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Trenutačna financijska kriza i povezane niske kamatne stope na tržištu kapitala pokazale su se pravim testom snage za životno i mirovinsko

osiguranje. Međutim, niske kamatne stope nisu jedini izazov s kojim se suočava proizvod, koji ove godine slavi svoj 250. rođendan. Novi nadzorni zakonski propisi, kao što su Solventnost II i uvođenje uniseks premije, trenutačno stvaraju poteškoće životnim i mirovinskim osiguranjima. Bez obzira na to, kad je riječ o odvajanju novca za starost, zaštiti od radne nespo sobnosti i invalidnosti, kao i nizu drugih rizika koji su izravno povezani sa životom općenito, ne postoji bolja alternativa.
Naime, demografski trendovi pokazuju da proizvod postaje sve vaţniji pojedincima: „Kako društva postaju sve starija i zbog sve duţeg ţivotnog vijeka s jedne i niţeg nataliteta s druge strane, potraţnja za zaposleničkom mirovinom i privatnom pričuvom nastavit će se povećavati i u budućnosti,“ tvrdi Michael Heise, glavni ekonomist i voditelj korporativnog razvoja u Allianz Grupi, u novom izdanju Allianzovog Demografskog pulsa koji se kritički osvrće na ulogu ţivotnog osiguranja. „Društva za ţivotno osiguranje su ključni igrači na globalnom trţištu kapitala te s dugoročnim politikama ulaganja pomaţu stabilizirati trţišta kapitala. Štoviše, konzervativne politike ulaganja tih tvrtki zaštitile su mnoge klijente od velikih gubitaka tijekom krize. Usprkos svim kritikama, ţivotno osiguranje je vaţno, sigurno i profitabilno za pojedince,“ zaključuje Heise. Prošle su godine premije životnog osiguranja plaćene širom svijeta ukupno iznosile više od 1,7 bilijuna eura, što je otprilike jednako bruto nacionalnom proizvodu Ujedinjenog Kraljevstva

Svijet bez životnog osiguranja? Pitanje je li povrat od gotovo 4 posto prenizak ili odgovarajući, s obzirom na trenutno okruţenje, moţe biti temom ţustre rasprave. Međutim, ono što je puno vaţnije jest činjenica da police ţivotnog osiguranja nisu samo ulagački proizvodi, već sluţe i za pokrivanje onoga što se u osiguranju nazivaju biometrički rizici. Iz Allianza navode imaginaran primjer svijeta u kojem ova vrsta proizvoda nikad nije postojala. Kad ţivotno osiguranje ne bi postojalo, ne bi bilo financijske zaštite za rodbinu ako bi osiguranik preminuo. Tako bi dostatnu zaštitu za obitelj ili partnera, u slučaju da se nešto dogodi glavnom donositelju plaće dok je još mlad, bilo puno teţe dobiti. Police ţivotnog osiguranja su isto tako često ključne u omogućavanju pojedincima da pretvore svoje snove o posjedovanju vlastitog doma u stvarnost. Primjerice, na kraju 2011. godine u Njemačkoj je čak 1,9 milijuna polica bilo kreirano da pokriju rizike vezane uz ugovore o stambenoj štednji te je bilo oko 2,9 milijuna polica riziko osiguranja, koje su često i same preduvjet za kupovinu nekretnine. Životno osiguranje pomaže stabilizirati tržišta kapitala Vaţnost uloge osiguravajućih društava koja nude ţivotno osiguranje na trţištu kapitala vidljiva je iz iznosa akumuliranih ulaganja. Primjerice, na kraju 2011. godine su ţivotni osiguravatelji u Njemačkoj upravljali sa 743 milijarde eura. U cijeloj Europskoj uniji ukupan iznos je bio oko 5,400 milijardi eura. Samim time su pruţatelji ţivotnih osiguranja ujedno i veliki institucionalni igrači na trţištu kapitala koji, svojim dugoročnim politikama ulaganja, pomaţu stabili zirati financijska trţišta, a što se u konačnici i odraţava na rokove dospijeća njihovih obveza.

