Volume 11 - Issue 55
/ July 2022
273
https:// www.amazoniainvestiga.info ISSN 2322- 6307
DOI: https://doi.org/10.34069/AI/2022.55.07.29
How to Cite:
Odinokova, T., Kharitonovich, A., Morozova, G., Margilevskaya, E., & Timofeeva, R. (2022). Life insurance model: concept,
structure and assessment of financial stability. Amazonia Investiga, 11(55), 273-284. https://doi.org/10.34069/AI/2022.55.07.29
Life insurance model: concept, structure and assessment of financial
stability
Модель страхования жизни: понятие, структура и оценка финансовой стабильности
Received: February 2, 2022 Accepted: August 23, 2022
Written by:
Tatiana Odinokova124
https://orcid.org/0000-0003-2546-2781
Alexander Kharitonovich125
https://orcid.org/0000-0001-9185-4105
Galina Morozova126
https://orcid.org/0000-0001-9871-0390
Evgenia Margilevskaya127
https://orcid.org/0000-0002-8884-2602
Raisa Timofeeva128
https://orcid.org/0000-0003-3213-5455
Abstract
The Institute of Life Insurance is actively
growing all over the world and especially in
developing countries in order to provide an
increase in the duration and quality of life of the
population. The increasing role of life insurance
in the economic and social sphere of the country
requires a theoretical understanding of its place
in the system of market relations and effective
implementation. The purpose of the study is to
develop the theoretical and methodological basis
of life insurance, substantiate methodological
approaches to its study in the context of a
systematic approach through the prism of various
models functioning. As a result of the study
theoretical determinants of life insurance model
are revealed, and a methodology for determining
the financial stability of the applied life insurance
model has been developed.
Keywords: life insurance, life insurance model,
financial stability.
124
PhD in Economics, Associate Professor, Ural State University of Economics, Russia.
125
PhD in Economics, Associate Professor, Saint Petersburg State University of Architecture and Civil Engineering, Russia.
126
PhD in Economics, Associate Professor, Ogarev Mordovia State University, Russia.
127
PhD in Economics, Senior Lecturer, Financial University under the Government of the Russian Federation, Russia.
128
PhD in Law, Associate Professor, Bashkir State University (Sterlitamak branch), Russia.
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Introduction
Life insurance, in the narrow sense, is a type of
personal insurance, where the insurer is obligated
to reimburse a designated beneficiary a sum of
money specified in the contract upon the death of
an insured person or his / her survival to the term
or age specified in the contract. In addition to the
narrow, there is also an expansive interpretation
of this concept – often, life insurance is called a
whole range of personal types of insurance,
which includes life insurance itself, insurance of
children by the age of majority or by the time of
enrolling to university, pension insurance,
unemployment insurance and many others. The
increasing role of life insurance in the economic
and social sphere of the country requires a
theoretical understanding of its place in the
system of market relations and effective
implementation. In this regard, the knowledge
aimed at defining conceptual apparatus and
purpose of the instruments of this economic
category is of particular relevance. Life
insurance, carried out both at the state level and
at the level of the private sector (enterprises and
the population), has practically the same target –
to ensure an increase in the duration and quality
of life of the population. Despite the fact that the
existing approaches to the interpretation of life
insurance essence have been considered by
various researchers fully and at a high level of
scientific validity, the system-convergent
approach to the study of national development
models seems to be insufficiently implemented
and does not take into account the current state of
the state’s financial resources and
transformational processes in the financial
market.
In this article, the authors propose a
comprehensive approach to life insurance issues
in the process of reproduction of human capital,
which involves the coordination of processes
related to financial flows at different levels and
having same target – to ensure an increase in the
duration and quality of life of the population in
the country. The choice of a life insurance model
based on various combinations of its components
dominance (public or private insurance) and
which the state will adhere to has a special role
in this.
The purpose of the study is to develop the
theoretical and methodological basis of life
insurance, substantiate methodological
approaches to its study in the context of a
systematic approach through the prism of various
models functioning.
