K3.1 2007 = 1503654/6467459 = 23%

K3.1 2008 = 2449415/9450319 = 26%

K3.1 2009 = 2719168/7068362 = 38%

In 2008, payments increased and the loss ratio increased by 3%. In 2009, the loss ratio increased by 12% due to fairly low receipts of insurance premiums. The increase in unprofitability of insurance operations is associated with a constant increase in the unprofitability of such types of insurance as motor insurance and compulsory motor liability insurance.

2 Net loss ratio, excluding life insurance.

This indicator determines the level of unprofitability of an insurance organization's own insurance operations without taking into account the participation of reinsurers in premiums received and payments made. Usually, this indicator is always higher than the indicator of the level of payments, which takes into account the participation of reinsurers, due to the presence of such reinsurance conditions as “excess of loss”, when losses below the amounts specified in the reinsurance agreement are paid by the insurance company itself.

It is calculated as the ratio of payments under insurance contracts - net reinsurance to the earned premium - net reinsurance.

Net reinsurance premium earned includes:

§ insurance premiums - net reinsurance for reporting period;

§ the difference between the reserve of unearned premiums - net reinsurance at the beginning of the reporting period and at the end of the reporting period.

K3.2 2007 = 1484763/(3838037+705374) =1484763/4543411 = 33%

K3.2 2008 = 2299959/(8029864+2170046) = 2299959/10199910 = 22%

K3.2 2009 = 2638113/(6458409+(-137446) = 2638113/6320963 = 42%

The decrease in the indicator in 2008 by 11% was caused by a high increase in insurance premiums by 209%. In 2009, the growth was caused by lower receipts of insurance premiums by 20% than in 2008 and the continued growth of unprofitability.

3 Indicator of the level of expenses other than life insurance.

This indicator determines the level of expenses of the insurance company for insurance operations in relation to the volume of earned premiums - net reinsurance. The lower the level of expenses, the higher the margin of safety of the insurance company. It should be noted that the insurance company's expenses do not take into account investment expenses, since they relate not to insurance, but to investment activities, while operational ones are additionally included, since they indirectly take their basis from the insurance business.

The insurance company's expenses include:

§ expenses for conducting insurance operations - net reinsurance;

§ administrative expenses;

§ operating expenses, except those related to investments.

K3.3 2007 = (648760+656149+418821)/4543411=1723730/4543411=38%

K3.3 2008 =(1258955+890872+1145750)/10199910=3295577/10199910=32%

K3.3 2009 = (962165+1304853+1642079)/6320963=3909097/6320963=62%

In 2008, net reinsurance premium growth increased by 224%, and expenses by only 191%, which contributed to a decrease in the level of expenses by 6%. In 2009, such a high level of expenses was due to the fact that expenses increased by 118% and net reinsurance premiums were received by 20% less than in 2008. This increase in expenses indicates a decrease in the safety margins of the insurance company.

Indicators of investment portfolio quality and investment adequacy

1 Quality of the investment portfolio.

The quality of the investment portfolio is assessed on the basis of return, liquidity, diversification and profitability.

§ The principle of repayment implies the placement of assets that ensures their return to in full, which forces companies to post free cash only to reliable organizations.

§ The liquidity principle means that the investment structure must ensure that the insurer has funds that can quickly and without additional costs be converted into cash.

§ The principle of diversification requires the distribution of investment risks among different types of investments, thereby reducing the overall riskiness and, consequently, increasing the stability of the insurer's investment portfolio. The principle implies the presence of a large number of heterogeneous investment objects.

§ The principle of investment profitability means that investment activity should ensure not only the safety of investments, but also generate a certain income.

When carrying out investment activities, the insurance company "Russia" strictly adheres to the requirements of the market regulator imposed on insurers when they place insurance reserves and their own funds, in accordance with the order of the Ministry of Finance of the Russian Federation "On approval of the Rules for the placement of insurance reserve funds by insurers" Order of the Ministry of Finance of the Russian Federation dated 8 August 2005 No. 100n.(4) and the order of the Ministry of Finance of the Russian Federation “On approval of the requirements for the composition and structure of assets accepted to cover the insurer’s own funds” Order of the Ministry of Finance of the Russian Federation dated December 16, 2005 No. 149n.(5).

Over the past three years, the company has placed free funds in the most reliable Russian banks, in 2009, she collaborated with such banks as: OJSC Alfa-Bank, OJSC Rosselkhozbank, JSCB ROSBANK, JSCB RUSSLAVBANK, JSCB UNIASTRUM BANK, Sberbank of the Russian Federation, Bank VTB-24, AKB "Baltic Bank", JSCB "BALTINVESTBANK", JSCB "Morskoy Bank".

In 2007-2009 investment activity was focused on placing funds in such key financial instruments, How bank deposits(44.3% in 2007, 28.2% in 2008, 13.7% in 2009 of total investments), shares and participation interests in Russian companies(27.5% in 2007, 11.1% in 2008, 9.4% in 2009 of total investments), bank debt securities And debentures subjects of the federation (5.3% in 2007, 60% in 2008, 76.8% in 2009 of total investments). A separate area of investment was investment in real estate, which at the end of 2007 amounted to 469 million rubles, at the end of 2008 - 479, at the end of 2009 - 568 million rubles.

The degree of diversification was achieved by distributing investment risks over various types of investments in different organizations.

The total amount of investments as of the end of 2008 amounted to 4.119 billion rubles. The increase in the total amount of investment investments compared to 2007 occurred by 1.576 billion rubles (an increase of 38%) and was due to an increase in the volume of collected insurance premiums. In 2009 total amount investments amounted to 5.169 billion rubles. The increase compared to 2008 was 1.050 billion rubles (an increase of 25%) and was due to a smaller increase in the volume of collected insurance premiums.

General investment income in 2007 amounted to 42.2 million rubles, in 2008 - 84 million rubles. In 2009, income decreased slightly and amounted to 54.2 million rubles. This is due both to the lower amount of collected insurance premiums and to the investment of funds in the most reliable, but less profitable organizations, which was caused by the impending financial crisis.