bez pokrića za njihov vlastiti rizik od dugovječnosti. focusing on the pricing and valuation of life insurance and annuity products. U 2011. godine njemačke su tvrtke drţale manje od 4 posto ukupnih ulaganja u dioničkim fondovima.3 osobe preko 60 godina starosti. 2008. Having spent our careers working in or for the life insurance industry. a koji bi trebali ući u dob za umirovljenje u sljedećih nekoliko godina.hr/hr/clanak/2009/11/velike-ambicije-krizi-unatoc.042 eura na životno osiguranje Ţivotno i mirovinsko osiguranje su vaţni za mnoge dijelove društva. To znači da će do 2050. do 2050. godini je svaki građanin Njemačke potrošio u prosjeku 1. usprkos svim kritikama. jedan od pet stanovnika na Zemlji imati više od 60 godina Važan oblik zaštite od siromaštva u starosti Drugi vaţan društveni aspekt je činjenica da ţivotno i mirovinsko osiguranje nude zaštitu od siromaštva u starosti. u obliku mjera za povećanje dobi za umirovljenje. godine jedan od pet stanovnika na Zemlji imati više od 60 godina. pricing demands clear assessment of possible threats    Print PDF Connect Bradley M. Dok smo 1950. To se isto tako odraţava u značajnim iznosima koje klijenti povjere osiguravajućim društvima širom svijeta. usprkos tome što imaju osobnu ušteđevinu koju su ostavili sa strane u tu svrhu. Brojke jasno pokazuju da cijeli svijet postaje sve stariji. kakve su. ili neizravno . Zato vjerujem da će. godine ćemo na svaku novorođenu bebu imati malo manje od 16 osoba s više od 60 godina starosti. godine je upravo ova konzervativna politika ulaganja zaštitila njemačke klijente ţivotnog osiguranja od velikih gubitaka. Smith. „U nesigurnim vremenima ljudi trebaju pouzdan proizvod. we believe that much of the fundamental exposure facing life insurers . Međutim. daljnja smanjenja drţavnih mirovina su u većini zemalja vrlo vjerojatna – bilo izravno.270 eura. mnogi će biti prinuđeni prihvatiti niţi ţivotni standard u starosti.milliman. Cantle | 01 May 2009 The recent volatility in the capital markets and the consequent adverse developments across the financial services industry have stimulated interest in more sophisticated risk-management techniques. godine na svaku novorođenu bebu imali 2. u obliku poteza za smanjenje mirovinskih razina. ţivotno i mirovinsko osiguranje dugoročno ostati ključne komponente privatne štednje. primjerice.3556. Neil J. Primjerice. a svaki građanin Japana čak 2. godine na svaku novorođenu bebu imat ćemo malo manje od 16 osoba s više od 60 godina starosti. dok je svaki građanin SAD-a potrošio ekvivalent od 1. isto tako pogođeni i nude niţe povrate. Kad je riječ o povratu. vaţno j e imati na umu da su svi drugi ulagački proizvodi koji.Do 2050. Taj pritisak poj ačava i činjenica da su propisi o ulaganju za ţivotne osiguratelje primjereno strogi. To znači da će do 205 0. Profitabilni kritikama unatoč Nema sumnje da trenutni period niskih kamatnih stopa stavlja pritisak na povrate osiguranika.107. To se događa kada je privatni ulagački kapital iskorišten te kada pojedincima za ţivot ostaju samo njihove drţavne mirovine.html http://www. pretrpjeli klijenti britanskih ţivotnih osiguratelja koji puno više ulaţu u dioničke fondove.com/insight/Articles/Managing-enterprise-risk-For-life-insurance-companies-pricing-demands-clear-assessment-of-possible-threats/ Managing enterprise risk: For life insurance companies. godini je svaki građanin Njemačke potrošio u prosjeku 1. Štoviše. što je otprilike jednako bruto nacionalnom proizvodu Ujedinjenog Kraljevstva. S obzirom na visoke razine drţavnog duga i na broj osoba rođenih u doba naglog porasta nataliteta. Prošle su godine premije ţivotnog osiguranja plaćene širom svijeta ukupno iznosile više od 1.183 eura. za razliku od ţivotnog osiguranja ne nude zaštitu od ţivotnih rizika.“ zaključuje Heise.7 bilijuna eura. na kraju 2011.042 eura na ţivotno os iguranje. U 2011. http://svijetosiguranja.

