Insurance Markets and Companies (open-access)

ISSN 2522-9591 (online)
Publisher LLC “Consulting Publishing Company “Business Perspectives”
Issued from May 2010
Insurance Markets and Companies (open-access)

Starting 2017, Journal supports Open Access and the frequency is annual.

The journal "Insurance Markets and Companies: Analyses and Actuarial Computations" changed the title to "Insurance Markets and Companies" in 2017.

The journal publishes the results of scientific researches, focused on contemporary issues in the sphere of insurance, such as modern trends of global and local insurance markets development, insurance companies’ activities at the financial market, existing and innovative approaches in risk management, financial instruments and derivatives, etc. The privilege of publication is given to the original, conceptually new and innovative manuscripts, which combine both theoretical aspects and practical approaches, such as insurance statistics and insurance mathematics. The target audience of the journal includes researchers, scholars, lecturers, students, and practitioners. It is published in Ukraine.

Key topics:

  • Contemporary trends of insurance markets development;
  • Financial solvency of the insurance companies;
  • Statistical investigations of insurance market;
  • Insurance statistics methodology;
  • Demographic statistics in insurance;
  • Actuarial computations methodology;
  • Underwriting of insurance risks;
  • Actuarial computations in risky types of insurance;
  • Actuarial computations in life insurance;
  • Actuarial computations in retirement insurance;
  • Financial management of insurance investment funds;
  • Insurance risks and Solvency II;
  • Reinsurance of risks;
  • Insurance companies and financial intermediaries;
  • Financial risks management and hedging;
  • Financial tools and derivatives.

Subject Area – Economics, Econometrics and Finance. Subject Category – Economics and Econometrics; Finance.

Subject Area – Business, Management and Accounting. Subject Category – Business and International Management; Management of Technology and Innovation; Marketing; Organizational Behavior and Human Resource Management.

Publisher

LLC “СPС “Business Perspectives”
Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine
phone/fax: +38-0542-775771

Submission guidelines

Please send a soft copy of your paper as an MS Word .doc file (all versions accepted) and filled Cover letter form to the following e-mail:
Editorial Assistant -

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Open Access Statement

Journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.
Benefits of the open access are:increased citation and usage;rapid publication; faster impact with permissive licenses; copyright retention by the author.
Authors can choose either of Creative Commons licenses (CC-BY 4.0 or CC-BY-NC 4.0). Find detailed information in the Copyright section.

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Editors

Montserrat Guillen

Chair Professor, Departament d'Econometria, Estadística i Economia Espanyola, RFA-IREA, Universitat de Barcelona, Spain.

Roger J.A. Laeven

Full Professor (Chair of Risk and Insurance), Department of Quantitative Economics, University of Amsterdam, the Netherlands.

Victor Trynchuk

Ph.D., Associate Professor, Head of Department of Insurance Institute of Postgraduate Education and Business, Kyiv, Ukraine.

Editorial Board

Scott Adams

Dr., Associate Professor of Finance, Taylor University, USA.

Yiannis Anagnostopoulos

Dr., Senior Lecturer, Accounting and Finance, Kingston Business School, UK.

Emmanuel Anoruo

Ph.D., Chair and Professor of Economics and Finance, Department of Accounting, Managerial Economics and Finance, Coppin State University, USA.

Etti G. Baranoff

Ph.D., FLMI, Associate Professor of Insurance, Risk Management and Finance, Virginia Commonwealth University, Richmond, Virginia USA.

Richard J. Butler

Professor, Department of Economics, Brigham Young University, USA.

Dongmei Chen

Dr., Associate Prof. & Chair, Department of Insurance, Fudan University, Shanghai, China.

Yueyun (Bill) Chen

Professor of Business Administration, Chief Financial Officer, Assistant Dean of Academic Assessment, University of the West, USA.

Jo Danbolt

Professor of Finance, Department of Accounting and Finance, Faculty of Law, Business & Social Sciences, University of Glasgow, UK.

Joseph Falzon

Ph.D., Prof., Head of Department of Banking & Finance, Faculty of Economics, Management & Accountancy, University of Malta, Malta.

Jim Gustafsson

Senior Manager, Head of Nordic Quantitative Advisory Services, Ernst & Young, Denmark.

Irena Jindrichovska

Head of department of Business Economics, University of Economics and Management, Czech Republic.

Mary Kelly

Chair of Insurance, Associate Professor Finance and Insurance, School of Business and Economics, Wilfrid Laurier University, Canada.

Michael Kennedy

Head of Department of Accounting and Finance; Departmental Research Leader, University of Bedfordshire, UK.

Ray Kinsella

Professor of Banking and Finance, UCD Michael Smurfit Graduate School of Business, UCD, Ireland.

Dimitrios G. Konstantinides

Ph.D., Associate Professor, Department of Statistics and Actuarial-Financial Mathematics, University of the Aegean, Greece.

Philip Kostov

Dr., Reader in Quantitative Economics, Lancashire Business School, University of Central Lancashire, UK.

Joan Lawla

Head of School, School of Business Administration, University of Technology, Jamaica.

Ahmed El-Masry

Ph.D., Associate Professor of Finance, Fellow of the Higher Education Academy, Plymouth Business School, UK.

