Sustainability of Insurance Business and Leadership in the Market of Insurance Services

Abstract

Our paper considers the peculiarities of personal voluntary pension insurance in the Russian Federation taking into account the regional specifics of its subjects. To assess the adequacy of the obligations of the insurance company, we construct an economic-mathematical model of personal joint insurance of several participants in the conditions of the national insurance system. Actuarial calculations are based on the study of financial schemes, taking into account the stochastic nature of insured events. Apart from the accidental component, the actuarial contract is a financial instrument where the invested money is invested to generate income. This study examines the duration of the contract for lifelong maintenance of partners (spouses) on the conditions of inheritance of their property. Inheritance rights arise at the time of the death of the second partner (spouse). The average lifetime of the contract of lifelong maintenance, concluded with partners (spouses) and allowing optimizing the conduct of insurance business, is calculated. The analytical expression is obtained for the mathematical expectation and variance of the validity of the contract. When performing the calculation, the actuarial method of computing insurance tariffs is used alongside the methods of probability theory, mathematical statistics, and simulation modeling.