the management of these nonguaranteed elements creates risk. The higher the rate it assumes it can earn on the assets. there is a natural friction in the management of each of these risks. However.arises from a failure to adequately understand the risks that are assumed. when charging a price it believes to be profitable. when focusing on the underlying drivers of primary risk. Given the sophistication of the insurance marketplace. the ability to sell products that are profitable is the key to the long-term sustainability of a company. Given the long-term nature of a life insurance contract and the level premium charged for what is normally an increasing risk (i. Consequently. charging a suitable price to offset them. If any of the knowable costs change. . and then managing the business to keep risks within the expected range—these factors together present the ultimate challenge. and distribution of the candy bar when setting its price. There may be a market for a particular product at a given price that is not profitable. Obviously. cannot communicate the product's value to potential clients.   o o o o o Related products MG-ALFA Economic Scenario Generator MG-Hedge ECSight MillimanGRC Panoply of risk Pricing risk relates directly to the long-term nature of a life insurance or annuity-type policy. Asset-related risks are associated with the products sold by a life insurance company.. These risks are closely related to and arise from pricing risk. Unlike a candy bar manufacturer. Such lack of understanding results in pricing products incorrectly. "the cost of goods sold" inherent to a life insurance policy will probably not be known with certainty for many years and should be projected over a long period of time when setting the policy price. and each must be addressed to fulfill the requirements of a full enterprise-risk-management (ERM) solution. the more underpriced a product is. that information can be used to adjust the price of the product. the lower the premium it may charge. A company's inability or unwillingness to manage such nonguaranteed elements can also lead to losses. there are many types of risk. Market-viability risk occurs when a company cannot find a market for and sell its policies to a given constituency on a profitable basis. can lead to the underpricing of the policy itself and the company's ultimately incurring a loss on the sale. The ability to meet the assumptions utilized with respect to investment return will determine whether the policy is as profitable as it was projected to be in the pricing process. the more policies a company may sell. mortality increasing with attained age). manufacture. we believe that understanding which risks are being taken. The failure to fully appreciate the risks being taken. a candy bar manufacturer presumably knows or can ascertain all the costs associated with the development. a market for that particular product may evaporate if a company. Certainly. based upon the efficiencies and risk management competencies that the issuing company brings to the table. While some elements of a life insurance policy may not be guaranteed and can be adjusted based upon events subsequent to the sale. a life insurance company typically accumulates a substantial number of assets (premiums) to invest. An insurance company will fail if it cannot find a continuing market for the products it sells.e. not to mention their value. Likewise. By contrast. It also faces strategic risk from choosing the wrong markets in which to participate.