Tasks:
1) to reveal the theoretical determinants of the
life insurance model study, including:
− to develop the terminological apparatus,
precisely “life insurance model”, “structure
of the life insurance model”;
− to reveal and characterize methods for
shaping elements of the life insurance model
structure;
− to carry out a typology of life insurance
models and present their comparative
characteristics;
2) to develop a methodology for determining
the financial stability of the applied life
insurance model.
Literature Review
Extensive list of scientific papers has been
accumulated at the present time regarding the life
insurance. The research of some authors is aimed
at the economic essence and specifics of life
insurance (Musgrove, 1995; Odinokova, 2021;
Marmor, 2018), while others are devoted to the
peculiarities of public life insurance, including
social insurance (Weinstock, 1975; Zweifel,
2000), reveal the place and role of life insurance
in the country’s economy (Yoon, 2013; van
Dullemen et al, 2016), and analyze the impact of
the life insurance model on socio-economic
processes in the country (Heinrich et al, 2021;
Besanko et al, 2020). In addition, in 2020 many
studies have been devoted to the impact of
COVID-19 on the life insurance institute due to
the outbreak of the pandemic (Harris et al, 2021;
Nusratullin et al, 2021a; Nusratullin et al,
2021b).
However, the result of scientific literature
analysis shown, that there are almost no works
attempting to identify the ratio of insurance and
social factors of redistribution in the mechanism
of public (compulsory) life insurance. The study
of life insurance development theoretical aspects
inevitably leads to the problem of the ratio of
mandatory (public) and voluntary (private)
forms.
Wide variety of life insurance essence
definitions, systematization and classification of
its types, as well as the possibility of using
modern methodological tools determine the need
to set the task of disclosure and study of life
insurance on a new research platform. In our
opinion, the consideration of private life
Odinokova, T., Kharitonovich, A., Morozova, G., Margilevskaya, E., Timofeeva, R. / Volume 11 - Issue 55: 273-284 / July, 2022
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insurance in relation to public one, not from the
position of factor influence, but from the position
of interdependence from each other and system
integrity, gives a possibility to determine the
place and analyze the role of this tool in the social
risk management system. In addition, this
approach will reveal the problems of integration
of public and private life insurance and create a
guaranteed comprehensive insurance protection
of the property interests of the population of the
country.
We propose to use the concept of “life insurance
model” to identify and understand the
relationship between public and private life
insurance. Today there are dozens of definitions
of the model and modeling, but each time their
semantic meaning changes depending on the
context. Let’s consider the definitions that, from
our point of view, can reveal the essence of the
life insurance model from the standpoint of
economics:
1) model is “a system, the study of which
serves as a means to obtain information
about another system” or “a representation
of some real process, device or concept”
(Uyomov, 1971);
2) model is “a mentally or practically created
structure reproducing one or another part of
reality in a simplified (schematized or
idealized) and visual form” (Stoff, 1963);
3) model is “an object that correlates with other
similar objects, representing itself and those
objects” (Isenko, 2015).
Based on the presented definitions and taking
into account the specifics of the study, we
propose the following definition of the life
insurance model. The life insurance model is an
abstract representation of the formal system of
human capital insurance protection in a certain
country. The study of this model is based on an
assessment of the state and effectiveness of
management by integrated application of
elements shaping methods and allows
comparison with similar systems of other
countries.
This study also proposes the author’s concept of
the life insurance model structure as a set of
segments (components, levels) of the country’s
human capital insurance protection system, the
configuration (mutual arrangement, combination
and connection) of which ensures its integrity
and identity under changing operating
conditions. Authors propose the following life
insurance model structure:
Level I – public life insurance;
Level II – private life insurance, including
corporate and individual insurance.
Various factors are influencing formation and
development of the life insurance model, include
(Luecke et al, 1989):
− type of economic system;
− state of the resources (factors of production)
in the economy (whether there are resources
or not);
− openness of the national economy to
transnational capital;
− type of government policy (liberal or
conservative);
− mentality of the population;
− type of social model.
There are following life insurance models
depending on the complexity of the organization:
a) simple, i.e. they include the organization of
only one level of life insurance functioning
(public or private) and interaction with
regulatory authorities;
b) combinatorial (variant), which are a
complex structured system that includes two
or more parts (subsystems).
