The purpose of this paper is to explore the interrelationship between macroeconomic factors, firm characteristics and financial performance of quoted manufacturing firms in Nigeria. Specifically, the study investigates the effect of interest rate, inflation rate, exchange rate and the gross domestic product (GDP) growth rate, while the firm characteristics were size, leverage. In this work, we focus on insurance demand, especially on the effect of religiosity as a potential factor of agricultural insurance demand, as well as socio-economic factors. Our. 2.1 Macro-Environmental factors affecting the Industry. Socio-Cultural Factors: One major social trend is the increasing consciousness towards health and well-being, reflected in a movement towards organic produce and healthy alternatives. ... Economic Factors: The current economic climate has resulted in lower spending levels, especially with. 3. Factors Affecting Insurance Premiums. T he effect of proposals to increase coverage would depend in part on the premiums charged and the value of the coverage provided. In particular, the costs of a subsidy that covers a specified percentage of policy premiums would be affected by the amount of those premiums, whereas the impact of a fixed. A key challenge for the sector of non-life insurance in India will be to reform the existing rate structure. From a pricing perspective, the non-life segment in India is still heavily regulated 5.. * More fraudulent claims occur during times of economic downturn, due to higher unemployment, lack of money etc. * Companies failing economically will relocate to other countries and pull out or markets. This causes less revenue for insurers. The specific data is from 2011 to 2019, and the analysis tool is mainly SPSS. The article identifies factors that lead to variations in life insurance demand. Important factors are found to be the price of life insurance, national income, inflation, government spending on social security [7], also, epidemic situation should be taken into account. The purpose of this paper is to explore the interrelationship between macroeconomic factors, firm characteristics and financial performance of quoted manufacturing firms in Nigeria. Specifically, the study investigates the effect of interest rate, inflation rate, exchange rate and the gross domestic product (GDP) growth rate, while the firm characteristics were size, leverage. Insurance Stimulates The Economy – More than $300 billion are distributed through policy benefits and claims each year by the insurance industry. That money has a trickle down effect that can be felt in all corners of our economy.. Below are three key challenges that life insurers should keep in mind as they create strategies for growth and innovation in 2019 and beyond. Today's insurers are fighting competition from all fronts: existing players, new entrants and tech giants outside the industry. Brokers, insurers and reinsurers are all fighting for larger shares of the. Aditya Birla Sun Life Insurance MD and CEO Kamlesh Rao said the firm is open to opportunities for consolidation as the sector is expected to undergo a churn as a result of business disruptions. Factors affecting Financial planning. 1. Spending Behavior. Your complete financial life is linked to your spending behavior This spending factor designs your financial future. Your goal targets and achievements all are linked to your spending pattern. High spending directly affects your lifestyle and thus to your retirement goal and insurance. insurance companies. The results show the underwriting losses that have been incurred by life insurance companies, emphasized the need of separate and actuary departments for proper validation of the policies. The paper facilitates the risk managers and regulatory authorities by depicting the factors affecting the performance of insurance sector. cisions of insurers and pension funds but also affecting the underwriting of the latter. As natural disaster incurred losses in 2020 are significantly higher than in the previous year, extreme weather events continue to put significant pressure on non-life insurers and are expected to become more frequent and severe due to climate change. Factors affecting demand. The demand for a good depends on several factors, such as price of the good, perceived quality, advertising, income, confidence of consumers and changes in taste and fashion. We can look at. On the other hand, the life sector of the insurance industry in 1999 which is composed of 38 companies with two more licensed in the year 2000 but who are not yet in full operation, generated a. The demand for life insurance is influenced by many factors and economic factors might be one of them. For example, current interest rate, income per capita and inflation rate may affect the demand for life insurance in a country. A number of studies have examined the effects of macroeconomic factors on the demand for life insurance. . Abstract and Figures. The study sought to examine factors affecting the performance of insurance companies in Zimbabwe. We utilized secondary data from twenty short-term insurance companies. The. For a business enterprise the environment comprises political, economic, sociological, cultural, demographic, technological, legal, ecological and international factors. 1. Political Forces: Political environment of a country has a bearing on the operation of a business organization right from incorporation to liquidation. The development of the economy depends on the soundness of its financial system. Insurance sector is one of the major players in financial system. Insurance sector in India is growing at a very fast pace. As a result of liberalization of Indian economy, new private sector insurance companies had came into existence which. affect investment returns, asset valuations and future insurance liabilities. For non-life insurers, inflation alters mostly long-tailed business by increasing the value of future claims. For life insurers, both inflation and deflation are key risks that interfere with the demand for insurance products and with the benefits they entail. Factors Influencing Choice of Distribution Channel – 4 Major Factors: Product, Market, Middlemen, Company and Marketing Environment . The following are the factors that determine the channel decision: 1. Product: i. If a commodity is perishable or fragile, a producer prefers a few and controlled