Taking into account the above, the company's investment portfolio meets the requirements of repayment, liquidity, diversification and profitability.

2 Level of coverage of insurance reserves by investment assets - net.

The indicator determines the degree to which funds are allocated to cover the insurance company's obligations: in investment assets and in the form of cash in bank accounts and in cash.

Calculated as the sum of investments and cash to insurance reserves - net reinsurance.

Net reinsurance insurance reserves include:

§ reserve of unearned premiums minus the share of reinsurers in the reserve;

§ loss reserves minus the share of reinsurers in the reserve;

§ other insurance reserves.

K4.2 2007 = 2735511/(1909707+548317+270095) = 2735511/2728119 = =100%

K4.2 2008 = 4313299/(4079753+1157972+360912) = 4313299/5598637 = =77%

K4.2 2009 = 5410819/(3942307+1525836+372161) = 5410819/5840304 = =93%

Investments in 2008 increased by 162%. The decrease in the indicator by 23% was due to a 2-fold increase in insurance reserves, mainly the reserve of unearned premiums by 214% and the reserve of losses by 211% due to an insufficient amount of received insurance premium. In 2009, investments increased by 126%, and liabilities decreased by 7%, due to this the figure increased by 6%.

Indicators for assessing reinsurance operations

1 Share of reinsurers in insurance reserves (except life insurance).

The share of reinsurers in insurance reserves determines the degree of dependence of the insurance company on reinsurers as of the reporting date.

It is calculated as the ratio of the share of reinsurers in insurance reserves to insurance reserves.

The share of reinsurers in insurance reserves (except life) includes:

§ share of reinsurers in the reserve of unearned premiums;

§ share of reinsurers in loss reserves.

Insurance reserves include, respectively, the unearned premium reserve and loss reserves.

K5 2007 = (841721+568869)/(2751428+1117186) = 1410590/3868614 = 36%

K5 2008 = (223337+904310)/(4303090+2062282) = 1127647/6365372 = 18%

K5 2009 = (233634+160394)/(4175941+1686230) = 394028/5862171 = 7%

In 2008, dependence on reinsurers was reduced due to the low unprofitability of its own insurance operations. In 2009, the situation changed - the loss ratio increased sharply, and the insurance company did not change its reinsurance policy. Low percentage the share of reinsurers in insurance reserves can lead to a significant level of unprofitability of the insurance company and, as a result, to the inability to meet its obligations in the future.

Indicators for assessing the solvency of an insurance company and assessment current liquidity

1 Current solvency.

The indicator characterizes the sufficiency of the influx of funds in the form of insurance premium receipts to cover current expenses for insurance payments (actual losses), current costs of running a business, management and operating expenses, with the exception of expenses related to investment activities insurance company.

K6.1 2007 = 3838037/(1484763+648760+656149+418821) = =3838037/3208493 = 119%

K6.1 2008 = 8029864/(2299959+1258955+890872+1145750) = 8029864/5595536 = 143%

K6.1 2009 = 6458409/(2638113+962165+1304853+1642079) = =6458409/6547210 = 98%

In 2007-2008 There was an increase in the volume of the company's activities. In 2009, solvency decreased by 45%, which was caused by the low volume of insurance premiums received, the constant increase in payments, as well as high growth management expenses by 146% and operating expenses by 143%.

2 Current liquidity.

The current liquidity ratio allows you to determine the company’s ability to fulfill current liabilities. It shows the extent to which the company's short-term liabilities are repaid using assets with the same maturities, i.e. is an indicator of working capital adequacy.

Comparing current ratios over different time periods can be useful in identifying adverse trends in the liquidity or maturities of assets and liabilities, and especially those trends that lead to over-liability.

It is calculated as the ratio of current assets to current liabilities.

Current assets of an insurance company include cash, accounts receivable, securities, and deferred income and expenses.

K6.2 2007 = 7354019/6748648 = 1.1

K6.2 2008 = 10860355/10129130 = 1.1

K6.2 2009 = 12522311/10317031 = 1.2

A ratio of one indicates that the company can fully repay its Short-term liabilities at the expense of current assets.

Evaluation results financial condition insurance company

1 The insurance company has been operating in the insurance market since 2005.

2 The company has licenses Federal service insurance supervision for the right to conduct insurance activities, for reinsurance and for carrying out work with information constituting a state secret.

3 The company’s authorized capital over the past three years has been greater than the standard, established by law RF.

4 The company conducts its activities in full compliance with the legislation of the Russian Federation and has no regulations from Rosstrakhnadzor limiting its activities.

5 The company has not conducted any litigation over the past three years that was significant for its activities.

6 The company is not undergoing bankruptcy proceedings.

7 The company places its insurance reserves in accordance with the Order of the Ministry of Finance of the Russian Federation.

8 Moscow Insurance Company OJSC has an “A+” rating (very high level of reliability) from the Russian rating agency “Expert Ra”, a financial stability rating on the international scale “B+” (stable forecast) and on the national scale “A-” (forecast stable).

9 The company's insurance portfolio is balanced, that is, the share of insurance premiums attributable to motor insurance and compulsory motor liability insurance over the past 3 years has not exceeded 60% of the total volume of insurance premiums.

10 “Russia” maintains a correct reinsurance policy and cooperates with the world's leading reinsurance companies that have a high international credit rating.

11 The company has no overdue obligations to the budget and extra-budgetary funds, as well as to creditors.

12 The company has no overdue wage obligations to employees.

13 Positive dynamics are observed at Moscow Insurance Company OJSC:

§ Net assets increased by 104% in 2008 compared to 2007, in 2009 - by 147%;

§ Own funds increased by 101% in 2008 compared to 2007, in 2009 - by 147%;

§ Net profit increased by 742% in 2008 compared to 2007, in 2009 - by 3189%;

§ Balance sheet currency increased by 142% in 2008 compared to 2007, in 2009 - by 116%;

§ Insurance reserves increased by 161% in 2008 compared to 2007. But in 2009, insurance reserves decreased by 8%, which was caused by insufficient receipt of insurance premiums and growing payments.

