Original Research Paper
R. Jafari; N. Mazloomi; A. Safari
Abstract
Objective: To provide a more efficient method for measuring the market risk of insurance companies in the model of financial prosperity of Regulation No. 69 of the Supreme Insurance Council. The market risk coefficient of the financial wealth model is facing two main problems: firstly, in the calculation ...
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Objective: To provide a more efficient method for measuring the market risk of insurance companies in the model of financial prosperity of Regulation No. 69 of the Supreme Insurance Council. The market risk coefficient of the financial wealth model is facing two main problems: firstly, in the calculation of this coefficient, different methods and their efficiency have not been properly investigated, and secondly, the calculated coefficient is for normal conditions, and in its calculation, the effects of economic shocks are used to extract volatility in critical conditions. stress) is not included. Therefore, the aim of this research is to present a new method in which two autoregression models with distributed lag (ARDL) and generalized autoregression heteroskedasticity (GARCH) are combined.Methodology: using the statistical data of the total index of Tehran Stock Exchange (TEPIX), economic growth, inflation rate and exchange rate, on a quarterly basis and in the period of 4:1378-1396:4 and using the measure of value at risk (VaR), We modeled the market risk of investing in shares of listed companies. For this purpose, three simple variance-covariance methods, AR-GARCH model and ARDL-EGARCH model were used. Finally, using Kopik's feedback test, the ARDL-EGARCH model was recognized as the best model.Findings: It shows that using the method presented in this article is more efficient than other methods in estimating the market risk coefficient of the wealth model.Conclusion: The results show that by using this model, the market risk coefficient of investing in shares of listed companies under the financial prosperity model is estimated at 39% in normal economic conditions and 86.4% in crisis and stress conditions.
Original Research Paper
H. Mohseni; M. Sadeghi Shahedani
Abstract
Objective: In the last decade, attention to the dimensions of corporate governance in theoretical researches in the field of economic institutions and especially insurance companies has been of great importance. The aim of the research is to investigate the effect of corporate governance mechanisms on ...
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Objective: In the last decade, attention to the dimensions of corporate governance in theoretical researches in the field of economic institutions and especially insurance companies has been of great importance. The aim of the research is to investigate the effect of corporate governance mechanisms on the wealth of insurance companies admitted to the stock exchange by using the efficient model and analyzing the results with the theories of this field.Methodology: The effect of selected components of corporate governance (ownership concentration, non-executive board members, managerial ownership, and job segregation) and four financial performance variables (profitability, liquidity, size and growth of companies) on the financial solvency of insurance companies using panel data regression, model It deals with generalized torque and artificial neural networks in the period from 1390 to 1395.Findings: The results of this research confirm the relationships between wealth and the components of ownership concentration and the presence of a non-commissioned member of the board of directors in the field of corporate governance, as well as profitability and size variables in the field of financial performance of insurance companies in all three models. Also, the results, in addition to confirming the agency theory, show that the effectiveness of non-linear models in explaining the relationships of financial wealth and the components of corporate and financial governance of companies is more than linear models.Conclusion: Large shareholders have more incentives to monitor management, because the costs associated with management monitoring are less than the expected benefits of large shareholders in the company. In companies with centralized ownership, major shareholders can act as supervisors who are able to increase the quality of management and also improve the efficiency level of the company. Profitability (return on assets) arising from non-operating incomes in insurance companies can lead to an overall improvement in the wealth of companies. Also, large insurance companies tend to provide more information than smaller companies to external investors, and this increases the use of equity-based financing.
Original Research Paper
A. Helmzadeh; K. Hamdi; K. Heidarzadeh Hanzaei
Abstract
Purpose: The redemption of life insurance is one of the harms of the insurance industry, which causes customer dissatisfaction, their bad advertising, disrupting companies' plans for investment, reducing the country's gross domestic income, etc. Since most of the researches conducted in the field of ...
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Purpose: The redemption of life insurance is one of the harms of the insurance industry, which causes customer dissatisfaction, their bad advertising, disrupting companies' plans for investment, reducing the country's gross domestic income, etc. Since most of the researches conducted in the field of life insurance redemption have focused on economic factors, the main goal of this research is to comprehensively explain the reasons that lead to the redemption of life insurance policies in Iran.Methodology: The current research, using a qualitative method and using data base theory (Strauss and Corbin's approach), has calculated the conditions of life insurance redemption at the request of policyholders and related interactions and its consequences.Findings: The research data were obtained through interviews with high-ranking employees and life insurance redemption experts of some active insurance companies in the country.Conclusion: The results show that causal conditions include dimensions related to the structure of life insurances and intervention conditions include dimensions related to the insurer and policyholder and background conditions include dimensions related to the structure of Iranian society that cause the redemption of life insurances and with interactions such as re-advising and providing facilities or not giving advice, the resulting consequences include, respectively, cancellation of redemption and feeling of satisfaction and continuation of life insurance or redemption, feeling of dissatisfaction, loss of trust from the insurer and viral advertisements against the insurer. In addition, certain conditions such as economic or political instability at the macro level and things such as the employment status and income of the policyholder at the micro level, as well as the essential characteristics of life insurance, such as complexity, long-term and intangibility, also affect the redemption of life insurance.