There are following life insurance models
depending on the state and development of the
market economy:
a) balanced model where public and private life
insurance have more or less equal position
(approximately 50/50);
b) simple private model focused on private
investment of savings in life insurance
policies at the expense of the corporate
sector of the economy (enterprises) and
households, at the same time, there is no
public life insurance which represented by
social security only (+/0);
c) simple public model where is no private life
insurance due to lack of development or
absence and the entire burden of fulfilling
social obligations lies with the state (0/+);
d) combined public model where the basis of
life insurance protection is taken by the state,
and the private sector acts as its complement
(51+/49);
e) combined private model where the state
bears minimal obligations, and the basis of
life insurance protection lies with the private
sector (49-/51+).
All these classifications, of course, are very
conditional, because real models may take
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intermediate position. Besides, general models
may include private ones.
Thus, each country corresponds to countless
equally adequate, but essentially different
models related to different tasks. The model is
always only relative and does not fully disclose
the specifics of the functioning of the entire life
insurance system in terms of information.
Several models of different types can correspond
to the same systems. Model structure will be
determined depending on the influencing factor.
The most frequently contrasted models in the
analysis are: Northern (Swedish), Anglo-Saxon
(English), Continental (German) and American
models of the welfare state (Table 1). Their data
analysis allows to identify the type of life
insurance model (Shindo & Thorburn, 2020).
Table 1.
Comparative characteristics of welfare state models and their impact on the development of pension and
life insurance (according to data for 2019).
Figure
Welfare state models
Saxon -Anglo
(English)
American
ontinental C
(German)
Northern
(Swedish)
Support Tools
Minimum state
guarantees, private
insurance
State
guarantees are
above the
minimum, but
below the
average level
State guarantees
average at the
level, private
insurance
High state
guarantees,
private
insurance
Countries adhering to
this type
Great Britain,
Ireland
USA, Canada,
Australia
Germany,
Austria, Belgium,
France
Denmark,
Sweden,
Finland, Netherlands,
Norway
expenditures on Share of
Public Pension
Insurance in the
country’s GDP, %
7.0-6.0
7.5-4.5
19.0-10.5
30.5-15.0
Share of expenditures on
Private Pension
Insurance in the
country’s GDP, on
average for the group %
5.2-3.1
5.2-1.2
1.2-0.2
5.9-0.6
Share of assets in
pension savings plans in
the country’s GDP
(2019) on average for
the group, %
80.7
149.2
14.8
143.4
Share of expenses on
Private Life Insurance,
-as % of GDP (2009
019) 2019 (on average 2
for the group)
16.2-6.5
6.9
5.1-1.3
2.5
4.2-2.3
3.4
8.3-3.5
6.2
Life insurance model
structure Public Life
Insurance / (Private Life
Insurance + Private
Pension Insurance) in
2019, %
37 / 63
45 / 55
80 / 20
60 / 40
Type of life insurance
model used
combined private
model
Balanced model
ubliccombined p
model
combined
model ublicp
Source: OECD, 2020a; OECD, 2020b; Swiss Re Institute, 2020; Allianz, 2020.
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Considering the modern practice of organizing
world financial systems, the “Global Monetary
Economy” forms two contours in countries in
accordance with the concept of contours of the
American economist Minsky (1993):
1) financial and money markets led by a Large
bank (a system of banks and other credit
institutions);
2) currency and money markets led by a Large
government (the formation of the state
budget and extra-budgetary financial funds
is expected).
The contours serve as a constructive basis for the
formation of two interrelated development flows
in the global economy, which in the work of
(Minsky, 1993) are called two global types of
economic growth: inflationary and deflationary.
The inflationary one is based on the budget
potential with the Central Bank as the main
regulatory market institution (for example, in
Russia), and the deflationary one is based on the
credit potential with the stock market as the main
regulator (for example, in the USA) (Yerznkyan,
2010; Evstigneeva & Evstigneev, 2010).
The specifics of the regulation subsystem
organization and administration have an impact
on the development of the life insurance model
constituent elements. Precisely, Public Life
Insurance will dominate in the country in the case
of inflationary flows, and Private Life Insurance
will dominate in the case of deflationary flows.
