### 统计代写|金融统计代写Financial Statistics代考|GRA6518

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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 统计代写|金融统计代写Financial Statistics代考|Participants of insurance company’s business

There are a number of participants involved in the insurance business. All of them have different functions, powers, responsibilities, and pursue their own specific business goals.

For policyholders who transfer their risk of loss to the insurer and pay for it a remuneration called a premium, the main objective is to obtain reliable insurance protection for the least possible price. Therefore, some policyholders seek to find a company that offers the lowest price. However, a proportion of those who are guided only by these mercantile considerations and change from company to company without having other considerations, is not so significant.

This observation is based on both old and recent surveys of policyholders which confirms a certain degree of reluctance amongst insureds toward switching insurers. In support of this idea, researchers (see, e.g., [189], p. 39) mention, e.g., a survey of 2462 policyholders conducted in [45], where $54 \%$ of respondents admitted that they never tried to understand the prices in auto insurance. To the question “what is the most significant factor for you when buying an insurance policy?”, $40 \%$ of them answered that it was a company, $29 \%$ said that it was an insurance agent, and only $27 \%$ said that it was a policy price. In a similar survey of two thousand and four German insureds (see [174]) it was found that, while $67 \%$ of the respondents knew about the significant difference in the prices of different automobile insurers, only $35 \%$ chose a company on the basis of their favorable premium. Based on this, it was assumed in [189] that if there is an opportunity to go to a company offering lower prices, only one third of the total number of policyholders will do so.

At the present time, the search of a company that offers the lowest price is greatly facilitated by the Internet. But the observation that there is no other product that the consumer would have known so little about (see [92], p. 51) remains valid. Many consumers generally do not realize that there are differences in the prices of various insurance companies. Comparison of prices is difficult for them because information on the difference in prices for comparable coverage is not easily available; asking a colleague in office on the price of his or her policy does not make much sense, since this colleague may be of a different risk class, lives elsewhere, and drives a different brand of car.

## 统计代写|金融统计代写Financial Statistics代考|Strategic interests of insurers

In the insurance market, there is a wide variety of companies. Experienced managers develop for their owners reasonable long-term strategies that can lead the companies to success. These strategies can be very different. They reckon with the peculiarities of both their companies and the market. But ultimately, it is the owner of the company who decides on its strategy.

Typically, the market is headed by a few large, or incumbent companies, possessing an established business. After the portfolio has already been formed, the main strategic goal for these companies is to get profit from insurance operations $^{19}$. Since on a profitable market ${ }^{20}$ each client brings in an average profit, the larger the company, the greater its cumulative annual profit. This situation changes dramatically when the market ceases to be profitable, and each customer brings in an average loss. On the unprofitable market, the larger the company, the more likely its ruin.

A profitable insurance market always attracts new participants. They may be subsidiaries of non-insurance corporations, which earn considerable funds and

seek to increase them by investing in a seemingly attractive insurance business. The immediate objective of newly established companies, as their portfolio is not yet formed, is gaining market share, or an increase in the volume of their newly started businesses. Having tools for strategic growth and wanting to attract customers from other companies, they engage in aggressive premium price cuts. The degree of aggressiveness may vary significantly between companies.

Companies which have been doing business for a long time, and which are focussed on acquiring profit from insurance operations, are not interested in lowering their prices groundlessly. But, as already mentioned, the primarily aim of a company that has recently entered the market, and has not yet formed a portfolio, is to increase the volume of its business. Therefore, in order to attract new customers, it lowers its premiums below the premiums of its competitors. Such a difference in aims of participants leads to a price competition. In some cases, as it will be discussed below, the competition may be fierce and even dangerous for the stability of the whole market.

## 统计代写|金融统计代写Financial Statistics代考|Some aspects of modern insurance regulation

Insurance companies do sometimes go bankrupt due to financial distress. Consequently, policyholders who have entrusted their insurance protection to them, also find themselves in a difficult position. It adversely affects the financial well-being of the society as a whole. To minimize the risk of the occurrence of bankruptcies, the insurance market is regulated by an authorized state body ${ }^{21}$. The society is interested in effective regulation. Its principal goals are to contribute to the stability and efficiency of the insurance system, and to protect the rights of policyholders.
Insurance regulation and supervision cover all aspects of a business: legal, financial, technical and economic, and includes the management of accounting documentation. Regulatory practice has developed a number of standards and principles $^{22}$. Each insurer is required to report on its financial position regularly, normally annually, or more often in case of troubles, and to obey recommendations and directives of the supervisory authorities. The latter has to undertake solvency assessments, and has statutory powers to rectify the situation. These include issuing a directive to increase capital and/or liquidity, a divestment order, or a directive requirement to sell the company’s assets, a direction of compliance, or instructions for eliminating deviations from legal requirements, and taking control of assets of the company (see [177], Paragraph 19).

Leading businessmen and scientists recognize (see, e.g., [186], pp. 183, 322) that the most important drawback of the free market system in general, not only that of the insurance market, is the inherent instability of the system. Excessive instability can be prevented only by some sort of regulation; it is a prerequisite for the smooth operation of the market mechanism. Undulation on the free market is not necessarily harmful; if it is the result of a dynamic adaptation of the system to changing economic realities, its role may be positive. But fluctuations with extremely large amplitudes are undesirable because they can lead to disastrous consequences for the market.

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