Insurance Institution Research Articles

The Economic Burden of Work Accidents and Occupational Diseases: Understanding the Invisible Costs

This study analyzes the economic burden of work-related accidents and diseases, examining both direct and indirect costs at micro, mezzo, and macro levels. The findings underscore the broader impact of these incidents, from individual workers to social security systems, and propose strategies for minimizing these economic burdens through preventive measures and safety improvementsAs in all processes involving human and machine elements, it is expected that unexpected events or developments will occur in business life and that these events will lead to unforeseen results. These unforeseen results will definitely have economic effects. These effects will occur at the micro level as well as at the mezzo and macro levels. In other words, a work accident or occupational disease concerns not only the worker or his employer, but also everyone from the end consumer to other companies; from social security institutions to private health insurance institutions. The aim of this study is to analyze the cost of work- related accidents and diseases. For this first we will define work-related(occupational) accident and diseases. Then we will demistify their direct and indirect costs. Then we will offer some basic precautions to avoid these costs. For this purpose, a literature review will be conducted, and data analyses will be performed. Reanalyzing the numerical data from previous studies with a renewed and alternative perspective will support reaching significant findings. From the beginning of study it has been known that work related accidents and diseases have direct and indirect, implicit and explicit costs. After new findings and renewed analyses to introduce new measures.

Variability of the Level of Budget Expenditures on Social Insurance of Farmers in the Agricultural Policy of Poland After Accession to the European Union

The purpose of this article was to examine the level and variability of budgetary expenditures directed to the Agricultural Social Insurance Fund (ASIF) in Poland in the form of subsidies to the Farmers’ Pension Fund in the period 2004–2024, i.e., after Poland’s accession to the European Union (EU). The aim of the study was also to determine the share of subsidies to the farmers’ social insurance fund in the total expenditures of the Polish agricultural budget, as well as the relationship of ASIF expenditures to state budget expenditures and GDP dynamics. The authors attempted to estimate the trend function for these time series and the degree of fit of the equations describing them. The formation of the nominal and real level of budget expenditures on the ASIF in 2004–2024 was evaluated. It was assumed that spending on the ASIF is an element of agricultural policy, realising its redistributive and social objectives, but indirectly also pro-development objectives by supporting generational change in agriculture. The research showed that the real level of spending on ASIF declined during Poland’s EU membership, as did the share of this spending in the total agricultural budget. The subsidy to the social security system also did not follow the changes in GDP and state budget expenditure proportionally, showing much less dynamism over the period studied. This means that budget support for farmers’ social security is losing its importance as an instrument of agricultural policy. It has been shown that the economic and social components of agricultural expenditure have not grown in harmony. The changes in the level of spending on the ASIF in the period 2004–2024 were also analysed in relation to demographic changes, i.e., the number of farmers insured in the ASIF and recipients of agricultural pensions. It has been shown that, despite a significant decrease in the number of farmers receiving pensions from the ASIF, there remains a large disparity between the average pension benefits of farmers and those of the general social insurance system (Social Insurance Institution—SII). The reduction in this disparity is not served by a real reduction in subsidies to the ASIF.

DOP011 Colectomy rates of newly diagnosed Finnish Ulcerative Colitis patients are decreasing

