Journal of Knowledge Management, Economics and Information Technology

A lot of work has gone to standardize the financial accounts of insurance and requirements of reimbursement ability. These projects are made by various international organizations. This will alter the way the insurance companies keep their accounts and how they design strategies. All this work in accounting is being done to increase transparency and provide the most realistic accounts of insurance. This is an indirect form to protect the policyholders. Even the regulation on repayment ability is a method of protecting policyholders. Accounting is the process of collecting and reporting financial information about entity or about a group of units. Accounting practices are developed over time and they reflect the traditional national accounts. With the development of EU and increased activity of insurance companies or other companies outside the national borders, finding of a common way to present financial data of companies is becoming more critical. In connection with commercial enterprises, accounting information users include managers, investors, potential investors, lenders, investment analysts, regulators and consumers. The accounting changes outlined here, will be mandatory for insurance companies listed on stock exchange. However it is expected that other companies will adopt these rules as they aim to clearly present the true situation of the company, critical for managing a company.

  Albanian Accounting Trends in Accordance With EU Standards (761.1 KiB, 2,892 hits)

For the twenty-first century life, there cannot be a real, long-term and sustained progress, without insurance. Let’s only consider the avalanche of natural disasters and acts of terrorism in recent years that have affected many parts of the world, brought suffering to millions of people and caused huge economic losses.

The common knowledge that a country’s economic strength lays in banking and insurance needs no arguments. It is not accidental that the most stable economies, where even population’s prosperity is remarkable, are found in countries where insurance is well represented in economic life.

In a modern economy, insurances play an important role due to its contribution to financial stability, by promoting effective control of various risk categories and mobilizing people’s savings.

This paper plans to identify the main characteristics, trends and developments of life insurance products and their market, as well as the interactions between the insurance sector, banks and financial markets and to highlight some of the determinants of insurance demand. Also, another topic addressed is the current economic context, and the effects of inflation and economic recession on this sector.

Finally, this paper contains a short observation of the evolution of this particular market, striving to make a “prediction” of the immediate prospects of this activity.

  Life Insurance - Their Characteristics Importance and Actuality On The Romanian Market (221.9 KiB, 2,891 hits)