When calculating the coefficients, the following results were obtained:

1 Financial stability indicators worsened in 2008. The impact was a strong increase in the volume of risks assumed by the insurance company, without a proper increase in equity capital. In 2009, the company took measures to improve its financial stability by increasing its authorized capital.

2 The profitability ratio of insurance and financial and economic activities (except life insurance) over the past 3 years has been low, while the return on equity is high. This suggests that the company receives its main income from investing capital.

3 The loss ratio of insurance operations decreased in 2008. This is mainly due to the fact that the company has focused on more profitable market segments, as well as due to a decrease in the share of reinsurers in insurance operations. In 2009, a sharp increase in unprofitability suggests that it is time for the company to reconsider its tariff and reinsurance policies.

4 The investment portfolio quality indicator indicates that the company places its funds in liquid assets. The adequacy ratio of investments used to cover the insurance company's obligations over the past two years is low.

5 The dependence of the insurance company on reinsurers has been decreasing over the past three years and became less in 2009 permissible norm, which indicates the need to reconsider the reinsurance policy.

6 Current solvency ratio for 2007-2008. characterizes the sufficiency of the inflow of insurance premiums to cover current expenses associated with the growth of activity volumes. The decrease in the coefficient in 2009 makes us think about changing the tariff policy. And the current ratio shows the consistency of the maturities of assets and liabilities, as well as the absence of excessive liabilities.

Among all the coefficients, only four of them do not fit into the standard established by banks, these are:

1 The share of equity in the balance sheet currency deviated by -0.4% in 2008;

2 The profitability of insurance and financial and economic activities deviated by -0.4% in 2007;

3 The indicator of the level of investment assets coverage of net insurance reserves in 2008 deviated from the norm by -8%;

4 The indicator of the share of reinsurers in insurance reserves deviated from the norm by -3% in 2009.

So, all criteria for assessing the financial condition of the insurance company are positive, with the exception of the decrease in reserves in 2009 and the deviation of four ratios.

Considering the fact that the dynamics of the company’s basic performance indicators, which include insurance reserves, banks usually consider for the last two years, and financial stability indicators - for Last year, then the deviations of the coefficients for 2007-2008. can be ignored. Consequently, the financial condition of the insurance company OJSC Moscow Insurance Company at the end of 2009 can be considered good.

In order to improve the financial stability of the company in 2010, it is necessary to review insurance rates, as well as reinsurance policies.

Year of creation - 1993.

Authorized capital - 8 billion 42 million 1 thousand 900 rubles.

Shareholders: OJSC Gazprom, LLC Gazprom Export, Gazprombank (Open Joint Stock Company), LLC Cordeks, LLC Accept, LLC IC ABROS.

The reliability of SOGAZ has been confirmed by independent analysts and market experts. SOGAZ has the highest reliability rating of A++, assigned by the Expert RA rating agency, international financial stability ratings assigned by Standard & Poor's (“BBB-”, forecast “Stable”) and Fitch Ratings (“BB+”, forecast “Stable”) Stable").

The Group pursues a policy of maximum openness and financial transparency in relation to its customers, shareholders and partners. SOGAZ became one of the first Russian insurers to switch to international standards financial statements. SOGAZ is audited according to IFRS by PricewaterhouseCoopers.

SOGAZ is one of the most dynamically developing participants in the domestic insurance market. At the end of 2010, the total volume of insurance premiums collected by the Group amounted to more than 99 billion rubles, which is 18% more than the previous year.

In most types of insurance, SOGAZ is among the leaders, occupying a significant market share. According to FSSN data for 2010, SOGAZ took 2nd place in the ranking of Russian insurers for all types of insurance, and 1st place for direct voluntary (classical) insurance.

SOGAZ traditionally focuses on insurance of the corporate sector, providing insurance protection to enterprises and corporations representing a wide variety of industries: fuel and energy, transport, chemical, metallurgical, engineering, aerospace, banking and others. The group protects the property interests of such systemically important enterprises Russian economy, such as OJSC Gazprom, OJSC Gazprom Neft, OJSC NK Rosneft, nuclear (Rosatom State Corporation) and electric power industry enterprises, OJSC Russian Railways, OJSC West Siberian Metallurgical Plant, OJSC Power Machines , JSC United Machine-Building Plants. In addition, SOGAZ actively cooperates with the Administration of the President of the Russian Federation, the Federal Customs Service, as well as the country's leading financial institutions - Sberbank, Vneshtorgbank, Gazprombank and many others.

The Group pays great attention to insurance individuals, as well as small and medium-sized businesses, for which insurance programs have been developed that take into account their specifics and characteristics.

The development strategy of the SOGAZ Insurance Group provides for consistent integration into the international insurance market. Among the foreign projects with the participation of SOGAZ is Blue Stream (construction of a gas pipeline from Russia through Turkey to Southern Europe), as well as the construction of the North European Gas Pipeline, designed to directly connect gas fields Western Siberia with consumers in Germany and other Western European countries.

A significant direction foreign economic activity The group began to participate in projects of the Shanghai Cooperation Organization (SCO), whose international influence is constantly growing. SOGAZ is the only insurer included in the SCO Business Council, where it participates in the implementation of socially significant projects through public-private partnerships.

An important strategic objective of the SOGAZ Insurance Group is the development of reinsurance activities. By 2012, SOGAZ plans to become a leader in the Russian reinsurance market, for which it is actively expanding cooperation with other Russian and foreign insurers, and is also implementing a policy of progressive integration into international market reinsurance. The Group's policy is focused on cooperation with leading reinsurance companies with global recognition and impeccable reputation, such as Munich Re, Swiss Re, Hannover Re, SCOR, Lloyds of London and others.