Abstract Background The effect of biological medication on colectomies is still unclear. Our aim was to determine colectomy risk in newly diagnosed Finnish ulcerative colitis (UC) patients and compare the risk of prebiological and biological era. Methods We used the registry of Social Insurance Institution of Finland to find newly diagnosed UC patients. Data on colectomies were collected from the Finnish Institute for Health and Welfare. Patients were stratified according to the UC diagnosis year and the availability of biological medication in Finland to three groups: 2000-2005 (prebiological), 2006-2012 (only infliximab available) and 2013-2020 (multiple advanced therapies available). We defined the subgroups as paediatric (aged <20), adults (aged 20-59), and the elderly (aged ≥60). Results We identified 32,108 UC patients and 2,195 colectomies performed on them. The 1-, 5- and 10-year cumulative colectomy risks were 1.0%, 4.7% and 7.3%, respectively. Throughout the study period, the risks were declining with the incidence rate ratio (IRR) 0.98 (p=0.009) in 1-year, IRR 0.97 (p<0.001) in 5-year and IRR 0.97 (p<0.001) in 10-year colectomy risk. Colectomy rates were lower in advanced therapy era (IRR 0.76 (p = 0.048) in 1-year and IRR 0.70 (p <0.001) in 5-year risk) and the 10-year risk also in infliximab era (IRR 0.87 (p = 0.010)) . The paediatric population had lower risk of surgery in advanced therapy era (IRR 0.33 (p =0.021) in 1 and 0.43 (p <0.001) in 5 years) , whereas the risk of the elderly stayed constant (IRR 1.33 (p =0.400) in 1 and IRR 1.12 (p =0.553) in 5 years postdiagnosis). Conclusion The risk of colectomy among newly diagnosed UC patients has decreased along the 21st century. This could be due to the use of advanced therapy options and more active treatment strategies.

The Importance of Health Education and Prevention in the Fight against Caries in the Preschool Period

The paper focuses on the influence of various factors causing caries in preschool children. The legal-formal rights in the field of primary dental care and medical and pedagogical caries prevention are analysed, as is the influence of professionals in the kindergarten and the family on the reduction of caries. With the help of data from the Health Insurance Institute of Slovenia (ZZZS), the impact of the COVID-19 epidemic on the scope of preventive and curative dental services is determined in a group of preschool children according to individual statistical regions in Slovenia, as is the relationship between the impact of the epidemic on the scope of dental services in the group of preschool children in relation to the economic development of an individual region. The interruption of dental services during the epidemic was so extensive that the consequences will last several years. Preventive services are an integral part of the rights derived from compulsory health insurance; therefore, raising awareness and teaching children about the healthy foundations of life is important.

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.

Consumption of Insulins in Primary Health Care in Albania during 2010-2020

Aim: evaluation of trends in out-of-hospital utilization and to prescribe of Insulin in Albania using the Anatomic Therapeutic Chemical Classification/ Defined Daily Dose -(ATC/DDD methodology). Methods: The study was retrospective, and we analyzed the data collected from Health Insurance Institute (HII) of these drugs classes in the primary health care in Albania during 2010-2020. The data about the consumption of drugs were expressed as a number of Defined Daily Dose (DDDs) /1000 inhabitants/day. For all the period under study 2010-2020, there were collected and analyzed data of import and domestic production of drugs, which represent the real consumption of drugs in the country. These data were subsequently included in a comparative analysis with the utilization data according to the Health Insurance Institute. Results: The consumption of all insulin were 3.49-10.66 DDD/1000 inhabitants/day (respectively 2010-2020). The consumption of insulin fast-acting were 1.58-4.93 DDD/1000 inhabitants/day (respectively 2010-2020). The consumption of insulin intermediate-acting were 0.56-1.06 DDD/1000 inhabitants/day (respectively 2010-2020). The consumption of insulin intermediate-acting combined with insulin fast-acting was 1.00-1.46 DDD/1000 inhabitants/day. The consumption of insulin long-acting was 0.34-3.21 DDD/1000 inhabitants/day. Conclusions: There is an increase in Insulin use from HII covering but still low values in comparison with other countries.

Differences in economic consequences of union dissolution across gender and ethnic groups in Belgium and Israel

ABSTRACT Given increased ethnic diversity in Europe and Israel in recent decades, coupled with high union dissolution rates, the study compares two case studies exemplifying diverse ethnic and immigrant societies – Belgium and Israel. We examine differences between ethnic, migrant, and gender groups in each country, and the intersections between them, regarding the economic outcome of union dissolution, as well as the effect of reemployment on these consequences. The study adds to the broad discussion on union dissolution and inequality in the dimensions of ethnicity, migration and gender and their intersections across countries. Growth models were applied to data from two longitudinal sources: the Data Warehouse on Labor Market and Social Security for Belgium and administrative data from tax authorities with the National Insurance Institute database for Israel. Results show that change in income upon separation is gendered and varies between ethnic/migrant groups in both countries. Cross-country differences were found in the effect of reemployment mainly among women, as it increases the income of minority-group women in Belgium but not Israel. The study emphasizes the importance of the intersectionality perspective in comparative studies, revealing the interplay between ethnicity, gender, and country in how ex-partners cope with the financial consequences of union dissolution.