Although the need for life insurance, including
pension provision, is universal, the initial
conditions vary significantly between countries
in terms of their financial freedom and the
dynamics of demographic changes. One of the
significant issues raised in each country is the
issue of public consent: what share of GDP is
society willing to spend on its elderly to honor
their contribution to economic development and
progress during their working life. However,
financial freedom for future spending is
determined by the current levels of the gross debt
of the state and the costs of old-age benefits. The
higher these two factors are compared to today's
GDP, the less financial freedom of action for
future generations and the more unbalanced the
distribution of the financial burden of aging
between generations will be (Kryvyts’ka, 2019).
This problem is especially relevant, since in the
future there will be an increase in the burden on
the able-bodied generation to ensure their own
old age, since their pension savings were used for
the pension provision of current pensioners. The
sustainability of life insurance, including the
pension system, and the adequacy of the
measures taken largely determine the welfare of
the nation and the protection of the population
from the risks associated with aging and
longevity of the population and, as a result, the
diversification of sources of financing that
citizens can use when implementing risks. The
diversification of funding sources is due to the
increase in assets managed by life insurers and
pension funds, and the expansion of the range of
their application to financial market instruments.
Methodology
The purpose of the study is to develop the
theoretical and methodological basis of life
insurance, substantiate methodological
approaches to its study in the context of a
systematic approach through the prism of various
models functioning. To achieve the goal, it is
necessary to solve the following tasks:
1) to reveal theoretical determinants of the o
life insurance model study;
2) to develop a methodology for determining
the financial stability of the applied life
insurance model.
The scientific literature on life insurance was
analyzed to reveal the theoretical determinants of
the life insurance model study; then the concepts
of “life insurance model” and “life insurance
model structure” were formulated using
scientific methods of analysis and synthesis. In
addition, various forms (types, types) of life
insurance models were determined on the basis
of these methods.
The data of the following companies was used
for comparison of the classical insurance models
(Northern (Swedish), Anglo-Saxon (English),
continental (German) and American models) and
the insurance models proposed in the study:
Organisation for Economic Co-operation and
Development (OECD, 2020a; 2020b), Swiss Re
Institute (2020) – one of the largest reinsurance
companies and Allianz (2020) – the largest
German insurance company.
The scheme of step-by-step determination of the
life insurance model financial condition, as well
as the methodology algorithm for determining
the financial stability of the life insurance model
are developed based on the analysis of scientific
literature regarding the life insurance and
formalized using such methods of scientific
cognition as generalization and induction. This
scheme and the algorithm of the methodology are
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put forward as a hypothesis, the confirmation of
which requires further research.
Results and Discussion
It is proposed to study the life insurance model
from the perspective of systematic
methodological tools within the framework of
the study. However, the use of systematic
methodological tools has its own peculiarities
according to the conditions of application,
subjects and target orientation of the
methodology, as well as information sources and
methods that are available to specialists.
The subjects of management are the bodies of
current and strategic supervision, as well as
international organizations that monitor the
development of the economy. The use of
systematic methodological tools will improve the
understanding of the life insurance role in the
country’s economy and will enable a more
competent policy of its regulation.
The scheme of step-by-step determination of the
life insurance model financial stability developed
by the author includes four stages (Figure 1) and
will allow:
1) determine the type of model and methods for
shaping its elements;
2) identify and characterize the stages of model
development;
3) to assess of the model state factor
dependence, the interdependence of
processes in the model and the economy;
4) to assess the “strength” of relations between
the elements (levels) of the model, mutual
influence and interdependence, as well as
the depth of their convergence.
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Figure 1. Scheme of step-by-step determination of the life insurance model financial stability
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Table 2 describes the information in the framework of the assessment of state.
Table 2.
Characterization of information in the framework of the 1st stage of the condition assessment.
object Analysis
Characterization of information
System
Figures of the dynamics and structure of insurance premiums (contributions)
collection and payments both in the whole model and in the context of its levels, as
well as in the territorial context to determine the asymmetry of financial flows;
sured persons number dynamics, insurance payments recipients figures of in
dynamics and structure in the context of the type of payments, etc.