Original Research Paper
M. Zolfaghari; F. Faghihian
Abstract
Purpose: Designing a comprehensive and practical model to calculate the market risk of the insurance industry index in the stock market. The secondary goal is to test the behavior of the aforementioned index of regime transitions in different time periods.Methodology: The method used to achieve the goal ...
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Purpose: Designing a comprehensive and practical model to calculate the market risk of the insurance industry index in the stock market. The secondary goal is to test the behavior of the aforementioned index of regime transitions in different time periods.Methodology: The method used to achieve the goal is to use the "value at risk" approach by combining the Markov regime process in the majority of GARCH family models.Findings: The results of the present research show that the risk of the insurance industry index depends on the regime transitions and has both a feedback effect and a leverage effect. Also, the regime behavior of the efficiency of this industry is based on the distribution function t and it is transferred between regimes with different probabilities.Conclusion: The 6-stage mechanism designed in this research has advantages such as the ability to consider regime transitions, leverage effect, and feedback effect based on symmetric and asymmetric distribution functions. The result of the research shows that the designed model has a higher power than the conventional models in measuring the risk of return of the insurance industry index.
Original Research Paper
M. Dehini
Abstract
Objective: The present study deals with the comparative study of force majeure incompulsory insurance laws. The basic question that has been considered in this regard is, what does Force Maurer have in the compulsory insurance laws? In other words, is the compensation of the major force-damages in the ...
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Objective: The present study deals with the comparative study of force majeure incompulsory insurance laws. The basic question that has been considered in this regard is, what does Force Maurer have in the compulsory insurance laws? In other words, is the compensation of the major force-damages in the event of accidents caused by the vehicles to the insurer and the fund for damages?Methodology: Descriptive-analytical- The present study is a comparative study compiled using the library method and referencing legal texts and related resources.findings: The findings of the research indicate that Article 4 of the Compulsory Insurance Act 1968 excludes losses caused by force majeure, such as war, flood, etc. from insurance policy obligations, but in the Law on the Amendments to the Law on Compulsory Insurance of 2008, the inclusion of out-of- The cover of the letter of insurance was deleted, and from the same time it was asked whether, with the removal of the force majeure from the inclusion of this article, compensation for the damage caused by it has been placed by the insurer and the fund. Until the adoption of the new law in 2016, the procedure for the elimination of force majeure was confirmed and repeated beyond the scope of the insurance policy, and, furthermore, the concept of the incident expanded and the phrase "any type of disaster caused by vehicle accidents due to accidents" In anticipation "joined it. What the author intends to emphasize is the comparative analysis of the compensation for major force damages in accordance with the compulsory insurance policy of the insurer and the fund for providing financial damages.Conclusion: The results of the study indicate that in Iranian law, an accident is considered synonymous with force majeure, so long as the legislator makes no distinction in terms of retribution, between the unexpected incident and the force majeure. Therefore, it must be said that the unforeseen events in this law are in fact those caused by the force majeure or the power of the lawmaker, and the legislator, by obliging the insurer and the fund of indemnity damages to compensate for the unforeseen accident and accident. The responsibility is absolute.
Original Research Paper
A. Goli; A. Khuzin; M. Ashrafi; A. Naderian
Abstract
Objective: One of the indicators of development in countries is the progress of their accounting and financial supervision. On the other hand, investors or creditors may suffer losses due to auditors' negligence, and the professional liability insurance of official accountants can be an effective solution ...
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Objective: One of the indicators of development in countries is the progress of their accounting and financial supervision. On the other hand, investors or creditors may suffer losses due to auditors' negligence, and the professional liability insurance of official accountants can be an effective solution in compensating these victims; But this type of insurance has not been developed in Iran and insurance companies have not accepted the risks related to it. Therefore, the professional liability insurance of certified accountants has an undeniable importance in the development of insurance, which is discussed in this research.Methodology: For this purpose, research questionnaires were provided to the community of certified accountants and senior insurance experts (N = 30) and for data analysis, Delphi method, SWOT matrix, Analytical Hierarchy Process (AHP), Dimtel method were used. And Analytical Network Process (ANP) was used.Findings: The results of Delphi method and SWOT matrix showed that the development of this insurance in Iran has six strengths, six weaknesses, six opportunities and seven challenges. The results of the AHP process showed that among the strengths, the transfer of risks of accounting and auditing professionals; Among the weaknesses, the incompleteness and vagueness of the current rules and regulations of the professional responsibility of certified accountants; Among the opportunities, society's need for new types of insurance in the future; And among the challenges, the low insurance culture in Iran is the first priority.Conclusion: Finally, the ranking results of the development strategies of auditors' professional liability insurance with the ANP process showed that the invasion strategy (development of auditors' professional liability insurance according to the future needs of society) is the best strategy.
