2. Insurance is one of the most integrated forms of financial
activity. The largest insurance companies in the world are
united by a link in the field of insurance and reinsurance.
Many countries allow free access to foreign insurance
companies in national markets.
For example, in accordance with the 1992 Maastricht
Treaty, the European Union and the European insurance
market in Europe. However, national insurance markets
retain certain characteristics.
IMPORTANT FACTS
3. This applies primarily to the structure of insurance coverage. For
example, in Asian countries, the share of life insurance is very high
(77% of the total amount of insurance premiums collected). In Europe,
this indicator is 47%, and in North America - 42%, i.e., property
insurance predominates in these markets. The reason is that life
insurance depends on the level of pension coverage. In addition, the
population needs insurance.
4. The American insurance business is huge and has no equal in the world.
American insurance monopolies control about 50% of the entire insurance
market of the industrialized countries of the world. Over 8 thousand
property insurance companies and about 2 thousand life insurance
companies work in the USA.
1. INSURANCE SYSTEM IN THE USA. ITS
FEATURES
Each state has its own insurance legislation
and its own regulatory body for insurance
supervision. There is no single federal law on
insurance and no single federal body for
supervision of insurance activity.
5. INSURANCE COMPANIES IN THE USA
In the United States, there are
two types of insurance
companies:
joint stock companies mutual insurance
companies.
Insurance companies provide three types of insurance:
bekifity (life and health insurance, medical, pensions, savings, etc.);
commercial (wide range);
personal (implies insurance of buildings, cars and other property of citizens).
7. This country is characterized by the most liberal insurance system.
There are no special supervisory bodies for insurance companies - the
supervision is carried out by the Industrial Department. Despite the
freedom to establish insurance premiums and insurance rules, the
quality of services is not worse, and prices are lower than in other
countries.
2. UK INSURANCE MARKETS
The UK insurance business has for many
years been concentrated in London as a
global financial center. The largest London
international insurance market serves the
financial flows of several countries and
companies.
8. UK insurance legislation is mostly harmonized with EU insurance
directives. Thus, accumulative life insurance is subject to legal
regulation by the English law on financial services in 1986. The
activities of friendly societies are regulated by a special law on
friendly societies in 1974. A special law on insurance corporation
Lloyd 1982 regulates the issues of insurance activities of this
corporation.
9. Unlike the UK insurance market, the German insurance market is
under strict state control.
3. INSURANCE SYSTEM IN GERMANY
In Germany, one insurance company, Allianz AG, clearly dominates. This is not found
in any other country. It accounts for 42% of life insurance and 38% of other insurance
industries. At the same time, Germany accounts for slightly more than 55% of Allianz
AG's turnover, everything else is connected with foreign activities.
10. Foreign insurers in Germany own 13% of the insurance market, of which insurance
companies from Switzerland have traditionally been in the lead, having been present
on the banks of the Rhine for more than 100 years.
Reinsurance is very well developed in Germany. This is due to the fact that after the
First World War, German direct insurance insurance companies were forbidden to
work abroad.
11. The French insurance market is mainly focused on life
insurance and car insurance.
4. INSURANCE MARKET IN FRANCE
After World War II, many large insurance companies were nationalized and for many years
were owned by the state, as well as many banks and large enterprises. This situation did
not contribute to the prosperity of the national economy and pushed it to the background in
competition in the world market.
12. So far, CNP, the largest life insurance company for which a sales
project has been prepared, remains in state ownership, but it
has not yet been implemented because of the difficulties in
choosing a suitable investor. However, this company has no
advantages in comparison with private insurance organizations.
13. In France, the role of social insurance is very large. In recent
years, the state has taken a number of measures to stimulate
life insurance, and in 10-15 years, France has caught up and
overtook its neighbors in this regard. This was achieved by
introducing serious tax benefits on life insurance, such as:
interest accrued under an insurance contract for the amount of
premiums paid is not taxable. This means that an insurance
contract is more profitable than a bank deposit. This benefit is
valid for at least 8 years;
from the capital received under the insurance contract, in the
event of the death of the insured, it is not necessary to pay
inheritance tax, which can be from 5 to 60%;
insurance payment is not part of the inherited property, i.e. is
not subject to division between other heirs.
