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Insurance in USA part 2 PDF

Introduction. Three

1. Analysis of the level of development of us insurance relations.. Five

1.1 the US Economy.. Five

1.2 the Insurance market of the United States.. Six

1.3 regulation of insurance activity. Ten

Analysis of anti-crisis measures in regulation. Ten

2. Types of us insurance.. Fourteen

2.1 life Insurance. Fourteen

2.2 property Insurance. Eighteen

2.3 the Distribution. Twenty three

Analysis of distribution channels of insurance services. Twenty three

3. Trends (prospects) of development. Twenty nine

Conclusion. Thirty two

List of references.. Thirty three

Introduction

Insurance is one of the oldest categories of social and industrial relations.

In the US, the insurance system is widely developed. Insurance is carried out by numerous insurance companies (there are several thousand of them in the US), and the types of insurance services are extremely diverse.

The analysis of the us insurance market is quite relevant and of scientific and practical interest.

Characterizing the degree of scientific development of the problems of the insurance market of the USA, it should be noted that this topic has already been analyzed by various authors in various publications: textbooks, monographs, periodicals and on the Internet. However, in the study of literature and sources, there is an insufficient number of complete studies on this topic.

The scientific significance of this work is to optimize and streamline the existing scientific and methodological base on the topic under study – another independent author's study.

The theoretical and methodological basis of the study consisted of four groups of sources. The author's publications on the studied problems are referred to the first. The second category includes educational literature (textbooks and manuals, reference and encyclopedic literature). The third category includes scientific articles in periodicals on the studied problems. And the fourth category includes specialized websites.

The following research methods were used in the analysis of the us insurance market :

* analysis of the existing source base on the issues under consideration;

* generalization of the points of view presented in the source database.

Objective: to study the insurance market from different points of view.

Object of work: participants of insurance activity of the USA.

Subject of research: insurance market of the USA, its contents.

The goal defines the objectives of the study :

* consider theoretical approaches to the U.S. insurance market

* identify the main problem of the us insurance market in modern conditions

· to identify developing trends in the insurance market of the United States.

The work consists of an introduction, chapters of the main part, conclusions (conclusions) and a list of references.

1. Analysis of the level of development of us insurance relations

1.1 the US Economy

The largest and one of the most diversified national economies in the world is the us economy. It is the engine of the world economy.

The United States is an advanced power with great production power and huge development potential. The domestic American market is huge: it absorbs almost 90% of all domestic production and, in addition, a significant part of the products created in other countries, including developing ones. Consequently, the American economy is quite self-sufficient. It is characterized by a large-scale focus on NTP and advanced technology, is a real base for the political and military" superpower " of the country, which has to be considered by all other countries, including Russia.[1]

The United States is the only country in the world whose economy emerged from world war II much stronger. In the first postwar decades, the leading position of the United States in the world economy (by a wide margin from competitors) became indisputable.

The main feature of the American economy is not that it has the largest production potential in the world and produces the largest volume of goods and services, but that it leads in the field of NTP, the introduction of its results into production, in the export of licenses for its inventions, latest developments and discoveries. This creates the effect of dependence of other countries on the United States in the field of science and technology. [2]

Having a huge superiority over other countries in its innovation potential, the United States receives an innovation rent-a natural result of the monopoly on new knowledge and the ability to translate it into new products, taking into account the growing demand for it.

As for American TNCs, their enterprises abroad provide production of goods and services in the amount of more than 4 trillion. doll. Per year, which is almost 40% of US GDP and has a huge impact on the economies of the countries where these enterprises operate. No wonder they say that today there are two American economies: one - in the United States, the other-in other countries.

The United States ranks first in the world in terms of industrial production, has a highly efficient agriculture.

The U.S. industry consumes about a third of the raw materials that are mined worldwide, has the largest market for machinery and equipment. Great exports of us engineering products, which have gained recognition around the world.[3]

1.2 US Insurance market

In the United States, the first insurers, as independent legal entities established for insurance purposes, appeared in 1720. The period of initial development of the United States in the field of insurance is associated with the emergence of a large number of one-day companies, becoming bankrupt and sowing panic among consumers. This led to the Parliament's decision to monopolize insurance operations for corporate interests by two insurers, the London Assurance Corporation and the Royal Exchange Assurance Corporation, which carry out insurance operations in the US to this day. To a large extent at that time the insurance on the North American continent was carried out by branches and branches of insurers from the UK. However, the needs determined by the economic growth of the national economy led to the creation of national insurers. In 1752, B. Franklin co-founded one of the first fire insurance companies in Philadelphia – The Philadelphia Contribution. The first insurance company established in the form of a joint-stock company appeared in 1794, the first specialized life insurance company was established in 1759. [4]

The insurance business of the USA differs in huge scope and confidently leads in the world market of insurance on all possible indicators .

American insurance monopolies control about 50% of the insurance market of developed countries. In the USA there are about 9 thousand companies of property insurance and about 2 thousand companies engaged in life and health insurance. The assets of all companies are about 2.5 trillion. dollars'. On average, the assets of one company are 950 million dollars, and the 12 largest companies account for 60 billion dollars.[5]

There are two types of insurance companies in the United States: mutual insurance companies and joint stock companies. State insurance firms do not exist. Shares of joint-stock companies can be purchased by both individuals and legal entities.

Insurance companies carry out three types of insurance:

1) commercial (wide range);

2) personal (insurance of buildings, cars and other property of citizens);

3) bekifity (life and health insurance, medical, pensions, savings, etc.).

U.S. insurers sit on 27 out of every 100 boards of Directors of American industrial corporations. Ahead of insurance companies in this regard-only commercial and investment banks.

The organizational basis of American insurance companies are joint stock companies and mutual insurance companies. There is an Institute of underwriters and insurance brokers-insurance agents or independent brokerage firms.

The largest insurance companies are financial conglomerates: through subsidiaries, they can, in addition to insurance, provide loans and loans, organize check service for customers, issue settlement credit cards, conduct transactions with real estate, securities, manage property and capital on behalf of customers.

Insurance in the United States is divided into two branches: life insurance and other types of insurance. The largest insurer in the United States is StateFarmGroup, with its divisions accounting for 18% of the car insurance market and 23% of life insurance, and 12% of the market as a whole. This figure is twice the market share of the company "AllstateInsuranceGroup", which occupies the 2nd place. AmericanInsuranceGroup (AIG) accounts for approximately 4% of the other insurance market.

AIG ranks second in the world for property and casualty insurance. AIG has existed since 1919 and is a holding company controlling 44 subsidiaries in various countries of the world. All companies are United in 6 branches. In addition to insurance and reinsurance in the scope of activities of the company include financial services, retirement savings and asset management.[6]

One of the leading widely diversified insurance companies in the United States, SIGNA was founded in 1982. The main interests of the Corporation are related to property and liability insurance. A number of subsidiaries are engaged in brokerage operations, pension and personal insurance. They operate in 160 countries. CIGNA Corporation is one of the pioneers in the use of computer technology in international insurance operations, on the basis of which an automated system "Meridian" has been developed and implemented in many countries, allowing to significantly simplify and automate the registration of insurance cases and account management. [7]

One of the largest property insurance TNCs is the allstateinsurancecompany Corporation, founded in 1931. The company enters into various types of insurance contracts: from accidents, car accidents, floods, fires, earthquakes, insures air passengers, etc. Owns fifteen subsidiaries.

 

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