Concept Of Insurance Research Articles

On the issue of health insurance in Ukraine

The article analyses the prerequisites for the development and formation of health insurance in Ukraine. In particular, four historical stages through which insurance relations have passed are distinguished, as a result of which it is established that the institution of health insurance in Ukraine has deep roots, having originated in the times of Kievan Rus. Each of these periods of development of health insurance has its own peculiarities and a significant impact on the improvement of this national institution as a whole. The study also identifies the concept of health insurance and proposes to consider the main models of health insurance implementation in the world. The most widespread insurance models are the Bismarck model, the Beveridge model, the national health insurance model, the direct payment model, etc., where each of them offers a special way of exercising the right to health insurance. In addition, the author describes the main two types of health insurance. It is established that compulsory health insurance in Ukraine has not yet been regulated by law, although such a draft law has already been included in the agenda No. 3939-IX of 03.09.2024 and is to be considered at the twelfth session of the Verkhovna Rada of Ukraine of the IX convocation. In addition, the author analyses the main provisions and structure of the above draft law. At the same time, the author determines that voluntary health insurance is complementary to compulsory health insurance, and the main difference between them is that social relations regarding compulsory insurance arise on the basis of law, while voluntary insurance is based solely on an agreement between the insured and the insurer. The essence of voluntary health insurance is that a person who takes out such insurance can receive free medical care, and usually out of turn, within the terms and budget of the relevant policy. However, this type of insurance, despite its many advantages, is currently underdeveloped in Ukraine due to risks caused primarily by the war, and requires increased promotion among the population and support from the state.

The Qualification of Islamic Insurance Contract

The concept of insurance, which emerged in the West in the fourteenth century, was introduced to the Islamic world in the nineteenth century. The religious ruling of insurance, which became widespread in Muslim countries in a short time, started to be discussed among the faqihs. In this process, faqihs, who addressed the issue from the perspective of classical contract theory in fiqh, stated that insurance was not permissible due to prohibited elements such as ignorance, gambling, loss, gharar (uncertainity), and interest. This negative opinion on the validity of insurance induce Muslims with interest-sensibility to seek an alternative to conventional insurance. These efforts paved the way for the emergence of the concept of Islamic insurance. Although Islamic insurance has been used in some academic studies for other types of insurance other than conventional insurance, the term “takaful insurance” is meant by this concept in the finance sector today. In Turkiye, however, the concept of “participation insurance” has recently been widely used instead of takāful. It is remarkable that the Islamic insurance system, which began on a simple cooperative basis, evolved into a mixed structure in the following period. For this reason, Islamic insurance contracts are considered to be in the category of “compound/complex contracts” in modern economics. In this study, the qualificaiton of Islamic insurance contracts will be analyzed based on the typical contracts in the fiqh literature.

Adoption of Crop Insurance by Smallholder Farmers: Farm-Level Evidence from India

The paper aims to analyse the extent and determinants of smallholder farmers’ adoption of crop insurance. The study conducted a primary survey and collected data from farmers in a drought-prone area of Karnataka state in India using a structured questionnaire. The study has applied a binary logistic regression model to identify the determinants of crop insurance adoption. Empirical results reveal that though most farmers experienced crop loss, only a small percentage subscribed to crop insurance regularly. Lack of money to pay premiums and lack of information are the most common reasons for not subscribing to crop insurance schemes. Further, farmers feel the premium is expensive and do not receive the promised compensation due to the stringent eligibility rules. Most farmers who received compensation think the money is inadequate to cover the cultivation cost. Farmers feel each farm should be treated as a unit against the area-based insurance concept, and more crops should be brought under insurance. They also highlighted the need to further subsidise the premium. Results of the logistic regression confirm that socially marginalised groups and farmers practising agriculture as an ancestral profession are less likely to insure their crops.