One of the key advantages of SOGAZ is its wide regional network. Today it has over 600 divisions and sales offices throughout Russia, as well as a representative office in the Republic of Kazakhstan. In order to develop a system of high-quality, reliable and affordable insurance service SOGAZ has developed and is implementing a model of Unified Insurance Centers (UIC) in the regions of the Russian Federation, which are aimed at providing the widest possible range of services to various companies of the Group. By the end of 2010, United insurance centers operated on the basis of 51 branches of the company in 42 regions of the country and united 230 divisions of the SOGAZ Group.

Insurance Group SOGAZ provides a full range of insurance services - more than 130 products and programs for mandatory and voluntary types insurance. This allows the Group to use A complex approach to risk management and ensure comprehensive protection of the financial interests of its clients. The high level of the quality management system adopted at SOGAZ is confirmed by a certificate of compliance with the requirements of GOST R ISO 9001-2008 (ISO 9001:2008). The certificate applies to all key activities for the company.

^ 2.2. Economic indicators SK "SOGAZ"

According to financial statements can be done comparative analysis the following indicators that are most important for the organization.

Profit before tax from the results of the company's financial and economic activities for 2012 amounted to 24,032 thousand rubles, which is 21,005 thousand less than the profit of the previous year.

At the end of 2012, the balance sheet currency amounted to 3,800,674 thousand rubles, which is 144.1% relative to the balance sheet currency at the end of 2011. The increase was due to an increase in the amount of the unearned premium reserve by 151,041 thousand rubles, the loss reserve by 299,442 thousand rubles and the debt on short-term loans and loans for 722,607 thousand rubles while reducing other accounts payable for 421,349 tr.

The share of own funds in the balance sheet currency is 12.5%, which is 5.3% higher than the value of this indicator in 2011.

The increase in the share of own funds is due, first of all, to their absolute increase, as well as faster growth in relative terms compared to the increase in insurance reserves and liabilities.

Indicators of the volume of insurance premiums. The volume of insurance premiums is characterized by the following indicators (Table 2).

table 2

Volume of insurance premiums, million rubles.

Types of insurance	2011	2012	Structure of insurance premiums by type of insurance %
Types of insurance	2011	2012	2011	2012
Personal insurance total, including: - life insurance Insurance from NS VHI	371,2 30,3	427,0 50,0	18,8 1,5	14,6 1,7
Property insurance: Cargo insurance Property insurance	1333,7 303,3	2049,59 834,7	67,5 15,3	70,2 28,6
Liability Insurance: - civil liability Other types of liability	59,7 24,2	34,5 8,8	3,0 1,2	1,2 0,3
OSAGO	211,0	406,8	10,7	14,0
TOTAL:	1975,6	2917,8	100	100

Let's analyze the structure of income and expenses of an insurance company.

The total amount of income for 2012 for the company as a whole is 3212.5 million rubles. or 139.4% of last year’s level. The increase in the company's income from insurance activities was caused by an increase in revenues from property insurance, voluntary health insurance, cargo insurance, compulsory motor liability insurance and comprehensive insurance (Table 3).

Two thirds of the company's collected insurance payments come from Central Federal District. Total the company sells insurance policies on the territory of 72 constituent entities of the Russian Federation. The main share of sales of insurance services in the Russian Federation falls on this region, and within its framework, on the city of Moscow and the Moscow region.

Table 3

Income structure of OJSC SOGAZ

Income item	2011		2012
Income item	Amount, million rubles	Specific gravity %	Amount, million rubles	Specific gravity, %
Income from insurance activities - total	1975,6	85,7	2917,8	90,8
Including: Insurance premiums	1785,6	77,5	2771,8	86,3
- income from reinsurance operations	190	8,2	146	4,5
Investment income	258,1	11,2	65,8	2,1
Other income	71,2	3,1	228,9	7,1
Total income	2304,9	100,0	3212,5	100,00

The main source of income was insurance premiums and contributions under insurance contracts - 2,771.8 million rubles, or 86.3% of the amount of income from insurance activities.

The main share of insurance payment receipts in the reporting year was made up of risk types of insurance – 98%.

The total amount of expenses for 2012 amounted to 3,188.5 million rubles for the company as a whole. or 141.1% of the 2012 level (Table 4).

Insurance premiums, transferred to reinsurance. Insurance premiums under contracts transferred to reinsurance amounted to 803.8 million rubles, taking up reporting year a significant share of expenses for insurance activities. At the same time, their share in the total volume decreased from 38.2% to 25.2%.

In general, for the company, during the reporting period, 28.0% of the insurance premium received for risk types of insurance was transferred to reinsurance versus 44.4% in 2012. The largest share of transferred insurance premiums in the reporting year accounted for cargo insurance and liability insurance.

Table 4

Cost structure of OJSC SOGAZ

Expense item	2011		year 2012
Expense item	Amount (million rubles)	Specific weight %	Amount (million rubles)	Specific weight,%
Expenses from insurance activities, total:	1421,6	62,9	1669,8	52,4
Including: Insurance payments	558,7	27,7	866,0	27,2
- expenses from reinsurance operations	862,9	38,2	803,8	25,2
- insurance reserves	111,9	4,9	447,6	14,0
- business expenses	502,8	22,3	785,9	24,6
- other expenses	22,36	9,9	285,2	9,0
Total expenses	2258,9	100,0	3188,5	100,0

Costs of conducting the case. In the reporting year, they equaled 785.9 million rubles, which corresponds to 24.6% of the Company’s total expenses (last year this share was 22.3%). The increase in the share of business expenses is due to the following objective factors:

an increase in the number of company personnel due to the development of new types of insurance, and consequently, an increase in labor costs;
an increase in the cost of remuneration for concluding insurance contracts due to an increase in the number of attracted agents and an increase in the number of attracted agents and an increase in the cost of agency services in the insurance market;
increased advertising costs for new and existing insurance products;
growth in the number of branches and agencies with branch network society.