The Function of the Deposit Insurance Corporation (LPS) as a Legal Protection Strategy for Customer Deposits Due to Bank Liquidation

This research aims to explore the role of the Deposit Insurance Corporation (LPS) in protecting customers when banks fail. The research methods used include policy analysis, case studies of failed banks, and reviews of related laws. It is hoped that the research results will provide a deeper understanding of the effectiveness of the legal protection provided by LPS to customers in the context of bank failures and the related compensation claims process. The Deposit Insurance Corporation (LPS) has a crucial role in protecting customer deposits when banks experience liquidation. In this context, LPS functions as a legal protection strategy for customer deposits held in banks. This action is important to maintain public confidence in banking amidst economic uncertainty. In response to the 1998 monetary crisis, the Indonesian government issued a policy of guaranteeing bank payments, including public deposits, through LPS. The importance of LPS is revealed when banks experience failures that have the potential to threaten the security of customer funds. In this situation, LPS guarantees the customer's refund up to a certain limit, providing the necessary financial protection. This creates a sense of security for customers and promotes banking system stability. With LPS, customers can be assured that their funds are safe even if unexpected events occur in the banking world. The role of LPS as a deposit insurance institution is inherent in the government's efforts to regulate and supervise the financial sector. LPS plays a role as the front guard in protecting customer interests, maintaining financial system stability, and preventing potential losses that could arise due to the possibility of bank failure.

Peculiarities of the institute of professional liability insurance of medical workers in some EU countries: in search of an optimal legal model for Ukraine

Public health, as one of the constituent elements of national security, is primarily determined by the protection of the population from the spread of epidemics on the territory of a certain state. It seems that its state can also be evidenced by the extent to which the population is protected from illegal and unscrupulous actions or inaction of medical workers. The latter, while performing their professional duties to provide medical care, may provide substandard medical services or even harm a patient’s health or take his or her life, which may entail their civil and/or criminal liability. Even if a medical worker is held criminally liable, he or the medical institution of which he is an employee is still obliged to compensate material damage to the patient for the harm to his health. Analysis of judicial practice both in civil and criminal cases shows that today it is unlikely to obtain such compensation from a medical worker even in court. In order to change this situation, it is necessary to legislate the institute of professional liability of medical workers. In June 2024 in the first reading the Verkhovna Rada of Ukraine adopted as a basis the Draft Law of Ukraine on self-government in the field of health care dated 25.12.2023 (reg. No. 10372), which provides for the establishment of the institute of civil liability insurance for representatives of medical and pharmaceutical professions. That is why today the search for the optimal legal model of such an institute is of great importance. In this case, the legislation of individual EU countries (the Republic of Lithuania, the Republic of Latvia and the Federal Republic of Germany) regulating the institute of professional liability insurance for medical professionals can be taken as a basis. Therefore, in this article on the basis of comparison of individual provisions of these laws will be realized the identification of all the disadvantages and advantages of this institute.

Psychotherapy use among migrants: a register-based longitudinal study

BackgroundMigrants use less mental health services compared with non-migrant populations, but there is very little information on the use of long-term psychotherapy among migrants. Finnish register data allow for studying...

Users of reimbursed glaucoma medications in Finland in 1986-2023: A nationwide study.

The study evaluates the long-term trends in the number of patients using reimbursed glaucoma medications in Finland. Reimbursement data of 193 082 new glaucoma patients in 1986-2023 were collected from the registry of Finnish Insurance Institution (Kela). The numbers of new, current and deceased users of reimbursed glaucoma medications in Finland at end of each year were analysed by gender and in different age groups. The number of glaucoma reimbursees per total Finnish population increased 2.5-fold during 37 years. However, in 2015-2023 the data demonstrated an unexpected decelerating trend in the difference between the number of new and deceased users of glaucoma medications (i.e. 'net change' in the medication users). In addition, differences in glaucoma medication users between Finland, other Nordic countries and Scotland were detected. The 37-year period demonstrates an overall increasing trend in the number of glaucoma medication reimbursees in Finland. However, the slowing growth in the net change during the recent years is to the contrary to what has generally been forecasted in Finland and globally. Future studies, including an updated prediction model, will be required to clarify whether the number of glaucoma patients under treatment will increase, or decrease in Finland in future as well as to figure out the reasons for the variations.

