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- Type of Document: M.Sc. Thesis
- Language: Farsi
- Document No: 44574 (44)
- University: Sharif University of Technology
- Department: Management and Economics
- Advisor(s): Bahramgiri, Mohsen
- Abstract:
- In recent years capital requirement has become an important matter between financial institutions in developed countries. The reason lies in the increasing need for evident information from performance and financial status of institutions in order to maximize efficiency of financial markets. Another reason is that by increasing financial instruments in market, institutions face more risks in their operations so they need enough capital to cover the upcoming risks in future. In insurance market this requirement becomes more essential because first, in insurance companies customers are who are expected to receive their loss from the insurer and insurance company is under debt to its customers. Second the nature of insurance institutions are based on covering risk for those who are risk averse so it becomes inevitable for insurers to ignore risks. As a result, capital requirement has come to attention in our country as well and it is necessary to be regarded as a priority in near future. There are different kinds of models introduced around the world to calculate required capital for covering the risks faced by insurance companies which the most famous is Solvency II presented by European Union. In the beginning of 1391, Central Insurance of Iran introduced the first regulation of capital requirement to insurers which was different from international models. This research is intended to present a commensurate model with Solvency II approach in order to calculate required capital for insurers. The focus is on market risk and the result is to compare the CII model with the suggested model. Suggested model is applied on four insurance companies and the result is compared with CII model. The comparison shows that CII model calculates less capital to cover the risks which can lead to unreliable financial status and unpredicted danger
- Keywords:
- Capital Adequacy ; Solvency ; Insurance Industry ; Solvency II Model ; Risk
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