Density (i.e. the size of the insurance premium per capita) and the depth of
premium in the country’s GDP), insurance (i.e. the share of the total insurance
including territorial terms.
The financial situation of insurers and their burdens: business expenses; combined
loss ratio; number and types of taxes paid; profitability; reliability of insurers;
of financial stability, degree of solvency.oefficient coefficient of autonomy; c
Elements
shaping
methods
Combinatorics: insertion of elements of one level into another; transfer of reserves
to an insurer of another level; establishment or cancellation of direct regulation of
rance rates, insurance limits, etc.; application of subsidizing insurance insu
premiums or payments; etc.
Transformation: flexibility and mobility of savings in life insurance policies,
investment component in including pension insurance; the presence or absence of an
the policies, the management of which allows the policyholder to adjust the policy
of the investment strategy; etc.
Kineticism: increase/decrease in the rate of insurance premiums; indexation of
ments; indexation of the limit value of the insurance premiums, amounts and pay
base for calculating insurance premiums (in relation to compulsory pension
insurance; conversion of savings into points, and vice versa; etc.
s from Modular design: introduction of standardized modules of pension plan
State Pension Fund or Pension -different management companies (life insurers, Non
Fund of the Russian Federation); introduction or cancellation of a unified procedure
for transferring savings or settling losses (payment of the insured amount);
uction of a single standard reporting for insurers, as well as a mechanism for introd
managing the savings and savings of policyholders (insured persons).
Deconstruction: freedom in the possibility of transferring pension savings from one
State Pension Fund to the Pension -pension Fund to another, from a NonState -Non
Fund of the Russian Federation; freedom in the possibility of managing the process
of investing savings under an insurance contract as in collective investment funds,
etc.
Influencing
actors and f
their effect
External: political, economic, demographic, etc.
Internal: transaction costs, policy of actuarial calculations and insurance payments,
organizational structure of management, etc.
system -Intra
connections
-position of partnerships: management, financing, coHorizontal from the
investment, etc.
related model structures: technological, functional, etc.-Vertical, hierarchy
Within the framework of the 4th stage of the
proposed scheme, it is necessary to focus on
determining the financial stability of the current
model. However, as the analysis has shown, the
concept of “financial stability” has no
unambiguous interpretation in either domestic or
foreign literature, which complicates the
quantitative assessment of this characteristic of
the life insurance model.
In modern literature, financial stability is
considered from the perspective of two
approaches:
1) in the first approach, financial stability is
considered “through its absence, i.e. through
financial instability” (Chant et al, 2003;
Crockett, 1996; Ferguson, 2003) and is
associated with the risks of deterioration in
the performance of the real sector of the
economy;
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2) In the second approach, financial stability is
interpreted as a stable state of the financial
system, which allows effectively perform its
key functions, withstand shocks and
eliminate imbalances. It is actually
associated with systemic risk. (Cavapozzi et
al, 2012; Heide, 2020).
Representatives of the first approach consider
financial stability through the prism of its
antipode “financial instability”, define it as a
situation “where the figures of economic activity
may deteriorate due to fluctuations in the prices
of financial assets or the inability of financial
institutions to fulfill their obligations” (Crockett,
1996) and also associate “with a certain concept
of a market mechanism failure or external effects
that could potentially affect real economic
activity” (Ferguson, 2003). Here we should pay
attention to two main aspects. Firstly, according
to the definition given earlier, financial
instability should be identified by the presence of
potential threats to the real sector of the economy
and not by the amount of damage actually
incurred. Secondly, financial instability arises
due to excessive volatility in financial markets,
the weakness of financial institutions and the
inability of banks and other financial sector
companies to fulfill their obligations
(Kormilitsyna, 2011).
The second approach, proposed primarily by
central banks, attempts to define this concept
based on various properties of a stable financial
system. However, the formulation of the
operational definition remains conditioned by the
installation of an analytical framework, which
should delimit the field of intervention of
responsible authorities, determine the tools and
channels for transmitting decisions made and
indicate a measurement figure that allows
evaluating this function. (Mohamed et al, 2012).
