Kočović, prof. dr Jelena

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Prof. dr Jelena Kočović redovni je profesor na Ekonomskom fakultetu u
Beogradu na predmetu Finansijska i aktuarska matematika. Završila je Ekonomski
fakultet Univerziteta u Beogradu, magistrirala i doktorirala na istom fakultetu. Šef je
Katedre za statistiku i matematiku. Predavala je po pozivu na MGU „Lomonosov“ i na
određenom broju ekonomskih fakulteta u zemljama u okruženju. Ekspert je
Ujedinjenih nacija za upravljanje katastrofalnim rizicima. Ekspert je za osiguranje,
izabrana od strane Saveznog ministarstva za nauku. Formirala je smer za aktuarstvo
na postdiplomskim studijama. Dala je značajan doprinos razvoju oblasti osiguranja i
aktuarstva na Ekonomskom fakultetu u Beogradu. Organizovala je velik broj
međunarodnih naučnih simpozijuma i kurseva za edukaciju. Ovlašćeni je aktuar i
sudski veštak za oblasti finansije i aktuarstvo. Član je Nadzornog odbora OTP
osiguranja. Bila je potpredsednik Nadzornog odbora kompanije DDOR „Novi Sad“ i
član Nadzornog odbora „Generali re osiguranja“. Deset godina bila je predsednik
Udruženja aktuara Srbije. Član je Komiteta za edukaciju u okviru Međunarodne
asocijacije aktuara. Direktor je Nacionalnog tela za akreditaciju i obezbeđenje
kvaliteta u visokom obrazovanju.

Objavila je velik broj naučnih radova od kojih je dobar deo publikovan u
prestižnim domaćim i međunarodnim časopisima. Objavila je više udžbenika i
monografija. Urednik je časopisa Aktuar u Rusiji, recenzent u većem broju domaćih i
stranih naučnih časopisa i redaktor na većem broju međunarodnih naučnih
monografija. Član je Filozofsko-ekonomskog društva MGU „Lomonosov“. Redovni je
član Naučnog društva ekonomista Srbije. Dugogodišnji je saradnik, recenzent, član
Redakcijskog odbora i Izdavačkog saveta časopisa Tokovi osiguranja.

UDK: 368.023.5:368.029
ARTICLES

DETERMINATION OF THE INSURER'S SELF-MAINTENANCE IN THE CONDITIONS OF GROWING REINSURANCE PRICES

Reinsurance provides protection o the Insurer against large and cata- strophe claims and mitigates fluctuations in the aggregate amount of claims, thus contributing to the reduction in insolvency risk. However, a transfer of part of liability under the insurance contract to the reinsurer comes at a price, which reduces the Insurer’s profitability. The current increase in reinsurance prices, which was caused by a constellation if natural, macroeconomic and political shocks, is one of the largest ever. Under such circumstances, stating the adequate self-retention is of crucial significance for the Insurer’s performance. The paper presents a possible approach to definig the level of self-retention based on the revenue and risks. The approach is based on stochastic simulations of the probability distribution of the aggregate amount of claims at the level of the insurance portfolio and the effects of different reinsurance programs on such distribution, in order to select the program that achieves the maximum ratio between the revenue and risk. Such a reinsurance program corresponds to a level of self-retention that is optimal for a given insurer.

UDK:887.1:657.47:368.025.61:338.5:371.15:368.811:368.023.1:368.30:368.025.4
ARTICLES

ISSUES OF RISK MARGIN COMPUTATION UNDER SOLVENCY II REGULATORY REGIME

Predmet rada su problemi obračuna riziko-margine kao elementa tehničkih rezervi osiguravača u regulatornom okviru Solventnost II. Usled nedostataka propisane metode troškova kapitala, u kombinaciji s niskim kamatnim stopama, riziko-margina je isuviše visoka i varijabilna, čime su pogođena prvenstveno društva koja se bave životnim osiguranjima. U radu se daju konkretne preporuke za prevazilaženje ili ublažavanje problema previsoke i kamatno osetljive riziko-margine. Preporučena rešenja uključuju kako modifikacije postojeće metode troškova kapitala tako i napuštanje ove metode i njenu zamenu drugim metodama za obračun riziko-margine. Ključne reči: riziko-margina, Solventnost II, stopa troškova kapitala, tehničke rezerve

UDK: 339.9.012.421+339.13.025.88.339.1:368(497.11)
ARTICLES, DISCUSSIONS, ANALYSES, REVIEWS

EFFECTS OF LIBERALIZATION AND PRIVATIZATION ON SERBIAN INSURANCE MARKET DEVELOPMENT

The subject of this paper are emerging tendencies of Serbian insurance market in the past decade. Comparative survey of the value of general and specifi c indicators of development of the insurance market in the European Union, as well as in Croatia and Slovenia - as countries within the region - allows for the positioning of the Serbian insurance market and identifying its development problems. The beginning of the period which we have analyzed is marked by the creation of a new regulatory framework and measures taken by the insurance supervisory authority in order to stabilize the industry and create a healthy basis for its development. In the remaining part of the observation period, the given insurance market undergoes the processes of privatization and liberalization, in order to increase market competition, raise quality and enrich the range of insurance services, as well as to get a more effi cient allocation of the industry resources. The research aims to identify the eff ects of privatization of domestic insurance companies and of foreign investments in Serbian insurance market or national economy. The authors claim that on the insurance market, the foreign capital is not necessarily more successful than domestic, thus denying the neo-liberal viewpoint according to which the sale of domestic companies is the only eff ective development model of the insurance market in the emerging countries. The diff erence between the insurance companies should not be made according to their ownership structure, but according to the quality of their business and the services they provide.

Key words: insurance market, liberalization, privatization.

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