Medication reconciliation and seamless care led byclinicalpharmacists in Slovenia: a national reimbursed program ensuring safe and effective transition of care.

Medication errors frequently happen during patients' transitions between different healthcare settings. Medication reconciliation, provided by various healthcare specialists, could help reduce these errors. However,clinicalpharmacists do not lead this service nationally in most countries. This paper describes the development, implementation, and national evaluation of medication reconciliation in Slovenia as part of seamless care. All hospitals and community pharmacies in Slovenia. The initial step involved the successful development of legislation in Slovenia. This process, termed 'seamless care,' was defined as a pharmaceutical service and five different steps of this process were developed: medication reconciliation upon admission (including thebestpossible medication history), during discharge, personal medication cards, and medication dispensing. A standard operational procedure was established in 2023 to guide these practices. A critical milestone in the implementation process was establishing a successful reimbursement scheme in 2023. Hospitals and community pharmacies implemented this service following successful reimbursement. Pharmacy managers and heads of hospital pharmacy departments were responsible for overseeing its implementation in hospitals and community pharmacies. The Health Insurance Institute of Slovenia is measuring the implementation. Trials were conducted in various Slovenian hospitals to evaluate this service's effectiveness, appropriateness, and adoption before its full implementation (reduced medication-related problems were observed). The Health Insurance Institute of Slovenia is currently evaluating the sustainability of the service and providing feedback to the providers. Slovenia is the first country in this part of Europe to fully reimburse and implement medication reconciliation as a pharmaceutical service. This practice holds promise for exporting to other countries.

Residential Area Characteristics Are Associated With Asthma Burden in Children.

Wheezing illnesses, especially those triggered by rhinovirus infection, cause a major disease burden, and they often precede asthma. Environmental exposures are known to affect recurrence of wheezing. We investigated the relations of population density, greenness (forested areas), and socioeconomic factors of the living surroundings to the burden of asthma in children with prior bronchiolitis. Three hundred and ninety-four children, aged 0-24 months, with doctor-diagnosed bronchiolitis were enrolled in the MARC-30 Finland study. We assessed the children's early-life exposures to greenness and socioeconomic factors using time-series of Corine Land Cover data and Statistics Finland's grid data. We compared the living surroundings data to the prescription drug purchases and special asthma reimbursement benefits until the age 8 years; asthma data were from the Social Insurance Institution of Finland. Children living in sparsely populated areas had lighter asthma disease burden than children living in densely populated ones, with burden measured in median bronchodilator (50DDD [defined daily dose] vs. 104DDD, p = 0.02) and inhaled corticosteroid (0DDD vs. 123DDD, p = 0.04) purchases. In the subgroup of children with rhinovirus-induced bronchiolitis, children living in more forested areas developed asthma 10 months later than those with less forested areas (p = 0.04). Neighborhood socioeconomic characteristics were not associated with differences in asthma burden. Sparsely populated areas and forested environments seem to have a beneficial association with children's respiratory health. These findings warrant further studies on the protective health effects of greenness and the type of biodiversity around homes.

