Insurance Market Research Articles

Essence and stages of e-insurance development in Ukraine

The digitalization of all economic sectors, Ukraine's path to European integration, and the need for consumers to have fast, remote, and convenient insurance services highlight the relevance of implementing electronic insurance in the insurance market. This paper is dedicated to defining the essence of electronic insurance in the context of the digitalization of the insurance market and exploring the main stages of the development of electronic insurance in Ukraine, which has undergone rapid and technological changes since the first sale of an electronic compulsory civil liability insurance policy in 2018. Legislative and regulatory acts governing the process of electronic insurance have been studied. It has been found that the introduction of the electronic compulsory civil liability insurance policy, and later the electronic Green Card, has had a maximally positive impact on the development of the insurance market as a whole and has become an integral part of its innovative and technological breakthrough. It is emphasized that market participants have received additional technological tools for conducting their activities, which positively affects the development of their business and the insurance market as a whole. The further application of digital technologies, artificial intelligence, implementation of customer-oriented interface solutions, integration of all insurance products, and corresponding legislative groundwork will lead to the gradual increase of the share of electronic insurance in Ukraine, which will positively impact the entire financial market and economy in general. It is proven that the establishment of electronic insurance is an integral part of the development of the digital economy and innovative technologies in all areas of economic activity. E-commerce, electronic document management, 4-5G communication, the relentless shift of consumers to touchscreen phones, the use of technological and convenient mobile applications, the implementation of CRM systems, and various innovative solutions have allowed the provision of insurance services to reach a new level while optimizing costs.

Essence and stages of e-insurance development in Ukraine

The digitalization of all economic sectors, Ukraine's path to European integration, and the need for consumers to have fast, remote, and convenient insurance services highlight the relevance of implementing electronic insurance in the insurance market. This paper is dedicated to defining the essence of electronic insurance in the context of the digitalization of the insurance market and exploring the main stages of the development of electronic insurance in Ukraine, which has undergone rapid and technological changes since the first sale of an electronic compulsory civil liability insurance policy in 2018. Legislative and regulatory acts governing the process of electronic insurance have been studied. It has been found that the introduction of the electronic compulsory civil liability insurance policy, and later the electronic Green Card, has had a maximally positive impact on the development of the insurance market as a whole and has become an integral part of its innovative and technological breakthrough. It is emphasized that market participants have received additional technological tools for conducting their activities, which positively affects the development of their business and the insurance market as a whole. The further application of digital technologies, artificial intelligence, implementation of customer-oriented interface solutions, integration of all insurance products, and corresponding legislative groundwork will lead to the gradual increase of the share of electronic insurance in Ukraine, which will positively impact the entire financial market and economy in general. It is proven that the establishment of electronic insurance is an integral part of the development of the digital economy and innovative technologies in all areas of economic activity. E-commerce, electronic document management, 4-5G communication, the relentless shift of consumers to touchscreen phones, the use of technological and convenient mobile applications, the implementation of CRM systems, and various innovative solutions have allowed the provision of insurance services to reach a new level while optimizing costs.

Design and study of hybrid BI insurance contracts with interruption compensation, reward, and penalty under adverse selection

AbstractAiming at the adverse selection problem in the BI insurance market under asymmetric information, this paper designs a hybrid BI insurance contract with interruption compensation, reward, and penalty based on the principal‐agent theory. It is found that regardless of the existence of two or more risk types in the BI insurance market, the hybrid BI insurance contract will be a strict Pareto improvement of the traditional partial insurance contract that is replicated twice. Meanwhile, we validate and extend the above conclusions through an arithmetic example, which provides more comprehensive theoretical support for insurance companies to design new BI insurance.

Analysis of the Role of Judicial Institutions in Sharia Economic Law Enforcement in Indonesia

This study aims to analyze the concrete role of judicial institutions in the enforcement of sharia economic law in Indonesia. The main focus is to understand how the Religious Courts, District Courts, and Supreme Courts handle sharia economic cases and identify the challenges faced in the process. The research method used is a qualitative approach with a case study design. Data were obtained through in-depth interviews, observations, literature studies, and documentation analysis. The results of the study show that the Religious Court has a central role in the application of sharia principles in banking, insurance, and sharia capital market cases. Collaboration between Religious Courts and District Courts is important in handling complex cases involving aspects of national law and sharia. However, several challenges such as the lack of special training for judges, limited resources, and unclear regulations are still the main obstacles in the enforcement of sharia economic law. This research makes a theoretical contribution by enriching the literature on sharia economic law and practicality by providing recommendations to increase the effectiveness of sharia economic law enforcement. The main recommendations include increasing training and capacity building of judges, harmonization of regulations, and the use of information technology in case management. Thus, this research is expected to support the creation of a fairer and more effective legal system in the enforcement of sharia economic law in Indonesia.