The total volume of insurance payments in 2012 amounted to 998.5 million rubles, which is characterized by the following indicators (Table 5).
Table 5

Structure of insurance payments of OJSC SOGAZ

Types of insurance	2011	2012	Structure of insurance payments by type of insurance %
Types of insurance	2011	2012	2011	2012
Personal insurance, total, including:	366,1	312,7	50,0	31,3
- life insurance	175,5	12,9	24,0	1,3
- insurance from NS	9,1	6,8	1,2	0,7
- VHI	181,5	293,0	24,8	29,3
Property insurance, including:	334,1	532,2	45,7	53,3
- funds insurance ground transport	188,1	345,0	25,7	34,6
- cargo insurance	35,4	20,0	4,9	2,0
- property insurance	110,6	167,2	15,1	16,7
Liability Insurance:	26,1	10,3	3,6	1,0
- insurance auto liability	23,6	7,5	3,2	0,8
- insurance of other types of liability	2,5	2,8	0,4	0,2
OSAGO	5,0	143,3	0,7	14,4
TOTAL:	731,3	998,5	100	100

The formed insurance reserves are a guarantee of fulfillment of obligations to policyholders. At the end of 2012, reserves amounted to RUB 1,800.7 million. and increased compared to 2011 by 574.2 million rubles.

The increase in insurance reserves was mainly due to an increase in the reserve of unearned premiums by RUB 151.0 million. (Table 6).

Table 6

Insurance reserves of OJSC SOGAZ

Article	At the end of 2011, billion rubles	Share of reinsurance. in reserve
Article	At the end of 2011, billion rubles	billion rubles	In % max
Unearned premium reserve	999,1	424,9	42,5
Life insurance reserve	75,0	0	0
Loss reserves	579,3	195,0	33,7
Other insurance reserves	147,3	0	0
TOTAL:	1800,7	619,9	34,4

As of December 31, 2012, the reserve for preventive measures is 5,388 thousand rubles. During the reporting year, the reserve of preventive measures was used to finance preventive measures to protect crops from diseases, pests and weeds.

Let us evaluate the competitiveness factors of IC SOGAZ, calculated in Table 7.

Table 7

Initial data for calculating the estimated indicators of competitiveness factors of Russian and foreign insurance organizations

№	Insurance organizations	Amount of assets, thousand rubles.	The amount of insurance reserves, thousand rubles.	Amount of capital, billion rubles.	Amount of insurance payments, thousand rubles.	Variety of insurance products	Sales technologies	Regional networks
Insurance organizations without foreign participation in capital
1	Rossgostrakh	118430821	56238760	8,1	32289032	23	5	600
2	SOGAZ	73963734	51525818	8,0	19961208	23	5	600
3	MAX	11634924	9001286	1,7	3531883	21	5	350
4	VSK	24720000	17730000	5,3	13780000	23	5	500
5	Alfa insurance	27159460	18213742	5,0	11547656	23	5	400
Insurance organizations with a 100% share in capital
6	ROSNO	33250557	11936951	7,4	15943972	23	5	400
7	Zurich Retail	3547623	3546523	1,5	2143567	23	5	200
8	Oranta	4063363	3449722	1,4	2712931	21	5	200
9	Ergo Rus	2671587	1463570	0,7	1317141	21	5	200
10	Aviva	2987564	2364567	0,6	1254675	20	5	200

The indicators of financial and economic factors of competitiveness of the insurance company Rosgosstrakh were used as basic ones. The leaders of the insurance market in terms of competitiveness of financial and economic factors are insurance companies without foreign capital, which include Rosgosstrakh and SOGAZ.

Considering that currently the majority of active global insurers are present on the Russian insurance market (of the top 10 insurers there are 5 companies operating in Russia, of the top 25 - 9), an increase in their number will not significantly affect the development Russian market insurance services.

To assess the development prospects of the SOGAZ insurance company in the Russian insurance market, we will conduct a SWOT analysis, identifying its strengths and weaknesses, opportunities and threats (Table 8).

Table 8

SWOT Analysis Matrix

Strengths(Strengths)	Weaknesses
Established infrastructure in the field of retail insurance	Low capitalization
Developed brand	Low customer focus of business
Well-established relationships with credit organizations	High costs of running an insurance business
Working with key clients	Low business profitability
Diversification of services	Low level of reliability
Highly profitable corporate insurance sector big business	Low level of qualifications
Developed risk management	Lack of financial stability and control
Consolidation and reorganization of the company's insurance business	Ineffective back office and infrastructure
Opportunities	Threats
Growing interest in the insurance industry from the state	Instability in the world financial markets
Insurance industry reform	Insufficient quality of supervision of insurance companies
Height investment attractiveness	Lack of supervision of insurance intermediaries
Low penetration level	Dumping
	Fraud
	Lack of the necessary environment and incentives for the development of insurance life
	Parallel existence of compulsory medical insurance and voluntary medical insurance systems

Ineffective back office and infrastructure: for similar reasons, operational efficiency remains low, as the functional activities of the SOGAZ company are duplicated in the regions. Synergies arising from the integration of back office and infrastructure functions are not exploited. Achieving efficiency is aggravated by outdated IT solutions that were not created specifically for the needs of the SOGAZ insurance business and do not have uniform standards, supplier and source code owner. On this moment, the cost of administering an insurance policy remains high compared to other markets. This limits the ability to provide high quality services to SOGAZ. The mutual influences of weaknesses and strengths, opportunities and threats are shown in Table 9.

Table 9

SWOT analysis results

Possibilities

Threats

Strengths

The presence of an established retail infrastructure will contribute to the development of SOGAZ insurance retail

The growth of insurance capacity, as well as the creation of corporate infrastructure in preparation for the introduction of public health insurance, will contribute to the development of insurance legal entities for SOGAZ

The presence of well-established relationships between SOGAZ and banks allows us to offer new joint products (financial supermarket)

Increasing investment attractiveness of SOGAZ will make it possible to attract funds for business modernization

The negative effect from the growth of unprofitability in corporate insurance will be smoothed out by the solid safety margin of SOGAZ accumulated in this segment

The development of risk management and a change in targets after the crisis will increase the reliability of insurance companies and take their relationships with insurance intermediaries (guarantees, control) to a new level.