Securing the Lawsuit in the Civil Process: Albanian Civil Procedural Law

This paper focuses on dealing with the legal basis, mechanisms and importance of the institute of lawsuit insurance. The securing of the lawsuit is a temporary measure that is granted by the court, without fundamentally solving the case, when the conditions are proven by the applicant that there is a possibility of a serious and irreparable damage, from the execution of the administrative action or when it is suspected that the execution of the verdict will to become impossible or difficult . The securing of the lawsuit institute, as one of the oldest institutes of procedural law, has several characteristics that distinguish it from an ordinary judicial process. This paper will deal with the conditions of allowing, changing, appealing the securing of the lawsuit, the types and the difference between the securing of the lawsuit and temporary execution as decisions that are given by the court when it is suspected that the execution of the verdict on the plaintiff's rights would be impossible or difficult. Methodology: The scientific methodology used in this article is based on the research, analytical, comparative method. These methods have been used to study the concept of the securing of the lawsuit as part of the Albanian civil procedural law, seen in a comparative view between another civil procedural concept that of the decision with temporary execution. Received: 5 October 2024 / Accepted: 10 November 2024 / Published: 3 December 2024

Long-term sickness absence trajectories and associated occupational and lifestyle-related factors: a longitudinal study among young and early midlife Finnish employees with pain

ObjectivesThis study aimed to identify distinct trajectories of long-term sickness absence (LTSA, >10 consecutive working days) among young and early midlife Finnish employees who experienced pain at baseline. It also...

Significant increase in newly diagnosed hepatitis B and C cases in Germany due to screening

In 2016, the World Health Organization (WHO) decided on an initiative to identify 90% of the world's existing hepatitis B and C virus infections by 2030, treat 80% and reduce the mortality by 65%. In 2016, the federal government endorsed these goals. From Oct 1, 2021, the G-BA included a one-time screening for hepatitis B and C in the health examination (GU) for people aged 35 and over who have statutory health insurance. The previous participation rates in the GU were evaluated and the effectiveness of the program is documented using the reporting data on hepatitis B and C of Robert Koch Institute (RKI).Notifications from Central Institute of Statutory Health Insurance (ZI) and Scientific Institute of the local health insurance companies (WIdO) were compiled with regard to the GU, the reporting data from the RKI were collected and analyzed using SURVSTAT@RKI 2.0 as well as billing data from the Association of Statutory Health Insurance Physicians (KBV).Between 2007 and 2021, around 83% of all insured persons took part in a GU at least once. From the fourth quarter of 2021, the number of newly diagnosed cases of hepatitis B and C increased. In 2022, the increase for hepatitis B was 91.9% and for hepatitis C 68%. This trend continued in 2023, with new diagnoses of hepatitis B increasing by 160% (to 22,795 cases) and hepatitis C increasing by 121% (to 10,508 cases) compared to 2021. The analysis of the KBV billing data showed that the increase in new diagnoses shows a strong correlation between the number of new diagnoses within the GU and the total number of diagnoses.The decision of the Federal Joint Committee (G-BA) to include hepatitis B and C screening in the GU seems to be a success in detecting previously undetected cases of the disease. Based on the billing data from the KBV, a high level of agreement could be demonstrated between the number of new diagnoses within the GU and the increase in the total number of diagnoses. The goals of the WHO may be achievable.

The possibility of amending an interpretative decision issued by ZUS – comments "de lege lata" and "de lege ferenda"

This article discusses amending an interpretative decision issued by the Social Insurance Institution (Zakład Ubezpieczeń Społecznych, ZUS). The study aimed to present proposals for legislative changes in interpreting the contribution rules. This article uses the classic research method for legal sciences, that is, the dogmatic legal method. The provisions that currently allow for the amendment of a decision as a result of the resumption of proceedings are analysed. The authors investigated an analogous institution at the level of tax law and, as a result of their research, proposed an amendment to the regulation that makes it possible to change an interpretative decision of the Social Insurance Institution after it has been found to be incorrect. By enabling faulty interpretative decisions to be eliminated from legal circulation, the protective function of interpretations will be strengthened in relation to payers of social security contributions who have the status of entrepreneurs.

