Przedsiębiorstwa ubezpieczeniowe jako podmioty rynku kapitałowego
Insurance Companies as Capital Market Entities
W opracowaniu zanalizowano udział przedsiębiorstw ubezpieczeniowych na rynku kapitałowym w Polsce w latach 1993-1995. Przedstawiono formy lokowania funduszu ubezpieczeniowego oraz wartość i strukturę lokat.
The participation of insurance companies in the capital market may be discussed in two ways. Firstly, capital market allows to gain the capital necessary for insurance activity. Secondly, insurance companies belong to the group of institutional investors. In order to accomplish the basic task of an insurance company i.e. insurance protection, insurers must raise appriopriate capital. The capital should be as high as possible, because it reflects the range of an insurer's activity, providing confidence and stimulating its growth. Hence, it is necessary to increase the capital of insurance companies through applying instruments of the capital market. The participation of insurance companies in the capital market is not limited only to gainig capital. The funds of insurance companies which are not temporarily may be invested in different ventures. Investing, insurers consider the criteria of optimal return on the yield on invested assets and simultaneously they assure maximal security of investment fund. Successful investment of insurance fund influences the increase of profit. It also provides an increased reserve of capital, due to which various reductions of premiums are possibl. Such reductions are indispensable since there is much competition on the market. Seeking safe, liquid and profitable investment, insurance companies must consider limitations resulting from the regulations of insurers' investment policy. Remarkable limitations of investment activities result from, inter alia, national intervention which aims at preventing the insured from losses. It concerns mainly the customers of life insurance companies and pension funds. (original abstract)