or that became extremely illiquid. "Reaching for yield" to meet assumptions that were set during the pricing process has been a primary cause of life insurance company impairments over the last 25 years. However. The risk-management process should recognize this and avoid the utilization of unrealistically aggressive (i. Consequently. given a stated profit objective with all other assumptions remaining equal. level-premium term. Risks associated with other pricing assumptions must also be addressed in the risk-management process. tend to recognize a good deal when they see it. pricing.Insured mortality has improved significantly over the last 25 years. with an implication that the pricing of such products was somehow flawed. Many of the historical failures of life insurance companies can be traced to the assumption of an unrealistically high investment rate/investment spread that resulted in investment in assets with excessive duration mismatch or dubious quality. the profitability of the product will suffer. Assuming a low rate of ultimate lapse in the pricing process produces a higher premium. any coverage that charges level premiums for an increasing exposure (i. lapse support is a consequence of the product's design. increasing probability of claim). A "run on the bank" can jeopardize even the best-managed company. if lapse rates in ultimate durations are less than were assumed in the pricing process. because these form a key part of the riskmanagement process of the company. high) ultimatelapse rates in the pricing of these products. without providing nonforfeiture values commensurate to the "equity" the policyholder has generated in the policy. Consequently.Many of the most popular products being sold today (e. Those responsible for product development. or their agents or brokers. In some instances. with reductions in the ultimate-lapse rates wiping out the projected profit of the product and creating a substantial loss. and overseeing the overall risk-management function in a company generally recognize the impact of interest-rate movement and its potential negative effect on the projected profitability of certain types of products within certain markets. many of the assumptions with respect to policyholder behavior are still based on informed judgment rather than reliable experience. However. more recently. the sensitivity of results under differing environments should be assessed and reflected in the product-development and pricing processes.e. This risk can be reduced by avoiding excessive concentration in any one asset class and taking care to anticipate and plan for liquidity requirements under a range of different scenarios... or. profits increase if the ultimate-duration lapse rate is increased). Conversely.g. Consumers. Lapse rates . term to 100) sold in Canada several years ago and in the early-generation product offerings of longterm-care policies in the United States..e.e.e..Successful risk management requires that the assumed investment rate (for guaranteed premium products) and the investment spread (for nonguaranteed products) are set consistent with the company’s realistic ability to achieve both objectives. Examples of this include investing in real estate to support interest rates credited on guaranteed-investment contracts. This has been particularly true with no-cash value life insurance (i. because fewer policyholders are in force in policy durations for which the revenue collected is less than the benefits and expenses paid. with lapse rates for some of them falling below 1% annually. the natural friction between the salability and the profitability of the product emerges during the pricing process. the repercussions can be quite substantial. in junk bonds to support interest rates credited on universal-life and deferred-annuity contracts. and do not lapse these policies. no-lapse-guarantee universal life) are lapse supported (i. Lapse support has had a negative connotation among some.. Mortality assumptions . The extrapolation of this improvement into the future during the pricing process creates risk for the insurance . Specifically. in long-term assets supported by short-term borrowing to extract the difference in yield. will be lapse supported. Profits increase as the ultimate-lapse rate increases. long-term care.

decreased interest rates and increased interest spreads. Product pricing should reflect the long-term nature of these guarantees and the volatility of the cost of hedging them. The cost of stop-loss reinsurance can be incorporated into the pricing of life insurance products to reflect this risk.g. interruption of business processing. New business . Tactics such as the financing of new agents and the payment of annualized first year commissions can produce a substantial effect on the level and quality of new business produced. Risk contagion . even during times of economic or catastrophic distress. Risk management may require the hedging or balancing of this risk among different lines of business. Severe events . but the correlation of these events cannot. However. Nonetheless. Counterparty risk . different skills. development of new technology (e. failure or bad behavior of a competitor (Madoff effect). other risks—such as emergence of a new competitor. so successful integration requires these to be optimally allocated and priced into the acquisition. and the lack of credible mortality experience for older ages have resulted in the development of assumptions based on informed judgment rather than historical experience. The magnitude of these developments occurring together is much more virulent than the effect of each occurring separately.Stock-market volatility directly affects the cost of hedging the risks embedded in variable-annuity products with living-benefit guarantees. The implosion of the subprime mortgage market led to the bursting of the housing bubble. Causation can be debated. The primary objective during an acquisition process is not for the company to understand the risks of the entity being purchased. the Internet). Historically. enactment of unfavorable legislation. As market volatility increases. The subtle interactions between risk factors often go unnoticed until emergence of a complex pattern that can be difficult to understand and anticipate. as financial institutions with the highest ratings have failed or were acquired or bailed out in some form..The potential negative consequences of counterparty risk have become clear over the past several months. economic depression. increased stock-market volatility. the cost of hedges increases. Acquisitions . war. The splitting of cohorts into more underwriting classes. and recession.The effect of infrequent but severe events. Other risks This article has stressed that many of the risks faced by life insurance companies can and should be reflected directly in the product-pricing and product-development processes. The new entity will entail different risks and. Hedging cost volatility . or an unsolicited offer to purchase the company—are more . which resulted in the tightening of credit standards. The risk-management process should consider the reinsurer's ability to pay claims.The absolute level of new business produced can have a significant impact on surplus levels. The promises made by a life insurance company to its policyholders are by their very nature long-term.company. It follows that if any projected mortality improvement does not emerge. but rather to understand how the risk profile of the new combined postacquisition entity is different when compared with the preacquisition risk profile. This makes the monitoring of experience as it emerges critical to the riskmanagement process. presumably. not all risks can be successfully identified early in the process. the premiums are set and the amount to be paid for the business is determined. such as epidemics or terrorist attacks. The effect of such things as agent misselling. should be considered in both the risk-management process and the product-development/pricing process. the negative impact can be significant if ultimate-lapse rates also fall below pricing assumptions. the biggest counterparty risk within life insurance companies was associated with ceded reinsurance. reliable counter parties.In an acquisition exercise.The correlation of various risks has historically been underappreciated. Risk management should also assure that pricing the guarantees embedded in variable annuity products with living-benefit guarantees recognizes the cost charged by well-capitalized. asset devaluation and illiquidity. the uncertain impact of medical technology. reduced consumer spending. and litigation can be managed and reflected indirectly in the product-pricing process.