Associations between cardiac arrhythmias and cardiovascular disease incidence and all-cause mortality: the Kailuan study

AimsCardiac arrhythmia is a rising public health issue. The aim of this study was to determine the associations of atrial fibrillation (AF) and heart block with cardiovascular disease (CVD) incidence and all-cause mortality.Methods and resultsWe included 141,362 participants (mean age [49.3], 80.9% men) from the Kailuan study. Arrhythmias were diagnosed through a 12-lead electrocardiograph (ECG). Mortality and CVD events were ascertained through multiple sources, including a municipal social insurance institution, hospital records, death certificates, and regular active follow-ups. During a median follow-up of 12.5 years, 18,301 total deaths and 13,208 cases of CVD were documented. The multivariable-adjusted hazard ratios (HRs) with 95% confidence intervals (CIs) comparing participants with AF to those without arrhythmia were 1.76 (1.61–1.93) for all-cause mortality, 2.11 (1.86–2.39) for CVD, 3.99 (3.33–4.79) for heart failure, and 1.56 (1.30–1.90) for stroke. Further, comparing participants with heart block to those without arrhythmia, the multivariable-adjusted HRs (95% CIs) were 1.31 (1.24–1.38) for all-cause mortality, 1.26 (1.18–1.35) for CVD, 1.40 (1.23–1.59) for heart failure, and 1.25 (1.15–1.37) for stroke. Additionally, there were generally stronger associations for AF and heart block with all-cause mortality and CVD in younger participants compared with their older counterparts (Ps-interaction ≤ 0.02) and a stronger association between AF and CVD in women compared with men (Ps-interaction ≤ 0.006).ConclusionAF and heart block were associated with a higher risk of subsequent adverse CVD events and mortality. Our findings highlight the importance of strategies for preventing cardiac arrhythmias to reduce the risk of CVD and mortality.

Occupational Medicine Expert Witness Cooperating with Lawyers in Launch of a Proposal of Law Amendment on Compulsory Health Insurance Based on the Hairdresser Allergic Dermatitis – Case Report

BACKGROUND: Hairdressers, barbers, beauticians, nail beauticians and cleaners are the most common occupations where work-related skin diseases occur. The aim of this paper is to present the role of an Occupational Medicine Specialist who was given the task of evaluating whether the hairdresser's illness is in a cause-and-effect relationship with the employer - the plaintiff, and whether the hairdresser has a predisposition to the onset of the disease. CASE PRESENTATION: This paper presents the case of a 24-year-old hairdresser who developed allergic contact dermatitis. Her employer sued the Croatian Health Insurance Institute, holding that she has no financial obligations towards her employee, whom she had dismissed, because she was not to blame for the onset of her contact dermatitis. The specialist in occupational medicine confirmed the opinion of institutional expert bodies that this case is an occupational disease according to the Law on Compulsory Health Insurance. However, the employer is partially right, because she gave her the necessary protective equipment and supplied her with permitted chemicals, and it is not her fault that her employee developed allergic dermatitis due to her tendency to the said disease, and she believes that she should not be paid 100% compensation during sick leave. This is a rare case where everyone is right. CONCLUSION: Therefore, to solve the case fairly, it is necessary to make an addition to the Law, to reject allergic occupational dermatitis as an occupational disease, in case it is an innate tendency of the organism with a late response to occupational allergens. The employer would be freed from the financial burden of payment, which obligation would be assumed by the HZZO, which would refer the patient to professional rehabilitation in the sense of retraining for another job.

Do long-term institutional investors constrain managerial disclosure opportunism? Evidence from insurance ownership

ABSTRACT Focusing on the relationship between insurance ownership and firms’ incentives to report small positive earnings surprises, this study examines whether long-term institutional investors constrain short-term opportunistic disclosures. This study finds that firms display a salient bunching of small positive earnings surprises owing to adverse regulatory consequences for loss firms and insurance ownership significantly constrains such behaviours. The mechanisms are mainly through strengthening internal monitoring and attracting external attention. Meanwhile, this negative relation is more pronounced when other investors have a shorter investment horizon, or managers have stronger incentives to exaggerate earnings escorting their insider selling. By using Growth Enterprise Market reform as a quasi-natural experiment, the results remain consistent. This study more fully explains the economic consequence of investor horizon and provides a new perspective on the motivation of managerial disclosure opportunism. Furthermore, this study draws important implications for emerging markets for encouraging value investment and provides important guidelines for governments to better leverage the leading role of insurance institutions when setting policies to maintain the healthy and sustainable development of the capital market.