levels of distribution. Received august 07, 2020 Revised from september 20, 2020 Accepted October 21, 2020 Available online March 15, 2021 Purpose. Insurance market in Russian Federation has rapidly grown in recent years. At the same time, despite numerous studies investigating the determinants influencing financial performance of insurance companies in various countries, there was a lack of studies investigating. insurance industry, 2018 was the worst year in over a decade for natural disasters, with fatal disasters in Lombok, Sulawesi and Java, as well as marine and aviation tragedies with catastrophic loss of life. These have acted as a stark reminder of the vital role that insurance can play in rebuilding communities. Life Insurance. Life insurers are not so much directly worried about inflation in terms of claims payout because death benefits issued on a policy are traditionally set at policy issue. If the death benefit amount is insufficient years later due to the erosion of buying power through inflation, that effect hits the beneficiary of the policy. Economic factors affecting insurance industry can either enhance or hinder the thriving of insurance firms. The insurance industry is a major player in the economy and this implies economic imbalances can as well be felt in the sector. In fact, the insurance industry relies on the economy for its survival. In 2004 we facilitated a session at the Insurance Institute of Kenya annual conference on the topic "A paradigm shift: A critique of industry players" in which we analysed changing trends in the sector in the areas of risk exposures, the competitive environment, use of technology and regulation. In 2004, we administered a survey among. Home Owners Insurance and Inflation. Home insurance policyholders are affected by the rate of inflation in many ways. The most obvious effect is the rise in the cost of the insurance itself. This is driven by the inflation of labor and repairs costs. As it costs more to repair or replace a damaged home insurance companies must raise the rates. In 2004 we facilitated a session at the Insurance Institute of Kenya annual conference on the topic "A paradigm shift: A critique of industry players" in which we analysed changing trends in the sector in the areas of risk exposures, the competitive environment, use of technology and regulation. In 2004, we administered a survey among. * More fraudulent claims occur during times of economic downturn, due to higher unemployment, lack of money etc. * Companies failing economically will relocate to other countries and pull out or markets. This causes less revenue for insurers. The industry also includes pharmaceutical manufacturers, health insurance companies and medical equipment manufacturers. Five major economic factors affecting healthcare industry . Reduced hospital funding . Hospital funding is in many cases yanked in an effort to increase profit margins and to ensure shareholders are happy. Insurance industry, as on 1.4.2000, comprised mainly two ... there will be bigger impact on the life and pension markets. This effect will be tempered by a smaller rise in fire, auto, marine and fire insurance sub-sectors. Where will the Indian. insurance companies. The results show the underwriting losses that have been incurred by life insurance companies, emphasized the need of separate and actuary departments for proper validation of the policies. The paper facilitates the risk managers and regulatory authorities by depicting the factors affecting the performance of insurance sector. Profitability is one of the most important objectives of financial management because one goal of financial management is to maximize the owner` s wealth. This paper examined the effects of firm specific factors (age of company, size of company, volume of capital, leverage ratio, liquidity ratio, growth and tangibility of assets) on profitability proxied by Return on Assets. Profitability is. insurance companies. The results show the underwriting losses that have been incurred by life insurance companies, emphasized the need of separate and actuary departments for proper validation of the policies. The paper facilitates the risk managers and regulatory authorities by depicting the factors affecting the performance of insurance sector. Here are five key factors to look out for this year that will have an impact on the economy, your bank account and your best-laid plans: The pandemic. Covid-19 has usurped Eskom's role as the. Economic Whilst economic trends affect life and non-life insurance companies in different ways, the overall impact is still to place the solvency of the insurance company at risk. The models and investment strategies used by insurers, as well as the scenarios that their capital position is assessed against,. It can greatly affect the economic growth of a country. Natural resources include the resources produced by nature on land or underground. Resources on land include vegetation, aquaculture and terrain. Resources beneath land or underground resources include oil, natural gas, metals, and non-metallic minerals. The natural resources of a country. Macro-economic view of life insurance industry in India [Infographic] SHARE Over the last fifteen years, India's and the world's economy at large has seen a host of changes, which has also impacted the insurance industry in the country. The above data aptly shows how the insurance sector evolved over the last two decades. Insurance companies with innovative team work and professional human capital can be very successful if other factors like economic and political pressures do not affect the big picture. For insurers and investors in emerging markets, the future middle class is a huge business opportunity based on potential customers and innovative solutions. 3. Factors Affecting Insurance Premiums. T he effect of proposals to increase coverage would depend in part on the premiums charged and the value of the coverage provided. In particular, the costs of a subsidy that covers a specified percentage of policy premiums would be affected by the amount of those premiums, whereas the impact of a fixed. Here are the nine types of external environment factors that affect businesses: 1. Technological factors. As technology continues to advance, companies can benefit from these breakthroughs or face challenges in competing with them. 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