Weak sides

Low operational efficiency may reduce the return on investment in the creation of SOGAZ infrastructure

Low customer focus and poorly developed product line will hinder the development of retail types of insurance at SOGAZ

Low profitability of SOGAZ insurance business may scare away potential investors

The low reliability of SOGAZ, combined with the low quality of insurance supervision over the market, will negatively affect its image

The lack of regulation of insurance intermediaries, combined with the high dependence of the insurer SOGAZ on its activities, will destabilize its business

The most important task facing the SOGAZ company for the coming year is the modernization of business processes (the transition from a medium-sized business model to a large business model). This is evidenced by the fact that among the main areas of investment in business development are investments in technology and personnel, and not in marketing policy (Fig. 1).

Rice. 1. Main areas of investment in business development

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1 Economic characteristics of IC “ERGO Life” and its place in the Russian life insurance market

LLC IC "ERGO Life" - operates in the field of life insurance and insurance against accidents and illnesses. The company was founded in 2005. The founder and 100% participant is the international insurance group ERGO. Company registration number is 3879. Insurance Supervision License C No. 3879 77 dated May 31, 2006 was issued. The authorized capital of ERGO Life Insurance Company LLC is 60 million rubles.

In its activities, ERGO Life uses the capabilities, global experience, international standards and the latest insurance technologies of ERGO. The company implements its investment policy in accordance with the standards of MEAG (Munich ERGO AssetManagement GmbH), one of the largest management companies in Europe. The group manages assets of Munich Re and ERGO, the volume of which reaches 160 billion euros. The main reinsurance partner of ERGO Life is the reinsurance company Munich Re. Since 2006, ERGO Life has been the representative in Russia of the association of independent insurance companies INSUROPE Multinational Benefits Association, as well as the Swiss insurance group Zurich Financial Services. ERGO Life has a developed regional network.

The company's employees have extensive experience working in international and Russian insurance organizations.

Summing up the results of the fourth quarter of 2011, the insurance company ERGO Life notes a steady increase in premium collections and a reduction in expenses.

According to the results of the first quarter of this year, the volume of life insurance premiums increased by 30% compared to the same period in 2011. The collected accident insurance premium exceeded the figures for the first quarter of last year by almost 20%. The priority type of insurance for the company is long-term life insurance.

At the same time, there is a reduction in management costs by 16% compared to the same period in 2011.

In the current economic situation, the management of IC ERGO Life has achieved the required level of efficiency of the company's activities by optimizing business processes and reducing management costs. Despite the fall in potential demand for endowment insurance life, IC "ERGO Life" demonstrates strong growth in this segment, which became possible thanks to the efforts of each division of "ERGO Life" and the effective use of all opportunities for business development.

The rating agency's message states that the final assessment of the financial stability of the ERGO Life company was positively influenced by the high reliability of its investment portfolio, high values of equity adequacy and solvency margin (the ratio of the company's actual and regulatory solvency margin at the end of the second quarter of 2011 . amounted to 3.38), as well as the company’s absence of loans and off-balance sheet liabilities. The low value of the net loss ratio for accident and illness insurance operations (53.83% for the first half of 2011) also stands out as a positive factor.

The share of new business in the company's total premium volume – 48.4% for 9 months of 2011 – is assessed as high, especially in the context of falling potential demand for endowment life insurance.

Among the negative factors: negative return on assets, high shares of business expenses, and also moderate high share terminated contracts. Some discrepancy between the company's assets and liabilities in currency is also a risk factor.

At the end of 2009, according to FSSN data, the company took 19th place among the strongest life insurers in terms of premium collection (23rd place in 2008).

Table - Development dynamics of IC "ERGO Life" (life insurance)

Receipts				Coeff. payments %
	Receipts (thousand rubles)	Payments (thousand rubles)	% from the previous year	Coeff. payments %

The company's success is determined by a number of economic and strategic factors: the introduction of fundamentally new insurance products that take into account the needs of clients in conditions of financial instability; a thorough analysis of the profitability and efficiency of all divisions of the company’s regional network; attracting into the insurance business and training professionals from other financial areas vacated as a result of job cuts; special attention to improving customer and agent service.

The collected premium for 2009 exceeded the 2008 figures by more than 50%. For 12 months of 2011, the share of new business in the total premium amounted to 56.4%. The clear and well-coordinated work of ERGO Life employees led to the following positive results: reduction of losses and increase in premium collections, a reliable reputation in the eyes of clients and partners.

2 Life insurance programs of IC ERGO Life as the most competitive in the Russian market

The insurance company ERGO Life has General terms upon the conclusion of all insurance contracts. The insurance contract is concluded in writing by drawing up and bilaterally signing the insurance contract or issuing to the policyholder an insurance policy signed by the insurer (in this case, the fact of concluding the insurance contract is certified by the signature of the policyholder on the insurance policy).

Territory of insurance coverage: insurance coverage is provided throughout the world, the insurer’s obligation to make insurance payments does not depend on the place of death of the insured, unless otherwise provided by the contract.

Under an insurance contract, the life of the policyholder himself or other persons specified in the contract, regardless of their citizenship or nationality (insured persons), can be insured.

The life of a person who, at the time of concluding the insurance contract, is not yet 16 years old or is already 65 years old cannot be insured. The life of a person over 65 years of age can be insured provided that at the time of concluding the insurance contract this person has not yet turned 70 years old, and the insurance contract is concluded with the condition of a one-time payment of the entire amount of the insurance premium.