Terms of Insurance for Nuclear Damage

This study addressed the regulations of nuclear damage insurance, by elucidating the concept of nuclear damage insurance, its characteristics, and its effects. Furthermore, the study delineated the insurer's obligation to provide financial guarantees for compensation for nuclear damages, through an exposition of the scope of nuclear damage insurance and its problems and addressing the conglomerations of nuclear operators. It was recommended that contemporary insurance companies and systems should abandon traditional methods in the field of nuclear damage insurance. This entails devising insurance approaches and treatments that align with the magnitude and nature of nuclear damage. Additionally, it is imperative for states to support and protect the insurance sectors from the risk of insolvency or bankruptcy, which leads to shirking their responsibilities and obligations towards nuclear operators or the afflicted parties.

Insurance Under- and Over-performance: The Case of Comprehensive Car Insurance in Poland

Insurance is based on specific assumptions, including a “perfect performance” model. The principle of indemnification, mentioned in almost all insurance textbooks for non-life insurance, is nevertheless far more complicated than economists’ perception. This complexity is a consequence of actuarial fairness and legal rules often being violated in practice. Thanks to the development of the methodology, the assumption of perfect performance has never been closer to reality. If we add the consumer’s perspective, the outlook of insurance performance becomes interesting. The paper examines assumptions related to the performance of insurance contracts made as part of economic insurance models, namely the legal indemnification principle and the theoretical concept of uncertain indemnity, both seen from a consumer’s angle. The discussion further relates to the concept of probabilistic insurance. The main goal is to measure under- and overperformance of insurance coverage. This paper invokes many qualitative and quantitative studies performed since 2012 to find evidence of the subjective perspective of under- and overperformance and full performance, within non-life voluntary comprehensive car insurance. Detailed research on comprehensive car insurance in Poland revealed the simultaneous presence of full performance, under- and overperformance. This phenomenon is known to practitioners, but its scale is unknown. A statistically significant difference exists between the more likely underperformance and the less likely overperformance. Underperformance is an outcome of inadequate coverage. Furthermore, the research outcomes suggest that uncertain indemnity should not be considered “random” as there is an asymmetry toward underperformance, at least from the subjective perspective of policyholders.

DIGITIZATION AS A FACTOR OF MTPL DEVELOPMENT

This article reveals the concept, essence and significance of compulsory motor third party liability insurance (MTPL). The topic of digitalization is touched upon as a factor in the development of compulsory motor liability insurance and the use of more advanced information technologies in order to simplify the process of carrying out work in insurance activities. The article highlights and describes the characteristic features of compulsory motor liability insurance in Russia and in foreign countries. The idea of introducing digitalization as a factor in the development of compulsory motor third party liability insurance in Russia is substantiated. The article discusses the methods of digitalization in the development of compulsory motor liability insurance, the scheme of its functioning, and also develops new ways of introducing digitalization as a factor in the development of compulsory motor liability insurance. The article also analyzes the features of the development of compulsory motor liability insurance in Russia, the size of insurance premiums and payments by type of insurance. The article substantiates the main problems of the development of digitalization in the auto insurance market (including compulsory motor liability insurance), which were identified in the process of studying scientific articles, information sources and educational literature. Activities are being developed that are aimed at increasing the interest of vehicle owners in complying with traffic rules and accident-free driving through the amount of the insurance premium, which is paid when concluding an MTPL insurance contract.

Initial Conditions for the Formation of Insurance Protection as the Basis for the Construction of the Concept of Insurance of Private Households

High-quality insurance protection of households contributes to ensuring their financial security in the face of possible negative changes leading to budget imbalance. At the same time, the formation of insurance plans should take into account the specifics of building insurance relations, determined by the type of household and other key parameters that affect the quality of insurance coverage provided. The scientific novelty of the research lies in solving a local scientific problem associated with the consistent development of the theoretical foundations for the formation of insurance protection for private households and obtaining results that are of practical importance for the full implementation of insurance functions in relation to a specific institutional group. The purpose of the study was to identify and summarize key positions that can have a potential impact on the content, volume and completeness of insurance coverage provided to private households. At this stage, the researcher had two tasks: to identify operational differences between insurance protection of monosubject and polysubject households; to generalize factors that can influence the volume of insurance protection being formed and its orientation. The author came to the conclusion that among them can be attributed the functional orientation of insurance protection; the level of formation of the insurance plan; the behavioral attitude of potential policyholders and the motives of their activity in local segments of the insurance market.

