Risk yönetiminde captive sigorta uygulaması ve Türk sigorta sektörüne etkileri
Captive insurance in risk management and influence on Turkish insurance market
- Tez No: 106630
- Danışmanlar: Y.DOÇ.DR. SEZAİ DUMANOĞLU
- Tez Türü: Yüksek Lisans
- Konular: Sigortacılık, Insurance
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2001
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Sigortacılık Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 116
Özet
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Özet (Çeviri)
tezin ingilizce özeti summary of the thesis Risk management has been a very hot topic among the firms in the developed countries. The total risk that is identified and assessed by the risk management, has a very important role in taking decisions through the firm's mission. An efficient risk management with risk measurement techniques will make the firm successful. The main goal of my study is to introduce and investigate the captive insurance which is established by the firm itself to finance its own risks by retention technique of Risk Financing. Risk is the variation in the outcomes that could occur over a specified period in a given situation. The degree of risk is related to the ability to predict which outcome will actually occur. If risk can be reduced or can be controlled then the future outcomes will be more predictable and more manageable. Risk can be classified as pure risk (where there is a change of loss but no change of gain) and speculative risk (where there is a chance of gain as well as a chance of loss). Risk Management is the identification, measurement and treatment of exposures to potential accidental losses. Risk Management also enables a business to handle better its ordinary business risks. Risk management process has several steps: risk identification, risk measurement, choice of risk management techniques which is risk control and risk financing. After identifying all risks of the firm the risk manager has to measure every risk exposure. Each risk has two parameters which are loss severity and loss frequency. Loss severity refers to the probable size of the losses that may occur. Loss frequency refers to the probable number of losses that may occur during some given time period. i“ I V After identify and measure risks there are techniques to handle them ohe of which is risk control and the other risk financing. Risk control measures to alter the”exposures I * h.in such a way as to reduce the loss severity or to make the annual loss experience more predictable. Risk financing measures to finance the losses that do occur. Risk Control Tools: Avoidance : Avoid the property or activity with which the exposure is associates by refusing or abandoning the activity Separation : Separation of the exposures to loss instead of concentrating them at one location. Combination : Making loss experience more predictable by increasing the number of exposure units. Transfer : Shift the property or activity to someone else, eliminate the transferor's responsibility to the transferee Risk Financing Tools: Transfer : The transferor seeks external funds that will pay for the losses that do occur. Retention : The source of the funds is in the firm itself or in the group which the firm belongs. Captive is a retention tool where the firm form a fund with an insurance company which the firm itself establish. Captive Insurance Company A captive insurance company is a legal entity formed primarily to insure the risks of one corporate parent or a number of similar corporations (e.g. trade associations) thereby contributing to a reduction in its parent's“total cost of risk”. Captives are usually domiciled in a specialised location, either offshore or onshore, and sometimes write business unrelated to their parent. Captives are formedJ8rimanyJ reasons, including the lack of a commercial market for certain lines of Jfgiyerage, the ' desire to recapture underwriting profits and investment income that wfupMjth^rwise^ be earned by the commercial underwriter, as a means to access th^ *market or, in certain circumstances, as a means of diversifying into insurance services. Captives are used extensively throughout the world by major corporations to cover risks situated both at home and abroad. Most, but not all, captives are established in an“offshore”location. The main reason for this is not, as is often the perception, the desire to establish in a benevolent tax environment but because of regulatory issues and other business considerations. This reduces both the time taken to license a captive and the regulatory costs incurred by the captive in comparison with most“onshore”locations. A captive can be a direct writing company (i.e. issuing its own policies) or a reinsurer of a“fronting”insurance company. Typically, the captive reinsures the fronting insurer for the primary layer losses and the fronting insurer retains the risk in excess of the primary layer. Usually retain a higher deductible through the purchase of a“stop loss”reinsurance. Advantages of a Captive The major benefits that the^stablishment of a captive brings to its parent can be divided into two main categories, financial and insurance. Financial Advantages Reduced Insurance Costs - Most corporations do not retain as much risk as they are able to financially and the commercial insurance market has high administrative costs which are passed on to their clients within the premiums charged. A captive can reduce the overall cost of an insurance programme by retaining the premium for the expected losses thereby avoiding the premium loading for a commercial insurer's overheads and profits on this element of the overall premium. Improved Cash Flow - Reserves for unpaid claims and unearned premiurl?| kept by a commercial insurance company, can be held by a captive“***?”, write all lines of property and casualty insurance; f ^' » *“ V ' ”k \ i i i! I ~ !An RRG cannot provide reinsurance. The only exception is that an RRG can provide reinsurance to another risk retention group or another group's members, and only if that group (or member) is in the same business or activity as the RRG providing the reinsurance. For all practical purposes this means that an RRG cannot provide reinsurance.“Regular”captives are able to provide all kinds of reinsurance. Turkish Insurance Market The unconscious competitive policies which have been followed since the liberalisation of the insurance sector in 1990, caused declines in technical and the stabilising financial profits of the companies. These developments, coupled with the great losses caused by the earthquakes and also the findings that the earthquake risk within the Marmara Region is greater than estimated had negative impacts on the technical results of reinsurers. In Turkey, non-admitted insurance is not allowed except marine cargo and life insurances according to the article 29 of Insurance Inspection Law number 7397. Local legislation places restrictions on the ability of insurance companies (including captives) not licensed in that country to write business relating to interests in that country. And there is also article 28 stating that all policies issued in Turkey must be according to the General Conditions of the Insurance prepared by Association of The Insurance and Reinsurance Companies of Turkey and approved by the Undersecretariat of the Treasury. In Turkey, to establish an insurance company there must be an permission taken from the Undersecretariat of the Treasury and the capital must be a equal or higher than a limit like 2,400,000 EURO or 3,000,000 EURO. Beside all these above factors there are some obligatory tariff that should be applied by all the insurance companies like the earthquake and terrorism tariff. Establishing a captive insurance company with these conditions may not be an advantage because the captive that is established would not be very much differe^p^ithw."thec^-';^linsurance companies in the Turkish Insurance Industry. So the only advantage could be to make a deal directly with the reinsurers. A company facilities and contents must distribute to huge space, and homogeneous in his values for each place to begin to think about establishing a captive. This means the risk of the company should be distributed to not only to Turkey but to all around the world. Then establishing a captive would be an advantage. The Influence of the captives to the Turkish Insurance Industry As the trade barriers throughout the world are lowered and companies become more internationally oriented, insurance buyers are taking a more global approach to risk financing and captives can play an integral role in the successful implementation of a global risk financing strategy. In this study it is searched if captive insurance is applied in the Turkish Insurance Market or not by a questionnaire done to six insurance companies. Yapı Kredi, Garanti, AxaOyak, Ak, KoçAllianz and Anadolu Insurance companies are the companies that take place in the questionnaire. The hypothesis of the survey is weather there is a captive insurance company in Turkey or not. These insurance companies was chosen from the top ten list of the premium production in 2000 and the turnover of the group they belong to was higher than 4,000,000,000,000,000 TL. According to the 10 questions asked it is concluded that there is no captive insurance in the market. The questions are, share holders of the company, is the risk of the group and its subsidiaries insured by you, how much percent of the portfolio is the premium of the group, do you have a special treaty for the group companies, rt
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