Unless otherwise provided by the insurance contract, disabled people of groups 1 and 2, patients with AIDS or HIV-infected, persons requiring constant care, as confirmed by a medical report, persons suffering from mental illnesses and/or disorders and registered in a psychoneurological dispensary are not subject to insurance. .

The insurer reserves the right to refuse to conclude an insurance contract if the persons applied for insurance are persons involved in any sport at a professional level, including competitions and training, as well as the following sports on an amateur basis: auto, motorsports, any kind of equestrian sports, air sports, mountaineering, martial arts, scuba diving, bullet shooting.

The contract comes into force from the moment of payment of the insurance premium:

for non-cash transfers - from 00 o'clock on the day following the day the insurance premium is received into the insurance company's current account;

when paying in cash - from 00 o'clock on the day following the day of payment of the insurance premium to the insurance company representative.

The agreement can be concluded in any of three currencies: rubles, US dollars or euros.

Calculations are made in rubles at the exchange rate of the Central Bank of the Russian Federation:

premiums – on the date of payment of the premium specified in the insurance contract;

additional payment of the contribution in case of establishing an increasing coefficient - on the date of additional payment;

payments - on the date of payment.

The insurance contract can be changed in terms of increasing or decreasing the insured amount, changing the insurance period, the frequency of payment of insurance premiums, etc. after a written application by the policyholder and by agreement with the insurer on any anniversary of the contract.

Term life insurance.

The purpose of this type of insurance is to guarantee protection of the financial well-being of the family in the event of the loss of a breadwinner. This insurance program provides insurance protection to the family of the insured in the event of his death for any reason within a certain period of time. The insured amount is paid in the event of the death of the insured during the term of the insurance contract.

The insurance period is set at the request of the policyholder. It can be determined either by a fixed number of years or by the age of the Insured at the end of the insurance contract. The minimum insurance period is 1 year.

Life insurance in case of death provides for only one insured event: the death of the insured person for any reason during the insurance period. In the event of the death of the insured person during the validity period of the contract, a one-time insurance payment is made by the insurer to the beneficiary in the amount of the insured amount established in the insurance contract.

Date of birth: 03/12/1972

The validity period of the insurance contract is 10 years.

The insurance premium payment period is 10 years.

The frequency of payment of the fee is annually.

Figure 2.4 - Term life insurance

In addition, in the term insurance program it is possible to create a deferred period. The deferred period is the period during which the policy continues to operate without further payment of premiums. Then the scheme of action of this program with the example discussed above will look as shown in Figure 2.4 (deferred period of 5 years).

Figure 2.5 - Term life insurance with a deferred period

In other words, an insurance contract with a deferred period is insurance when the period for payment of the insurance premium is less than the period of validity of the insurance contract. And the deferred period is the difference between these periods.

A term insurance contract cannot be transferred to any other program.

Whole life life insurance.

The purpose of this type of insurance is to guarantee the protection of the family’s financial well-being in the event of the loss of a breadwinner.

The insurance period is lifelong.

The policyholder can choose from several options for paying the insurance premium: one-time, monthly, quarterly, semi-annually, annually. The required amount can be transferred automatically from a bank account or paid in cash.

The amount of insurance premiums depends on: the size of the established sum insured, the gender of the insured person, the age of the insured person, the procedure and deadline for paying premiums (at a time or in installments). When assessing the risk, the health status of the insured person, the type of his professional activity, participation in dangerous sports, etc. are taken into account.

A whole life insurance program guarantees payment of the sum insured specified in the insurance contract in the event of the death of the insured person for any reason during the insurance period. In the event of the death of the insured person, a lump sum insurance payment is made by the insurer to the beneficiary in the amount of the insured amount established in the insurance contract.

The insured person is a man.

Date of birth: 03/12/1972

The insurance premium payment period is 20 years.

The frequency of payment of the fee is once every six months.

Figure 2.6 - Whole life life insurance

The life insurance contract also cannot be transferred to any other program.

Endowment insurance.

The goals of mixed life insurance are guaranteed protection of the financial well-being of the family in the event of the loss of a breadwinner and the saving and accumulation of funds by the deadline established by the contract.

The insurance period is from 5 years. The minimum period for payment of insurance premium is also 5 years.

The amount of insurance premiums depends on: the size of the established sum insured, the gender of the insured person, the age of the insured person, the validity period of the insurance contract, the procedure and deadline for paying premiums (in a lump sum or in installments).

When assessing the risk, the health status of the insured person, the type of his professional activity, participation in dangerous sports, etc. are taken into account.

Mixed insurance provides for the following insurance cases:

survival of the insured person until the date established in the insurance contract. If the insured person survives until the end of the insurance period, the insurer makes a lump sum payment to the insured person in the amount established in the contract;

death of the insured person for any reason during the insurance period. In the event of the death of the insured person, a lump sum insurance payment is made by the insurer to the beneficiary in the amount of the insured amount established in the contract.

When early termination of an insurance contract at the initiative of the policyholder, the insurer pays the redemption amount minus all debts of the policyholder to the insurer existing at the time of termination of the contract.

It is also possible to create a deferred period, i.e. The period for payment of the insurance premium may not coincide with the period of validity of the contract (insurance period).

Figure 2.7 shows the scheme of the mixed insurance program using an example.

The insured person is a man.

Date of birth: 03/12/1972

The validity period of the insurance contract is 25 years.

The insurance premium payment period is 25 years.

The frequency of payment of the fee is quarterly.

Figure 2.7 - Mixed life insurance

A mixed insurance contract can be transferred after the end of the contract to a pension program with a 10% discount.

ERGO Life IC uses all three areas of insurance coverage expansion:

introduction of additional coverages into the terms of the life insurance contract: accident insurance, insurance in case of critical illness, exemption from paying contributions in case of disability;

providing the policyholder with the opportunity to change certain terms of the contract during its validity;

providing benefits in the payment of insurance premiums upon the occurrence of certain conditions that limit the ability of the policyholder to regularly pay premiums.

The inclusion of additional conditions in the contract is carried out for an additional insurance premium.

