Oliynik Anna,
postgraduate
Department of Insurance and Risk Management
Economic faculty
Kyiv National Taras Shevchenko
University
Implementation of complex bank insurance in Ukraine
In a world of
globalization and integration of
economic processes, and significantly increased
competition in all areas of trade is
becoming increasingly tougher battle
for customers among monetary institutions. Today one of
the most important competitive
advantages of financial
intermediation is the
presence of insurance coverage. And the greater
the range of insured risks,
the more trust causes a
financial institution.
Bankers Blanket Bond - is the
foundation of complex program of crime insurance and professional
liability of financial institutions. This
program is mandatory for many
Western countries and
includes protection of
property interests of the bank associated with the possession, use and
disposal of property and
funds belonging to or held by a
banking institution [1].
Comprehensive insurance of bank crimes (BBB) has
been adapted to reflect local laws for use
in many countries. This
process could not touch the CIS. In
Europe and U.S. Bank will not be the case if it does not
have coverage under
the program BBB. Among national
banks policies of comprehensive
bank insurance purchased only one.
This program has
several distinctive features (Fig.
1.).
Figure 1. * Key elements and benefits
of policy Banker's
Blanket Bond
* Source: developed by the
author.
The insurance company that insures bank carries risks quite careful monitoring of the
banking institution. This comprehensive
inspection cannot be compared
to the usual audit because
it carried out by a
specialized Agent - surveyors, and
affects all areas of banking: storage and transportation of money and other
valuables, bank security
system, the accuracy of
documents, personal characteristics of the
bank employees and others. As a
result of the inspection,
the insurance company decides how much insurance
coverage can be provided
by the bank. In most
cases, the bank risks insured by
several insurance companies (insurers'
pool),
which allows them to reduce potential
losses when the insured event
become [2].
Responding
to new challenges, domestic insurance companies
to includes range of
services integrated banking insurance policy BBB. One
of the first
to propose this
type of insurance to financial
institutions,
was the insurance company "ASKA". This product is not in great
demand in the market because
the financial risk insurance is not
included in the mandatory (according
to the Law of Ukraine "On
Insurance"). Moreover, the bank will
need to have quite an
extensive review,
and later still pay premium insurance
company, which in some cases may be quite high.
And even if the banking institution able
and willing to buy Bankers
Blanket Bond,
same insurance
company (domestic)
may be an
unreliable partner. Ukrainian insurance market
is very young. Therefore, on the one hand,
there is a considerable lack
of experience,
investment, highly qualified
staff, on the other hand there is great
potential and
great prospects of
the insurance
market of Ukraine.
Used
sources:
1. Site about banking insurance /
/ [electronic resource]. - Mode
of access:
http://bancassurance.com.ua/review/300
2. Bancassurance in Russia and abroad. / Analytical INVESTIGATION / Under editors VN Demchenko / / Journal "Russky POLIS" - Moscow - 2004. - S.136.