Master of Economics and Business Bissenova R.A.
Kyzylorda State University
Korkyt Ata, Kazakhstan
Insurance
market and its features
One of
the important segments of the financial market is the insurance market.
Insurance - a risk sharing agreement in which one party agrees to insure
the other.
In the
insurance market, policyholders are in need of insurance and insurers
(insurance companies), satisfying the demand for them, insurance brokers and
insurance company infrastructure (consulting forms, etc.).
Basic
functions of the insurance market:
•
regulating - the market, like everything else, is subject to government
regulation;
•
Commercial - provides income from insurance operations;
•
pricing - provides the formation of prices for insurance services company;
•
Reliability function - ensure the reliability of the insurance operations in
the event of an unfavorable situation, and others.
Types
of insurance:
1. By
branch attribute: life insurance market (here also includes all kinds of
long-term security: pensions, health, for the wedding, annuity and other.); property insurance markets; liability
insurance market; market accident insurance.
2. by
the scale: National; Regional; International.
3.
Depending on the organizational and legal form of the insurance industry: State insurance; Insurance conducted by
joint-stock companies; Mutual insurance, which creates corresponding insurance
funds.
4. Depending on the form of implementation: obligatory;
voluntary; projects:personal; property.
Figure
1. Institutional structure of the insurance market in Kazakhstan
Insured
- a person who has entered into an insurance contract with the insurer.
Insurance
agent - natural or legal person carrying out mediation activities on the
conclusion of insurance contracts on behalf and on behalf of the insurance
company in accordance with the submission of credentials.
Insurance
broker - a legal entity engaged in consulting activities for insurance and
reinsurance mediation activities and on the conclusion of the insurance
contract on its own behalf and on behalf of the insurer or reinsurance contract
on its own behalf and on behalf of the assignor.
Actuary
- is a natural person carrying out activities related to the economic and
mathematical calculations liabilities under insurance and reinsurance contracts
in order to ensure the required level of solvency and financial stability of
the insurance (reinsurance).
Mutual
Insurance Society - a new participant in the Kazakh financial market. It
insures property and other property interests of its members and is a
non-profit organization, the functioning of which it is carried out in
accordance with the requirements established for insurance (reinsurance
companies).
Insurance
pool - an association of insurance companies for the co-insurance of certain
risks. Its activity is based on the principle of co-insurance.
Based
on the tools of the insurance market of Kazakhstan, its structure can be
represented as follows.
Literature
1.
Искаков У.М. Рузиева Э.
Бохаев Д.Т. Финансовые рынки и посредники. Алматы-Экономика
,2005.
2.
К.Жуйриков., Р.Жуйриков., И. Назарчук. «Страхование: теория, практика и
зарубежный опыт. Алматы,2008 ж.
3.
Джемпеисова Г.И., Чикунов О.Н., Суйеубаева С.Н. Сақтандыру. Оқу
құралы. Алматы 2010