Determinants of the Behaviour of Entities on the Insurance Market in the Light of Changes Introduced by the IDD Directive

AbstractOne of the most significant legal acts concerning the sale and management of insurance risk was issued on January 20, 2016, based on Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (IDD Directive). The adoption of European IDD principles aims to enhance transparency in the operations of insurance distributors and improve the standards of their business practices. Its protective scope encompasses all individuals and entities involved in the sale of insurance products. The aim of the article is to ascertain the regulatory authorities’ impact on the insurance market, consideration of consumer protection, in light of the changes introduced by the IDD directive. The primary entities under examination, in the mentioned context of consumer protection, are distributors and supervisory authorities. The discussion includes an overview of the scale of the insurance market and its fundamental applications, as well as compliance within the framework of behavioural economics theory. Additionally, the paper addresses the aspect of threats posed to consumers by the analyzed changes in the European insurance distribution market. In this segment, the authors concentrate on the economic and social ramifications of IDD implementation for entities operating within the insurance market. The concluding section outlines the potential for development and the future prospects of financial intermediation concerning IDD utilization.

ASURANSI SYARIAH : BAGAIMANA KEDEPANNYA?

Syarikat Takaful Indonesia (Takaful Indonesia) in 1994. The research method used in this research is literature study (Case Study) analyzing from books or various studies that have been done previously. This study aims to critically examine sharia insurance and what will happen in the future? The result of this research is that the birth of Takaful Indonesia as a holding company for PT Asuransi Takaful and PT Asuransi Takaful Umum, the first Life and General Sharia Insurance in Indonesia, is the result of commitment and concern for various elements of the nation towards the development of the sharia economy, especially sharia insurance in Indonesia. According to OJK data, as of November 2019, sharia insurance assets against conventional insurance showed a figure of 6.17% or Rp 44.75 trillion (OJK, 2019). To improve and enhance the promotion of the sharia insurance market, support from all parties, be it the government, industry and stakeholders, especially in an effort to increase sharia insurance literacy effectively and massively through socialization of public education.

Problems and perspective of developing insurance in the international tourism business

An increasing number of tourists face risks and unforeseen situations while travelling: the limited availability of insurance products, deficiencies in risk coverage, and the failure to meet individual needs make relevant the issue of insurance in the international tourism business. The purpose of the article was to analyse current problems in the field of insurance at the international level and to highlight possible ways to solve them, as well as to determine the prospects for the development of this segment aimed at ensuring maximum safety and convenience for tourists. The article examines the state and prospects for the development of the international market of travel insurance services. With the application of the analysis method, a thorough review of the shortcomings in the activities of insurance companies was carried out, which made it possible to clearly determine the level of importance and provide practical recommendations for their solution. The abstract-logical method was applied to make conclusions based on the study of policyholders’ behaviour, their tendency to risk, and the choice of insurance products. The increase in the volume of tourist trips in the world is accompanied by the increase in appropriate insurance. It causes insurance companies and tour operators a number of problems, such as insufficient adaptation of insurance products to the needs and risks of tourists, limited geographical coverage, and complex registration and compensation procedures. However, there are also prospects for the development: new technologies, such as artificial intelligence and blockchain, which can contribute to the automation and facilitation of insurance processes. Expanding geographic coverage and adapting insurance products to the specific needs of tourists can also ensure the growth of the insurance market in international tourism. The practical value of the conducted research is determined by the development of recommendations for international insurance companies aimed at overcoming problems and reducing risks in the field of travel insurance, both for representatives of the insurance business and for travellers

Smoking and risk for morbidity and mortality in patients who undergoes coronary artery bypass grafting

