The Master's research paper on the theme: "Risk management of the insurance company" (adapted from PJSC "Insurance Company "Dnipro") Student: Kryklyvets.

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The Master's research paper on the theme: "Risk management of the insurance company" (adapted from PJSC "Insurance Company "Dnipro") Student: Kryklyvets Y., FC-10 m Supervisor: Associate Professor, Ph.D. in Economics, Victoria Varenik Dnipropetrovsk 2015 Alfred Nobel University Dnipropetrovsk The Department of Finance and Banking

Contents INTRODUCTION CHAPTER 1. THEORETICAL ASPECTS OF RISK MANAGEMENT OF THE INSURANCE COMPANY 1.1. The essence of risk management of the insurance company 1.2. Methods of risk management of the insurance company 1.3. Analysis of risk management of insurance companies in Ukraine CHAPTER 2. ANALYSIS OF RISK MANAGEMENT OF PJSC "INSURANCE COMPANY" DNIPRO " 2.1. Organizational and economic characteristics of PJSC "Insurance Company" Dnipro " 2.2. The practice of risk management at JSC "Insurance Company" Dnipro " 2.3. Assessing the level risks of JSC "Insurance Company" Dnipro " CHAPTER 3. IMPROVED RISK MANAGEMENT of PJSC "Insurance Company" Dnipro " 3.1. Optimization of the tariff policy of JSC "Insurance Company" Dnipro " 3.2. Developing measures for reducing of insurance risks in PJSC "Insurance Company" Dnipro " 3.3. The introduction of risk management to PJSC "Insurance Company" Dnipro " Conclusions and suggestions APPLICATIONS REFERENCES 2

 The Purpose of the research is the theoretical synthesis and development of practical recommendations for risk management of insurance companies.  The Object of the research – risks of insurance company.  The subject of the research is risk management of the insurance company.  The research base is Joint-Stock Company "Insurance Company" Dnipro “. 3

The structure of economic risk profile 4 Fig.1. The structure of economic risk profile

The structure of PJSC "Insurance Company" Dnipro “ earnings,

Risk management in PJSC "Insurance Company" Dnipro“ is performed in the following order: 6 Implementation of risk identification Research methods of risk management Substantiation and choice of methods and tools most relevant for PJSC "Insurance Company" Dnipro" Implementation and use of the selected method and tools for risk management Monitoring results to improve management Fig. 4. The risk management process of PJSC "Insurance Company" Dnipro "

The method of financing risks of PJSC "Insurance Company" Dnipro " 7 Risks PJSC "Insurance Company" Dnipro " Performance risks Investment risks Non-technical risks Risks insured insurance reserves the organization reserves trust receiptborrowingstheir free funds Fig. 5. The mechanism of risk coverage of PJSC "Insurance Company" Dnipro "

Risk analysis PJSC "Insurance Company" Dnipro " 8 RisksThe risk level 1 2 Market risksHigh level Underwriting risksIntermediate Operational risksAbove average Liquidity riskBelow average

9 External factors the extent and probability of risk number of concluded contracts the value of the sum insured the level of deterioration of equipment area of the object engineering and technology infrastructure development professional level subjective factors in liability insurance Tariff rate of PJSC "Insurance Company" Dnipro " Internal factors economicorganizational and technicalsocialpsychological Fig. 6. Factors affecting tariff rate of PJSC "Insurance Company" Dnipro "

Measures to reduce risks 10 State level Funding of measures to improve road safety The need to legislate contributions to preventive measures of traffic police Creating a unified information system in order to exchange information in the implementation of compulsory insurance Legislate the status of emergency commissioners of Ukraine to develop common requirements and standards Create a registry of independent experts and method of assessing damages Fig.7. Measures to reduce risks in the field of compulsory insurance at the state level At the level of PJSC "Insurance Company" Dnipro " The use of discounts and bonuses "bonus-malus" Setting bit coefficient Insurance Vehicle When insuring more than one vehicle discounts Refusal extension contract for vehicle in which the cost of repair for insurance event was more than 70% Fig.8. Measures to reduce risks in the field of compulsory insurance at the level of PJSC "Insurance Company" Dnipro”

Risk management for PJSC "Insurance Company" Dnipro" 11 The preparatory phase of risk management - a comparison of the characteristics and risk probabilities derived from the analysis and risk assessment The choice of specific measures - promotion eliminate or minimize the potential negative consequences of risk The introduction of risk management in PJSC "Insurance Company" Dnipro " Fig. 9. The introduction of risk management in PJSC "Insurance Company" Dnipro”

Stress testing for PJSC "Insurance Company" Dnipro" 12 Adjustments scenarios in case of changes in the environment Development of "scenarios" of evaluation of the probability of their realization Definition of "extreme" result for PJSC "Insurance Company" Dnipro " Identification of legal aspects of management, including various kinds of legal and by- laws (regulations) Stage 1 - preparatory Stage 2 - Analysis Stage 3 - constructive Stage 4 - final ("Proof") Fig.10. Sequence (steps) of stress testing in PJSC "Insurance Company" Dnipro "