Schinasi (2005) adheres to the second approach,
believes that in the absence of a framework, a set
of models, or even a concept of equilibrium it is
difficult to imagine a definition of financial
stability. In this regard, they are invited to
consider this definition from the financial system
point of view: “The financial system is in the
range of stability when it is able to facilitate
(rather than hinder) the functioning of the
economy and eliminate financial imbalances that
arise endogenously or as a result of significant
adverse and unforeseen events” (Schinasi, 2005).
The determination of financial stability is also
possible through the assessment of systemic risk,
which characterization and analysis are carried
out by using a set of quantitative indicators called
the financial stability risk indicator (financial
indicators) (Heide, 2020).
Responsibility for achieving financial stability at
the state level, as a rule, is assigned to the central
bank. In some cases, the function may also be
assigned to a mega-regulator or an
interdepartmental council (committee) on
financial stability, which may include
representatives of the central bank, the Ministry
of Finance, as well as the department responsible
for microprudential regulation and supervision of
banking and non-banking financial
intermediaries.
The author of the study suggests the following
algorithm of the methodology for determining
the financial stability of the current life insurance
model (Figure 2).
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Figure 2. The algorithm of the methodology for determining the financial stability of the current life
insurance model.
In our opinion, the basis of the life insurance
model financial stability is the financial stability
of insurers (Odinokova, 2019), since it acts as a
link between the state and the population when
conducting a financial policy of redistribution of
resources and risks. On the one hand, the
relationship with consumers of services depends
on the state and policy of financial stability
management of the insurer. For example, if the
financial stability is high enough, then the
insurance company will pursue a loyal policy
towards its customers. On the other hand, the
state of insurer’s financial stability influenced by
“macroprudential policy, which is a set of
measures to reduce systemic risk in the financial
market or in individual sectors” (Lobo-Guerrero,
2016).
At the same time, the financial stability of the
current model should have three important
characteristics. Firstly, the financial stability of
the current model facilitates the efficient
allocation of resources in space and time.
Secondly it allows to assess, copy and distribute
financial risks and manage them. Finally, the
financial stability of the current model retains the
ability to perform its functions regardless of
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financial and various economic shocks, as well as
increasing imbalances.
However, it is important to emphasize once again
that this set of characteristics that determine the
financial stability of the life insurance model
does not guarantee the effectiveness of its
institutions (the Institute of Social Insurance and
the Institute of Private life insurance). Although
stability may be a necessary condition for the
complex interaction of its (model) participants, it
is certainly not a sufficient condition for
efficiency.
Achieving and maintaining the financial stability
of the life insurance model should be balanced
with other, possibly higher priority, goals, for
example, such as improving economic and
institutional efficiency. This suggests that
financial stability itself is not an aim for systems,
but plays a supporting role in improving the
ability of the model and its elements to perform
their functions.
Conclusions
This study developed for the life insurance model
a theoretical platform based on a new scientific
idea about the systemic convergence of public
and private life insurance and its structuring
within the framework of various models
formation: The author’s interpretation of the life
insurance concept proposed here, in contrast to
the existing ones, is presented as a system of life
insurance protection for citizens (human capital)
of a certain country, ordered in accordance with
the target vector of development and formalizing
the process of its model organizing. The concept
is based on the fundamental interrelationships of
structural elements (public and private levels of
life insurance) used in the study of regularity,
rationality and efficiency of functioning.
In order to identify the capabilities of the models
used, methods for shaping its components, such
as kineticism, combinatorics, transformation,
modular design and deconstruction, have been
identified, the tools of which allow the state to
influence the structure of the model, dynamics
and development trends.
It should also be noted that the developed
methodological tools allow us to study the
development figures and assess the effectiveness
of the life insurance model functioning in the
country as a whole, as well as objectively prove
the significant role of each structural component
of its subsystem in ensuring insurance coverage
of human capital risks.
Bibliographic references
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nsion_Report.html
Besanko, D., Dranove, D., & Garthwaite, C.
(2020). Insurance access and demand
response: Pricing and welfare implications.
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Cavapozzi, D., Trevisan, E., & Weber, G. (2012).
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