Drugi primjer je bivši britanski ministar u Vladi Ivan Kamena koji je nestao 1974 na plaži u Miamiju. koji je pretvorio se živa u prosincu 2007. 2002. you can consider discontinuing (or at least reducing) your million-dollar policy. merger. In addition to risk management. Risk management must be integrated into the everyday operation of the company—and indeed is the everyday operation of the company. quantifying the impact of tactics such as financial reinsurance. retirement market. http://www.html Život prijevare osiguranja može značiti smrt zavaravanje tvrditi životno osiguranje. .com/vesti/141-prevare-u-osiguranju-u-srbiji. On je otkrio živi pod lažnim imenom u Australiji. These risks can imperil the future of any one industry or company. [13] Primjer životnog osiguranja prijevare je nestanak John Darwin slučaj. They can then focus on the important day-to-day task of managing those risks. Darwin je bio prijavljen kao "nestali" nakon što nisu uspjeli prijaviti na posao nakon kanuing izlet 21. It is therefore important for every company to make sure to understand the risks being taken and to try to reflect suitable allowances in pricing to ensure the longterm ability of the company to manage those risks for society. Hogwash. he has extensive knowledge of the U. Until the value of your assets exceeds your debt. you need life coverage of some sort. Once understood. tvrdedi da nemaju sjedanje na proteklih pet godina.reosiguranje. and divestiture. His primary area of expertise is individual life. But you take a big chance when you depend solely on your investments in the early years of your adult life. Strategic success is possible when companies understand which risks are being taken and can appropriately charge for those particular risks. annuity. Prevaranti se ponekad može pojaviti nekoliko godina nakon nestanka. On se pojavio na dan 1. tvrdedi gubitak pamdenja. Smith is Milliman's chairman. ožujka. 10: I'm better off investing my money than buying life insurance. and health insurance. pet godina nakon što je mislio da je poginuo u nesredi kanuing. He has assisted numerous firms with their surplus management strategies. and corporate restructuring.K. and reflect in the pricing process. it becomes clear that it is difficult to differentiate solid everyday management of a company from an effective risk-management process.difficult to manage. prosinca 2007. strategy. Neil Cantle is a principal and consulting actuary with the London office of Milliman. avoid. including the development of products as they relate to the overall strategic direction of a company. and experience with mergers and acquisitions. He leads the development of Milliman's CRisALIS™ methodology for analyzing and quantifying enterprise risk. koji je istragu čina pseudocide počinjenog od strane britanske bivši učitelj i zatvorske oficira Johna Darwina. demutualization. product development. Once you amass $1 million of liquid assets. izručen Britaniji i osuđen na sedam godina zatvora zbog pri Myth No. acquisition. Bradley M .

there may be no means to provide for them after your current assets are depleted.msn.com/health-and-life-insurance/top-10-life-insurance-myths . http://money. krađe i krivotvorenja. jevare. If you die without coverage.especially if you have dependents.