In addition, under long-term life insurance contracts “Mixed Life Insurance” and “Life Insurance” additional income may be accrued. The company guarantees a return of 3%. In this case, additional income is accrued not on the entire insurance premium, but only on part of the premium, the so-called savings premium, intended for accumulating a reserve for survival.

Depending on the results of the insurer’s investment activities in placing funds from insurance reserves, additional income may be accrued. Additional income is accrued in the form of an upward change in the insured amount and the redemption amount, with a constant amount of insurance premiums during the insurance period.

Additional income is payable: at the end of the insurance period; upon the occurrence of an insured event - death for any reason; upon termination of the insurance contract - as part of the redemption amount.

Let's consider additional coverages of the first group in more detail.

Accident insurance. The additional accident insurance program provides for the following insured events:

traumatic injury to the insured person as a result of an accident;

disability of the insured person as a result of an accident;

death of the insured person as a result of an accident;

temporary loss of ability to work as a result of an accident.

The additional accident insurance contract is concluded for 1 year. The insurance rate is determined based on the state of health, professional activity, and sports that the insured person engages in.

Insurance in case of critical illness.

The purpose of connecting this additional option is to pay the sum insured when certain critical diseases are diagnosed. Insurance rules provide for a narrow and wide list of critical illnesses for which the insured amount is paid. A narrow list: cancer, myocardial infarction, surgical treatment of coronary arteries, surgical treatment of aortic diseases, heart valve transplantation, stroke. The broad list includes the narrow list, as well as multiple sclerosis, paralysis, blindness, kidney failure and vital organ transplantation.

The contract is also concluded for one year. The tariff depends on: the gender and age of the insured person, as well as his state of health and professional activity.

Exemption from payment of contributions in case of disability.

The purpose of connecting this option is to guarantee the continuation of the long-term life insurance contract in the event of disability of the insured person until the expiration of the insurance period without further payment of insurance premiums. In this case, the obligatory condition is: the policyholder and the insured person are one person. Insurance risks:

disability of groups I and II resulting from an accident in the first 2 years of the insurance contract with the annual activation of this additional program;

Group I and II disability acquired for any reason from the 3rd year of the insurance contract with the annual activation of this additional program.

The contract is also concluded for 1 year. The tariff depends on: the gender and age of the insured person, the professional activity of the insured person, the health status of the insured person.

Let's consider additional coverages of the second group in more detail. By agreement of the parties, the insurance contract may be revised in terms of:

changes in insurance amounts;

changes in insurance terms; changes in the currency of the contract;

changes in the frequency of payment of insurance premiums.

The contract may be changed upon the written application of the policyholder and by agreement with the insurer on any anniversary of the insurance contract.

You can make technical changes at any time: changing the beneficiary, policyholder, changing passport data, addresses, etc., taking into account the requirements established by the current legislation of the Russian Federation.

The third group of additions is caused by the desire of the insurance company not to lose a client and to maintain the insurance contract under various unfavorable circumstances affecting the ability of the policyholder to pay premiums on time. IC "ERGO Life" provides the following benefits for payment of insurance premiums:

transfer of the contract (policy) into a paid one. Insurance can be continued without further payment of insurance premiums with a reduction in the sum insured under a long-term life insurance contract;

The insurance contract may provide for a grace period for paying the next premium. The grace period is 30 days and begins from the date established in the insurance contract as the date of payment of the next insurance premium.

In addition, at the request of the policyholder, “financial holidays” may be provided, i.e. this is the period when insurance protection ceases to be valid, but the contract is not terminated. After the expiration of the “financial holiday” period, the policyholder pays the insurance premium, and the contract continues to be valid. The period of “financial holiday” is up to 3 months.

The Russian life insurance market still has a long way to go in its development. Russians have a fairly general idea about this type of insurance or do not know about its existence at all.

The largest volume of personal insurance premiums falls on accident insurance, which is generally concluded for a period of no more than 1 year. Insurance in the event of death, survival to a certain age or term, or the occurrence of another event, is generally concluded for a period of 5 years or more, and therefore requires greater trust on the part of clients in life insurance in general and in the insurance company in particular.

Voluntary accident insurance program “just in case.”

The object of insurance is the property interests of the Insured Person related to the life and health of the Insured Person that do not contradict the law. Insured Persons under an insurance contract concluded on the basis of these Rules may be individuals for the purpose of concluding insurance contracts, conditionally divided into the following categories:

Category 3 – non-office worker; an office worker involved in sports with a sports category/categories; an office worker who does not have a sports rank/categories, but is attempting to obtain them; an office worker participating in sports competitions; professional athlete.

The following persons are not subject to insurance and cannot be Insured Persons under the Insurance Agreement:

Persons whose age at the time of conclusion of the Agreement was under 18 years of age, as well as persons over 75 years of age;

Disabled people of any group;

Persons who use drugs, toxic substances, suffer from alcoholism and/or are registered at a drug treatment clinic;

Persons with persistent nervous or mental disorders and/or registered in a psychiatric clinic;

Persons under investigation or in prison;

Workers of unskilled manual labor and skilled manual labor, whose functions are dominated by heavy physical labor and work with sources of increased danger, as well as professions with a significant level of risk of accidents and health risks, accumulation of losses or disasters (miners, workers in the chemical industry, workers heavy engineering, personnel of oil rigs and platforms, ship crews, divers, military personnel, pilots, persons with access to weapons, ammunition and explosives.)

Persons engaged in dangerous (extreme) sports, hobbies (with the exception of mountaineering, auto-motorsports, air sports (parachute jumping, para-hang gliding, gliding), hunting, rodeo, equestrian sports, contact and non-contact martial arts and/ or fight), can be insured under the Insurance Agreement only if such type of occupation of the Insured Person is specifically stipulated in the Insurance Agreement by indicating the Category of the Insured Person concluded under the relevant Insurance Program, otherwise the Insurance Agreement concluded in relation to such person is considered invalid.