Asuransi Dalam Perspektif Islam

Insurance is a financial concept that has an important role in safeguarding individual and company financial risks. There are several definitions of insurance. According to the Big Indonesian Dictionary (KBBI), insurance is coverage, an agreement between two parties. However, from an Islamic perspective, insurance is a complex and controversial issue. This article presents an analysis of insurance from an Islamic perspective, illustrating the extent to which sharia principles regarding risk, social solidarity, and gharar (uncertainty) can influence the understanding and practice of insurance in the Islamic world. In Islam, the concept of traditional insurance with premium payments and claims involving elements of riba (interest) and gharar can be considered haram (violating sharia principles). Therefore, sharia insurance institutions emerged as an alternative that follows Islamic principles in its operations, such as the principle of tabarru' (donation) which is used to avoid elements of usury and the principle of takafol (solidarity) for risk sharing. Sharia insurance provides a solution for Muslims who want to protect themselves financially without violating the principles of their religion. However, there are those among the ulama regarding the extent to which sharia insurance products are truly in accordance with Islamic principles. Some criticized it because it still had elements of usury and guarantees that were not completely eliminated. While others estimate it is a better solution than conventional insurance.

An Inclusive Social Health Insurance for People with Disabilities in Three Southeast Asia Countries: A Systematic Review

This article examines how inclusiveness is implemented for People with Disabilities (PWDs) in social health insurance programs in Southeast Asia by focusing on the National Health Insurance (NHI) in Indonesia, the National Health Insurance Program (NHIP) in the Philippines, and Social Health Insurance (SHI) in Vietnam. The concept of inclusive social insurance for PWDs is used as an analytical tool to explore inclusivity criteria, such as target specifications, service benefits, multi-stakeholder involvement, service functions, and the program's impact. Drawing on the qualitative systematic review method, which refers to Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA), PRISMA Protocols 2015, and evidence-based guidelines, this article analyzes 25 selected pieces of literature. The results of the study show that: First, there are no special schemes and mechanisms in those programs that target PWDs directly and specifically. Second, those programs have not been able to meet the specific health needs of PWDs. Third, the implementation of those programs has involved three stakeholder actors: the state, the private sector, and NGOs. Fourth, those programs have not shown a significant impact on improving the health quality of PWDs. Finally, it can be concluded that the three programs are not yet truly inclusive in covering PWDs in social health insurance programs.

The concept of cyber insurance and its role in the ISO-based risk management process: An industrial perspective

The concept of cyber insurance and its role in the ISO-based risk management process: An industrial perspective

Big Data Analytics Technology Adoption in Kenya Insurance Industry: A Systematic Literature Review

The insurance concept was found numerous centuries Before Christ (BC). Correspondingly, Chinese and Babylonian traders practised moving or dispensing risks in 2nd and 3rd millennia BC. Nowadays, insurance is the backbone of the economy but developing economies face challenges in increasing its penetration. The recent introduction of Big Data, IoT and InsurTech led to the fourth industrial revolution in insurance in the developed world. This study explores the challenges and solutions in adopting big data analytics to increase insurance penetration in Kenya. This study applied a Systematic Literature Review (SLR) to extract the themes/variables relating to challenges and solutions in adopting big data analytics in Kenya's insurance sector. Several keywords were used to search for relevant literature from Google Scholar. Based on inclusion and exclusion criteria, the filtered studies were explored. This study listed several challenges and solutions to adopting big data analytics in the Kenya insurance industry. Policymakers could adapt to the suggestions to improve the service delivery insurance sector.

