RATING ASSESSMENT AS A RISK MANAGEMENT TOOL OF AN INSURANCE COMPANY
Abstract
The article is devoted to topical issues of risk management of insurance companies based on the application of rating assessment. The essence of the risk of the insurance company is analyzed and defined as an objective-subjective category, characterized by the possibility of choosing among alternatives by overcoming uncertainty, conflict and reflects the degree of achievement of the expected result, taking into account the influence of controlled and uncontrolled internal and external factors. environment. It is determined that risk is a factor that gives meaning to the work of the insurance company, as it is the subject of insurance activities and at the same time the risk is associated with the functioning of the insurance company as a participant in the financial market. To make informed management decisions, the insurance company must identify all possible risks specific to a particular project or line of business, which are numerous and diverse. It is determined that the risks associated with the activities of the insurance company are divided into systemic and specific. Within the framework of the system, the risks of interest rates, stock prices, exchange rates, purchasing power, inflation risks, and the risk of changes in insurance legislation are singled out. Specific risks include financial risks, risks of operational and marketing activities, competitive positions. The methodology of the National Bank is studied, which assesses the degree of risk from the activities of insurance companies, their social importance, on the basis of which the frequency of scheduled inspections and the procedure for their application is determined. An algorithm for constructing a rating assessment of an insurance company is proposed. Criteria for assessing the degree of risk of a participant in the market of non-banking financial services, including insurance companies are: the state of corporate governance, risk management and internal control; performance indicators; compliance with mandatory criteria and standards of capital adequacy and solvency, liquidity, profitability, asset quality and risk of operations, other indicators and requirements that limit the risks of transactions with financial assets. The essence of the taxonomic method and the method of the sum of places is determined and the possibility of their application for rating of insurers is investigated.
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