Abstract Background The association between smoking and prognosis after coronary artery bypass grafting (CABG) is sparsley studied. The few previous studies investigating this association show conflicting results. Purpose The purpose was to explore the association between smoking and long-term risk for morbidity and mortality in patients undergoing CABG. Methods Data from the SWEDEHEART registry were used to identify all patients who underwent isolated CABG in Sweden from 1992 to 2020 and smoking status at time for surgery. Three other mandatory national registries were used to collect data for comorbidities, social factors, and death (Swedish National Inpatient Register, Longitudinal Integration Database for Health Insurance and Labor Market Studies and, Swedish Cause of Death Register). Cox regression models adjusted for age and sex, comorbidities and social factors were used to assess the risk for all cause death, stroke, myocardial infarction. Mean follow-up time was 5.2 years (range 0-10). Results In total, 27,434 patients aged >18 years were identified (18.2% women). The study population was divided into; never smoker (n=8593), former smoker (n=14666) and current smoker (n=4175). The proportion of previous ST Elevation Myocardial Infarction (STEMI), heart failure, previous stroke, peripheral vascular disease, chronic respiratory disease, depression, low education was higher in current smokers than in non-smokers. Compared to never smokers, current smokers had a higher risk for all-cause death (adjusted Hazard ratio (aHR) 1.36 (95% Confidence interval (CI) (1.22-1.52)) and stroke (aHR 1.39 (1.18-1.64)) but not for myocardial infarction (aHR 1.03 (0.87-1.21). Former smoker had higher risk for all cause death (aHR1.17 (1.08-1.28)) compared to never smokers but no increased risk for myocardial infarction 0.91 (0.81-1.03) and stroke (aHR 1.11 (0.98-1.25). Conclusion There is a strong association between smoking at the time for surgery and long-term risk for worse prognosis after CABG. The results emphasize the importance of encouraging and motivate CABG patients to smoking cessation.

International practice of the bonus-malus system

Purpose of the research – evaluation of the eff ectiveness of the "bonus-malus" in the class of compulsory insurance of civil liability of vehicle owners and the identification of the conceptual foundations of compulsory insurance of civil liability inherent in the experience of foreign countries, as well as the development of proposals to improve the rules of this insurance. Methodology – the methodological basis of the research was the works and publications of foreign economic scientists, a set of general scientifi c and private methods of scientific cognition (analytical, systematic method, analysis, synthesis, comparison, etc.). Originality / value – in order to ensure a balance with favorable values of compulsory civil liability insurance, methodological approaches to the modernization of the bonus-malus system are provided and determined by the expediency and possibility of use in the insurance market of kazakhstan. Findings – it provides for the use of optimal ways of differentiating insurance tariff s by domestic insurance companies, taking into account the degree of risk and interests of policyholders of various categories, and maintaining the availability of tariffs for a wide range of consumers of insurance services.

A buy-hold-sell pension saving strategy

We propose a ‘buy, hold, sell’ (BHS) deterministic lifecycle strategy that involves buying and holding assets until they are sold to generate income. Savings are invested entirely into a risky portfolio until a pre-specified ‘switch age’ and then entirely into a risk-free portfolio after the switch age, followed by withdrawing during the payout phase from both portfolios based on annuitization factors that vary with age. We also allow for access to mortality credits through an insurance market. We analytically derive the dynamics of the investment strategy and show that the strategy is optimal for a range of investors with HARA risk preferences. We demonstrate numerically that the BHS strategy delivers limited loss of utility versus an optimal solution for investors with CRRA preferences and low-moderate levels of risk aversion while significantly outperforming deterministic strategies commonly seen in practice. The BHS strategy offers an attractive alternative for practical applications as it is straightforward to apply while avoiding the need for dynamic optimization and portfolio rebalancing.

Russian mutual insurance market: Limitations for development

Aim. To assess the practical significance of the possible implementation of some proposals aimed at the development of the insurance market, based on the analysis of statistical data on the activities of insurance organizations and mutual insurance societies, particularly in the field of insurance of civil liability of notaries.Objectives. With the help of statistical data on the activity of insurance organizations and mutual insurance societies to identify the practical significance of the initiative and its impact on the development of mutual insurers in the insurance industry.Methods. The present study is built on the basis of empirical methods such as observation, comparison, generalization, induction, deduction.Results. The authors analyzed the activity of insurance companies in 2023 in the aspect of insurance organizations and mutual insurance societies, including the impact and significance of the type of insurance of civil liability of notaries on the insurance industry. Taking into account the actually full coverage of notaries by insurance services required by law, there are no problems in the conclusion and execution of these insurance contracts, according to the author’s position. The presence of an insignificant number of insurance organizations in this segment and small volumes of premiums in relation to the total premium collections indicate a low interest of insurers in this type of insurance. Today the market of compulsory insurance of notaries is actually covered and closed for new players. The authors believe that admission of mutual insurers to this segment will not practically lead to the development of mutual insurance and improvement of the insurance market as a whole.Conclusions. Despite the tasks set by supervisory and regulatory authorities to strengthen and develop the insurance market, the initiatives put forward to modernize the mutual insurance market are noteworthy and are certainly important, timely, but insufficient for the realization of the set tasks. The authors conclude that the admission of mutual insurers only to the market of notaries’ liability insurance will not be a significant stimulus for the development of mutual insurance and improvement of the Russian insurance market.