Before addressing the question of determining the characteristics of insurance services

This article deals with issues related to the definition of signs of insurance services. In modern conditions, significant transformations are taking place in almost all sectors of our country, including insurance. The object of the insurance market is the insurance service, which has a number of features. The study of various aspects of the concept of «insurance» is of theoretical and practical importance. In theoretical terms, it makes it possible to improve the internal structure of the insurance institution. Its practical significance lies in the direct impact on the rule-making process in the field of legal regulation of the insurance business and its organization. To achieve these goals, first of all, it is necessary to determine the characteristics of this type of service, since it is impossible to consider insurance services in isolation from the selection of their characteristics. In modern scientific literature, the concept of insurance is usually considered in several aspects: economic - as a system of economic relations regarding the formation of centralized and decentralized funds of funds necessary to cover the unforeseen needs of society; material - as a type of created monetary or material funds that are used to compensate for damage resulting from natural disasters and other unforeseen circumstances; legal - as a set of social relations arising from the creation and use of the insurance fund and mediated by the rule of law For law enforcement practice, the consideration of insurance as a legal category is of the greatest importance. To do this, we will attempt to establish the signs of insurance services.

Enhancing Mutual Assistance: An Analysis of Sharia Insurance Fund Separation in Comparison to Conventional Insurance

Separation of funds in sharia insurance adheres to the main principle of mutual assistance (ta'awun), which means that each participant must have the intention to help each other. The application of the concept of separation of sharia insurance funds emphasizes the position of tabarru funds which may only be used for the needs of policyholders (ta'awun), while funds originating from the shareholder component (ujrah) can be used for the needs of insurance companies. This study aims to determine the concept of Islamic insurance in the separation of funds which is an advantage compared to conventional insurance. A qualitative method was chosen in this research, which used sharia insurance companies in Indonesia as the research object. Research findings state that the separation of sharia insurance funds is divided into tabaru (mutual assistance) funds and ujrah funds which is in accordance with the concept of fund theory. Efforts to invest higher levels have been made by the company, but the low investment returns mean that the profit sharing between participants and the company is lower, while investment losses will still be borne by the participants. Besides that, low claims on sharia insurance mean that companies do not need to use their reserve funds to cover the high level of tabarru fund claims.

Regulation Concept of Optimizing Biodiversity Function due to Climate Change through Biological Insurance

Biological diversity, also known as genetic resources, plays a crucial role in sustaining human existence. Despite its significance, the destruction of these resources continues to persist over time, partly due to the impact of climate change. Numerous mechanisms have been implemented at both international and national levels to address this issue. However, the IUCN Red List indicates that the apprehensive situation persists, with 28% (35,765 species) of known species categorized as threatened with extinction as of 2020. In light of this challenge, an alternative worth considering is the concept of biological insurance, wherein biological or genetic resources become objects of insurance in general. Implementing this approach would require careful adjustments and, more importantly, scientific argumentation to support the idea both legally and economically. By employing normative legal research alongside statute and conceptual approaches, it has become evident that the current environmental insurance available in the market does not adequately protect the uniqueness of biological diversity. To strengthen the protection of biological diversity, it is essential to incorporate the sustainable use of natural resources for the prosperity of people while ensuring their sustainability indefinitely. Developing a comprehensive environmental insurance system would involve proposing a specific set of terms and conditions for biological insurance tailored to its unique characteristics. This approach seeks to safeguard and promote the conservation of biological or genetic diversity effectively.

Knowledge Development About The History And Basic Principles Of Health Insurance Business In Indonesia

The health insurance in Indonesia is something new for most Indonesians because the term health insurance itself, until now after the pandemic, has not become a word that is commonly understood. The understanding of what is called health insurance is still very varied so it is not surprising, for example, in the past, many people said that the Community Health Maintenance Guarantee (JPKM) in Indonesia was not health insurance but only the name was used without using the word insurance. The Indonesian population is generally a risk taker in terms of health and death. The economic condition of the Indonesian population from independence until now has been able to have a per capita income per year, which has not allowed the Indonesian population to set aside funds to buy health insurance or life insurance. Meanwhile, from the supply side, not many insurance companies offer health insurance products. The Indonesian government has been relatively slow in introducing the concept of insurance to the public through ease of licensing and legal certainty in the insurance business ordeveloping social health insurance for the wider community. This study uses a qualitative method that aims to analyze the relationship between the development of knowledge about the basic history of health insurance related to the basic principles of health insurance in Indonesia which is expected to increase knowledge about the history of health insurance and the basic principles of health insurance. The goal of this research is to find out things that can provide compensation for losses originating from ignorance of health insurance knowledge.

