A Dynamic Model of a Nonlife Insurance Company

• Autorzy: Mustafa Akan
• Języki publikacji: EN

Abstrakty

EN

A Dynamics model of a nonlife insurance company is developed. Goodwill representing the awareness of the company by the public and the perceived quality of its services, and the technical capability representing the ability of the company to calculate the risk premium of the risks it considers to accept, are two state variables. The level of investment in advertising and quality improvement, and investments in technical capability are determined optimally to maximize the discounted profits of the company over an infinite horizon. The technical capability elasticity of number of customers and the claim ratio are shown to be determining parameters affecting the optimal paths of investments. The stability of equilibrium points are also shown to be dependent on these parameters. (original abstract)

Słowa kluczowe

EN

Insurances; Insurance companies; Risk premium; Dynamic model

PL

Ubezpieczenia; Przedsiębiorstwo ubezpieczeniowe; Premia za ryzyko; Model dynamiczny

• Czasopismo: Copernican Journal of Finance & Accounting
• Rocznik: 2016
• Tom: 5
• Numer: nr 1
• Strony: 9--24

Twórcy

autor

Mustafa Akan

• Dogus University, Turkey

Bibliografia

• Akan, M. (2013). Determinants of Company Choice of Motor Insurance Customers in Turkey. Sigorta Araştırmaları Dergisi, no. 9, pp. 25-46.
• Akan, M. (2007). Changes in the Market Structure of Nonlife Insurance Sector in Turkey, Sigorta Araştırmaları Dergisi, no. 3, pp. 1-14.
• Arora, R., Stoner, C. (1996). The effect of Perceived Service Quality and Name Familiarity on the Service Selection Decision. Journal of Marketing, Vol. 10. Issue 1. http:// olx.doi.org/10.1108/08876049610106699.
• Borscheid, P., & Hauter, N.V. (2012). World Insurance: The Evolution of a Global Risk Network, Oxford: Oxford University Press, 2012.
• Chowdhury, T.A., & Rahman, M.A. (2007). Perceptions of the Customers Toward Insurance Companies in Bangladesh-A Study on Serqual Model. BRAC University Journal, Vol. IV. No. 2, pp. 55-56.
• Gangwar, D.S. (2012). Factors Affecting Customer Preferences for Life Insurers. An empirical Study. The IUP Journal of Risk and Insurance, Vol. VIII, No. 2, pp. 34-49.
• Hansen, T. (2011). Quality in Marketplace: A Theoretical and Empirical Investigation. European Management Journal, Vol. 19, No. 2. pp. 203-211. http://olx.doi. org/10.1016/S0263-237(00)00095-5.
• İDE Araştırma Tanıtım ve Danışmanlık Hiz. Ltd. Srk. (2012). Türkiye Sigorta Tutum ve Davranış Araştırması.
• Kamien, I.M., & Schwartz, N.L. (2012). Dynamic Optimization, Dover.
• Kaplan, W. (1958). Ordinary Differential Equations, Reading, Mass. Addison-Wesley.
• Karaali, Ş., & Özçelik, Ö. (2008). Factors Influencing Household Insurance Awareness and Reasons for Preference for an Insurance Company, Bilgi University, Graduation Thesis, 2008.
• Kaya, Feridun ve Faruk Akın ve Nalân Ece (2010). Sigorta Ürünleri Kapsamında Bireylerin Sigorta Şirketi Tercihlerini Etkileyen Faktörler. Sigorta Araştırmaları Dergisi, no 8. pp. 20-29.
• Mathur, D., & Tripathi, A. (2014). Factors Influencing Customers' Choice for Insurance Comnpanies-A Study of Ajmar City. IOSR Journal of Business Management, Vol. 16, No. 2. pp. 35-43.
• Nair, A., & Narasimhan, R. (2006). Dynamics of Competetion With Quality-and Advertisisng Based Goodwill. European Jornal of Operational research 175, pp. 462-474.
• Pontryagin, L.S., Boltyanksi, V.G, Gamkrelidze, R.V., & Mischenko E.F. (1962). The Mathematical Theory of Optimal Processes, New York: Wiley.
• Sigorta Denetleme Kurulu 2013 Faaliyet Raporu.
• Türkiye Sigorta ve Reasürans Şirketleri Birliği 2013 Yılı Faaliyet Raporu.
• Sunga, A., & Sharma, K. (2015). Factors Influencing Choice of A Life Insurance Company. LBS Journal of Management and Reserach, 2015.

Identyfikatory

DOI

10.12775/CJFA.2016.001