Impact of differences between the Nuclear Law Act and the Vienna Convention on Civil Liability for Nuclear Damage on the Terms and Conditions of Nuclear Civil Liability Insurance2nd Part

This article is the second part of the publication with the same title, which appeared in the issue no. 4/2023 of the “Insurance Law”. The first part discussed selected differences in the regulation of civil liability of the operator of a nuclear installation for nuclear personal injury between the Nuclear Law Act and the Vienna Convention. Those included the definition of nuclear personal injury, the limitation period for claims for such injury and the rules for seeking compensation thereof. The Vienna Convention sets minimum protection standards in the event of nuclear damage, which has served as a benchmark for developing the principle of civil liability insurance of the operator of a nuclear installation for nuclear damage.The second part of the article deals with practical issues and provides a summary of the most crucial information concerning nuclear insurance market. It clarifies the notion of a nuclear insurer and their available insurance options. It also discusses the major elements of the civil liability protection for nuclear damage which differ from the rules of the insured’s civil liability specified by law. Finally, it addresses obstacles which may hinder the offering of this type of insurance as compulsory insurance under national legislation. This Article concerns solely the rules for civil liability for nuclear personal injury suffered as a result of operating the nuclear power plant. Insurance aspects related to the transport of nuclear material from nuclear facilities, the operation of research reactors and radioactive waste repositories have been omitted.

SARIMA Model-Based Monte Carlo Simulation of Option Contract Design for Maize Seasonal Heavy Precipitation in Shenyang

Agricultural production is highly dependent on weather conditions such as temperature, light, water and heat. The huge loss caused by extreme disaster weather makes the global insurance and reinsurance market overwhelmed, and seriously affects the enthusiasm of agricultural investment and the development of agricultural economy. With unique topography and vast territory, China is vulnerable to complex and diverse climate disasters. In recent years, the annual average economic loss caused by extreme weather disasters has reached about 200-300 billion yuan, among which floods caused by extreme heavy rainfall are the main agricultural disasters in China. In order to enhance the "farmer - insurance company - government" interest association to resist the risk of flood disaster caused by extreme heavy rainfall, financial hedging derivatives of weather disaster risk have gradually become a new hedging tool besides traditional insurance and reinsurance. This paper takes Shenyang, the main grain producing area in northeast China, as the sample of the study area, and uses the SARIMA model to obtain the distribution characteristics of seasonal rainfall time series. Different seasonal rainfall index option products (call option and put option contracts) are designed respectively, and the final option pricing is obtained by Monte Carlo stochastic simulation. The seasonal rainfall call option and put option contracts have opened up a new hedging model of agricultural extreme weather catastrophe outside the insurance and reinsurance market, which has enriched the varieties of weather financial derivatives market in China, reduced the severe impact of extreme weather disasters on agriculture, and enhanced the ability of agricultural stakeholders to resist the risk of extreme weather disasters.

Eliciting Customers’ Preferences in the Cooperative Insurance Industry: Evidence from the Saudi Motor Insurance Market

This research aimed to provide a better understanding and analysis of consumer patterns relative to behavioral preferences in the Saudi cooperative motor insurance market. This aim was motivated by the fact that customers’ preferences have been underexplored in this market. Thus, this paper applied a multi-attributes decision analysis methodology to analyze the decision process of purchasing or retaining cooperative motor insurance based on a discrete choice experiment and a choice-based conjoint analysis. The methodology was conducted via a designed questionnaire that asked 385 customers in the Eastern Region to choose between a finite set of decision purchase options that varied along three key attributes: type of coverage, availability of discount, and insurance premium. Sample results showed that the most important attributes were the insurance premium, followed by the type of coverage. The availability of a discount was the least important attribute; however, compared with men, women placed a higher importance on coverage and discounts. The findings can be valuable to policymakers and managers of insurance companies in designing new characteristics for cooperative motor insurance products in Saudi Arabia in line with Saudi Arabia’s Vision 2030. JEL Classification: C9, D7, C13, G22