The Influence of Critical Success Factors of Innovative Insurance Product Development Concept Test towards Purchase Intention: An Empirical Study of Millennials and Generation Z as Target Market in Indonesia

The insurance industry faces numerous challenges, including intensifying competition, shifting customer expectations, and disruptive technological advancements. To navigate these challenges successfully, insurance companies must embrace innovation in product development. This approach enables them to meet the evolving needs of customers, adapt to market changes, and deliver greater value to their clientele. In Indonesia specifically, insurance companies face the considerable challenge of low insurance penetration, which has remained stagnant over the past five years from 2017 to 2021 (AAJI, 2022). Furthermore, insurance literacy and inclusion levels are alarmingly low, standing at only 19.40% and 13.15%, respectively, significantly below the Indonesian averages of 38.03% and 76.19% (OJK, 2019). Considering these challenges, PT Delta Echo Lima Insurance (placebo name and hereinafter named “DELI”) aims to address these issues by developing innovative, customer-centric insurance products and aspires to launch a ground-breaking insurance concept in Indonesia targeting Millennials and Generation Z. This research focuses on analyzing the characteristics of the target market and examining the correlation between critical success factors as key dimensions of the concept test for innovative insurance products and their influence on perceived innovation, perceived value, perceived price, and purchase intention. Additionally, an overall relationship model is established to provide a comprehensive understanding of the interconnections between these variables. To gather data, a quantitative approach was employed, utilizing questionnaires as the primary research instrument. The aim was to collect responses from two distinct groups of participants: Millennials and Generation Z. The collected data was then processed using the SmartPLS 3.0 software application, enabling the application of Partial Least Square Structural Equation Modelling (PLS SEM) analysis to derive insights and draw conclusions. This research provides valuable insights into the influence of critical success factors of innovative insurance product development concept tests on various aspects, including perceived innovation, perceived value, perceived price, and purchase intention among Millennials and Generation Z. The findings shed light on the unique characteristics of these target markets and highlight the significance of perceived value in driving customers' purchase intentions. By understanding these dynamics, insurance companies like PT DELI can better tailor their product development strategies to effectively cater to the needs and preferences of Millennials and Generation Z while addressing the challenges and opportunities within the Indonesian insurance industry.

Revisiting preferences for agricultural insurance policies: Insights from cashew crop insurance development in Ghana

The development and uptake of agricultural insurance products by farmers in developing countries has been universally and disappointingly low. This paper investigates farmers’ preferences and willingness to pay for a variety of agricultural insurance products, including indemnity insurance, index insurance, benchmark insurance, and hybrid (indemnity-index) insurance in the Bono and Bono East Regions of Ghana. We employed hybrid latent class and multiple indicators, multiple causes (MIMIC) models using discrete choice experimental data from 383 cashew growers. The results show that cashew farmers are heterogeneous in their preferences, with a majority advocating for agricultural insurance against key perils such as wildfires, high wind speed and excess rainfall. Hybrid (indemnity-index) insurance product is highly preferred and valued by cashew farmers advocating for agricultural insurance, followed by index insurance product. Farmers are quite sensitive to premiums, expected payout, type of perils covered by the insurance and loss assessment criteria. Social and behavioural constructs relating to trust in insurance companies, subjective knowledge about agricultural insurance, and perceived agricultural insurance benefits are significant determinants of farmers’ preferences for agricultural insurance products. The findings imply that it has become very necessary for agricultural insurance product developers, underwriters, and insurers in developing countries to gain more insight on farmers’ social and behavioural constructs related to agricultural risk, insurance knowledge and trust. We suggest that agricultural insurance product developers and policy-makers involved in agricultural insurance development should improve farmers’ understanding of basis risk and the concept of agricultural insurance, as well as the potential benefits of farm insurance. In this way, we can improve the uptake of agricultural insurance products by farmers in developing countries.