국내 제3보험 시장 관련 경쟁정책 정비의 필요성과 고려사항에 관한 연구

As the use of big data by AI progresses, it is expected that the ultimate customization for individual customers, early response to various risks of actual functions due to diversification of insurance underwriting risks (period, type, etc.), and product composition that matches the cost of each sales channel will be required. In this flow of change, it is necessary to intervene in the policy of the supervisory authority and to revise the specialized supervision law and insurance contract law in order to sell insurance products that meet the needs of consumers through the realization of fair competition in the third-party insurance market. Under these changes, it is necessary for competition policy and supervisory authorities to intervene appropriately in order to realize fair competition in the third-party insurance market so that insurance products that meet the needs of consumers can be sold. Therefore, issues under the Fair Trade Act should be examined in relation to the promotion of competition in the third insurance market. It is necessary to recognize the legality of exchanging information on experience statistics related to insurance rates of third-party insurance products between insurance providers through the exemption from the application of the Fair Trade Act for cartel considering the special characteristics of the insurance industry. Consideration could be given to promoting fair competition through administrative guidance issued by supervisory authorities. In this way, considering the characteristics of the insurance industry, which requires a sufficient amount of information to set reasonable prices for insurance products through actuarial factors, it is possible to consider applying the doctrine of exemption from the Fair Trade Act by considering certain information exchange activities as permissible joint activities. In the current situation where the third insurance market, namely the non-life insurance industry, dominates the market, if a life insurer is unable to use the common system (insurance computer network) operated by the Insurance Development Institute, thereby substantially restricting competition in the future and failing to protect the rights and interests of policyholders, it cannot be ruled out that such behavior may constitute unfair competition among non-life insurers. This leaves open the possibility that the area excluded from the application of the Fair Trade Act to the insurance industry may eventually be reduced. Therefor it is suggested that it is necessary for insurers to cooperate with each other in exchanging information based on administrative guidance such as the Fair Competition Guidelines in the third-party insurance market in order to promote competition.

재보험계약원칙(PRICL) version 1.0에 대한 약간의 검토

In 2010, the European Principle of Insurance Contracts (PEICL) stipulated that PEICL did not apply to reinsurance contracts. The reason was that the insurance contract law of most EU member states completely excluded the application of the insurance contract law to reinsurance contracts. Accordingly, the project group led by the private sector began to write the Reinsurance Contract Law Principles (PRICL). The goal of this work is to provide a unified soft law for contract law to the reinsurance market. This project has a similar purpose to the restatement promoted by the American Legal Association (ALI) and has a similar writing format. ALI's restatement is intended to enhance the clarity and simplification of the law, accommodate social needs, and encourage the performance of academic and scientific legal work useful in trials. Project Group published its achievements so far in 2019. It was named PRICL version 1.0. PRICL Project Group planned to complete the work until the end of 2023, but failed to complete it due to COVID-19 pandemic and other reasons. Korea occupies a significant portion of the global insurance(and reinsurance)market. Nevertheless, the author regret the lack of research on PRICL in Korean academia. This paper briefly introduces the basic matters of PRICL's preparation process and version 1.0. As well as the provisions to be added in the future, a detailed review of the entire article is required.

Inflation of Insurance Damages Through Damages Paid by Insurance Companies in Albania

The insurance sector as an industry plays a very important role in the economy and development of the non-financial market of developing countries, such as the case of Albania. In fact, such a development of the insurance market in relation to other non-banking financial markets has been noticed not only in Albania, but also in most other European countries due to the nature and dynamics that characterize this market. This market, which offers products and services to both individuals and businesses, includes only private companies as the only state-owned company was privatized in 2016. The development of the insurance market has been long, complex and delayed compared to other countries. This is also the reason that this sector in Albania occupies a relatively low weight in the Albanian financial system. The main role of the insurance company is to act as a risk transfer mechanism and to protect the insured for the risks provided in the insurance policy, which may be material or physical. Insurance compensates the insured for property claim, for permanent or temporary bodily injuries, and for this reason it is very important that the reserve for future claims is estimated as accurately as possible by taking into consideration the claim inflation, which in Albania is almost impossible to evaluate due to the lack of data and the application of different models for its evaluation.