Mapping cyber insurance: a taxonomical study using bibliometric visualization and systematic analysis

Purpose This study aims to examine the research output on cyber insurance from 2002 to 2021 through an extensive bibliometric analysis. It examines the cyber insurance resources and how the process of cyber insurance works. Design/methodology/approach This paper uses Scopus and VOSviewer to analyze cyber insurance papers. Using 503 papers from Scopus, this paper enhances the understanding of cyber insurance through collaborative network maps of experts and researchers. Findings The study comprehensively evaluates the development of cyber research. The results show that the number of research articles on cyber insurance has significantly increased since 2009. Practical implications The study's results offer practical implications for researchers to gain knowledge on the latest trends and developments in the domain. In addition, the study highlights the significance of cyber insurance in mitigating financial risks linked to cyberattacks, potentially boosting the investment of more organizations in such policies. Furthermore, practitioners can enhance their understanding of the various types of cyber insurance policies and their coverage. Originality/value Our results are likely to encourage practitioners, computer scientists, auditors, accountants and lawyers to contribute further to corporate strategies, data analytics and business operations to mitigate cyber risk consequences. In addition, understanding regarding the cyber insurance concept formed between experts and researchers is limited. This paper fills this gap by evaluating and identifying the development of cyber insurance literature.

Satisfaction of beneficiaries with community-based health insurance and associated factors in Legambo District, North-East Ethiopia: a cross-sectional study.

The fundamental concept of community-based health insurance is to strengthen the healthcare financing system to access universal healthcare by reducing costly risk-coping strategies. The scheme's sustainability and the quality of services provided by it are highly dependent on the satisfaction of its beneficiaries. Despite beneficiaries' satisfaction being the key determinant for providing evidence for policy revision and decision-making, it has often been neglected. Therefore, the study investigated the community-based health insurance beneficiaries' satisfaction and associated factors in Legambo district, North-East Ethiopia. The study was conducted in the Legambo district with a community-based cross-sectional study design from October to November 2019. The data were collected from 838 households that had been the beneficiaries of the scheme using multi-stage and systematic random sampling. Twelve trained data collectors were employed and gathered the data using a pre-tested, structured questionnaire. We ran descriptive, bivariate, and logistic regression analyses. A value of p less than 0.05 with a 95% CI was used in multivariate logistic regression to determine the association of variables with the beneficiaries' satisfaction. The overall satisfaction level of the beneficiaries of the scheme was 58.6% and was associated with the following factors: merchandize (AOR = 1.92, 95% CI = 1.02-3.63), living in rural areas (AOR = 1.52, 95% CI = 1.02-2.27), an early office opening time (AOR = 3.81, 95% CI = 2.04-7.10), a short time interval to use benefit packages (AOR = 4.85, 95% CI = 2.08-11.31), an inexpensive membership premium (AOR =10.58, 95% CI = 3.56-31.44), availability of laboratory services (AOR =2.95, 95% CI = 1.71-5.09), presence of referral services (AOR =1.93, 95% CI = 1.33-2.80), having immediate care at health facilities (AOR = 1.73, 95% CI = 1.01-2.97) and non-compulsory enrolment (AOR = 6.31, 95% CI = 1.64-24.20). The beneficiaries' satisfaction with the scheme was suboptimal and found to be determined by occupation, residence, laboratory and referral services, immediate care, office opening time, time interval to use benefit packages, premium amount, and situation of enrollment, most of which are service-related variables. Thus, to improve the satisfaction level, the stakeholders that should work hard seem to be the health insurance agency (the insurer) and the health facilities (the provider or supplier).

Legal Protection of Policyholders for Claim Issues Insurance coverage based on positive Indonesian law

This paper reviews the legal protection for insurance policyholders according to Indonesian positive law. This is aimed at increasing our understanding of the concept of insurance and how legal protection is for policyholders for problems with claims for insurance coverage and how the liability of the insurance company as the insurer is towards the insured, namely the policyholder. Insurance policy holders are generally individuals, many of whom are people who are unfamiliar with the law and must be confronted with insurance companies, so based on this it is important for positive law to provide legal protection for insurance policy holders from violations of the law by insurance companies and of course all forms included law violations must be held accountable.