Impact of digital technologies on the development of insurance activities

Innovative technologies have rapidly entered the life of people and society as a whole, particularly in the economic sphere. One of the economic sectors where the need to utilize digital technologies prevails is insurance. Innovative technologies contribute to the improvement of all processes in the insurance market. The positive development of insurance largely depends on the introduction and use of digital technologies. This article is devoted to analyzing and evaluating the impact of digital technologies on the development of insurance activities. This article examines the impact of digital technologies on insurance activities. The main objective is to describe the main technologies themselves and their application in risk assessment, loss prevention and improvement of insurance services processes. In order to achieve this task, we have reviewed sources on the topic, considered projects and studies in the field of application of digital technologies in insurance activities, and analyzed the data obtained. The work resulted in the presentation of digital science technologies used in the operations of insurance companies, such as artificial intelligence, internet of things, blockchain, and how these technologies can be applied in risk assessment, loss prevention and improvement of insurance service processes. The results can be used by insurance companies applying various digital technologies in their operations, namely online sales of insurance policies, data collection and analysis, artificial intelligence and machine learning to develop the insurance market.

MORTGAGE LENDING AS A FACTOR OF SOCIAL AND ECONOMIC DEVELOPMENT OF THE COUNTRY

A mortgage and a mortgage loan are components of the mortgagesystem, the evolution of which dates back several millennia. During this period, there was a transformation of views on the mortgage -from a pledge -a plot of land to an understanding of the mortgage as a financial instrument in the mechanism of socio-economic development of the country.In the lands of Ukraine, the mortgage system arises and develops simultaneously with the development of banking. At the end of the 19th and the beginning of the 20th centuries. a network of mortgage banks was formed on the territory of Ukraine, and mortgages acquired credit functions and turned into a supply channel for investments in agriculture. In the modern period, a mortgage loan is an effective tool in the mechanism of development of the market economy. Mortgages not only stimulate the construction of new housing and provide housing for the country's population on a market basis, but also launch the mechanism for the development of the securities market, the banking and insurance market, and allow the creation of additional jobs in the construction industry and in the production of consumer durables. The action of the mortgage has a multiplicative effect and allows to achieve a significant socio-economic effect, is a factor in the birth of the middle class in societyand a prerequisite for the formation of social well-being. A key role in the development of mortgage lending in the modern period is played by the state program "eOselia", which began working in Ukraine in October 2022 and allowed to obtain a mortgage loan from 3% to 7% per annum. Since the beginning of the "eOselia" program in Ukraine, mortgage loans in the amount of more than 13 billion hryvnias have been issued, and more than 8,500 families have benefited from this program.Adapting the work of the mortgage system to the conditions of war, the aggravation of security risks and demographic changes, requires the participants of the mortgage market to improve the business models developed in pre-war times, to look for new forms for the restoration of mortgage lending, to conduct constant monitoring of social, political and economic factors. The adaptation mechanism on the part of the state provides for the strengthening of legal control over all elements of mortgage lending and maximum support through the transparency of pricing for mortgage loans.

Does bancassurance influence the financial performance of the insurance industry? A case study of life insurance company in a developing country

Purpose This study aims to examine the impacts of bancassurance contracts on the financial performance of the Egyptian insurance market from 2011 to 2022. Design/methodology/approach To achieve this main objective, a mixed methodological approach was adopted: a quantitative methodological approach through analyzing the content of Misr Life Insurance (MLI) Firm’s annual reports from 2011 to 2022. This period frame includes three crucial eras in the history of Egypt: the period covered by the two revolutions in Egypt, the period of political and economic stability and the COVID-19 period. Furthermore, a paired sample test was conducted for two related samples to examine the differences between the averages of financial indicators of MLI Firm for the period prior to and after the bancassurance. Additionally, a qualitative case study approach was adopted, focusing on the MLI Firm in Egypt. To support and confirm the results from quantitative content analysis, an interview was conducted with a financial manager from MLI Company. Findings Generally, the analysis reveals that the financial performance indicators of MLI are significantly influenced by bancassurance because of the variations between the financial performance of MLI Company before and after bancassurance, as the company’s financial performance rose after the bancassurance experience. Therefore, the current research suggests promoting awareness of bancassurance contracts in Egypt to boost financial performance and economic development through bulletins. Research limitations/implications The research has limitations because of its mixed methodological approach, focusing on annual reports, the Egyptian life insurance environment and the insurance sector. Practical implications The findings of this research are probably going to be helpful in clarifying the state of bancassurance in the Egyptian insurance industry for a wide range of interested parties, including managers, investors and scholars. More specifically, this research provides insights into MLI’s financial performance from 2011 to 2022. It aids investors in making informed decisions, boosts shareholder trust and encourages new business in the Egyptian insurance industry. Originality/value This research strives to establish a novel field of study, as there are few studies in developing countries that introduce empirical evidence on the impact of bancassurance on the financial performance of insurance firms in Egypt.