Bruce L. McManis

Ph.D., Professor, Head of the Department of Finance and Economics, Nicholls State University, USA.

Rahul A. Parsa

Professor of Actuarial Science, College of Business and Public Administration, Drake University, USA.

Dimitris Petmezas

Professor, Chair in Finance, Surrey Business School, University of Surrey, UK.

Ermanno Pitacco

Full Professor of Actuarial Mathematics, Faculty of Economics, University of Trieste; Academic Director of the Master in Insurance and Risk Management, MIB School of Management of Trieste, Italy.

Lawrence S. Powell

Ph.D., Director, Alabama Center for Insurance Information and Research, University of Alabama, USA.

Tak Kuen (Ken) Siu

Professor, Department of Applied Finance and Actuarial Studies, Macquarie University, Australia.

Clifford W. Smith

Louise and Henry Epstein Professor of Business Administration, William E. Simon Graduate School of Business Administration, University of Rochester, USA.

Sharon Tennyson

Associate Professor, Department of Policy Analysis and Management, Cornell University, USA.

Emiliano A. Valdez

Professor of Actuarial Science, Department of Mathematics, University of Connecticut, USA.

Peijie Wang

Professor Principal, Finance and Monetary Macroeconomics, IÉSEG, School of Management, France.

Mary A. Weiss

Dr., Professor of Risk, Insurance, and Healthcare Management, The Fox School of Business and Management, Temple University, USA.

Steve B. Wyatt

Ph.D., Professor and Chair, Department of Finance, Farmer School of Business, Miami University, USA.

Reviewers

Yiqing Chen

Associate Professor of Actuarial Science, College of Business and Public Administration, Drake University in the United States.

Lukasz Delong

Assistant Professor, Division of Probabilistic Methods, Warsaw School of Economics, Institute of Econometrics, Poland.

Runhuan Feng

Associate Professor, Department of Mathematics, University of Illinois at Urbana-Champaign, Director of Actuarial Science Program, USA.

Shuanming Li

Assoc. Prof., Centre for Actuarial Studies, Department of Economics, The University of Melbourne, Australia.

Christopher Parsons

Professor in Insurance, Cass Business School, UK.

Georg Pflug

Dr., Professor, Department of Statistics and Operations Research, University of Vienna, Austria.

Ruilin Tian

Ph.D. in Risk Management & Insurance, Associate Professor of Finance, Department of Accounting, Finance and Information Systems, College of Business, North Dakota State University, USA.

Mo Vaziri

Professor, Department of Accounting and Finance, California State University, San Bernardino, USA.

Craig Wilson

Associate Professor & Head, Department of Finance & Management Science, University of Saskatchewan, Canada.

Alex Zaletov

Ph.D., Docent, Member of National Commission for the State Regulation of Financial Services Markets, Ukraine.

Guidelines for Editors and Reviewers

The Editorial Board consists of international experts in their respective fields. All members of the Board occupy high positions in educational and research institutions. The roles of the Editorial Board members are the following:

  • provide expertise in definite research field;
  • review submitted papers;
  • advise on journal policy and scope and participate in the journal development;
  • propose subject definition and conference choice for special issues. Also, editorial members may be guest editors of special issue;
  • promote the journal at conferences, seminars, workshops, and relevant public events
  • attract new potential authors;

Guest editors play a vital role in ensuring the quality of special content publications, such as Special Issues. Guest editors overlook the process, from proposal to publication.

The Editorial Board is reviewed every two years, which means exclusion of inactive members and addition of the new ones.

We appreciate applications from the editorial candidates. To submit an application, please send an e-mail to an editorial assistant of the selected journal and attach a file with your CV (containing the current place of work, occupation, education, the scope of your scientific interest, types of activity, list of publications, list of the journals in which you occupy the positions of an editor or a reviewer, e-mail for contact and a link to personal page at you university).

Duties of editors

We strongly recommend that Editors get acquainted with and follow COPE Code of Conduct and Best Practice Guidelines for Journal Editors.

The editors of the journal are responsible for deciding which of the articles submitted to the journal will be published. The editor may confer with the members of the Editorial Board in making this decision.

Fair play. The editors evaluate manuscripts without regard to the nature of the authors or the host institution including race, gender, religious belief, ethnic origin, citizenship, or political philosophy of the authors.

Confidentiality. The editors, members of the Editorial Boards, and any editorial staff must not disclose any information about a submitted manuscript to anyone except the authors of the paper, reviewers, potential reviewers, and the publisher, for appropriate reasons.

Disclosure. Unpublished materials disclosed in a submitted paper should not be used in the own research of the editors or the members of the Editorial Board without the express written consent of the author.

Duties of reviewers

We strongly recommend that all reviewers get acquainted with and follow COPE Ethical Guidelines for Peer Reviewers.

Confidentiality. Information regarding submitted manuscripts should be kept confidential during and after review process. Also, reviewers should not reveal any details about reviewing manuscript to anybody.

Standards of objectivity. Reviewers should be objective while conducting reviews. All the comments and recommendations should be supported with relevant arguments.

Disclosure. Unpublished materials disclosed in a submitted manuscript must not be used in a reviewer's own research without the express written consent of the author. Privileged information or ideas obtained through peer review must be kept confidential and not used for personal advantage.

Peer review

Peer review plays a vital and critical role in the publication of scholarly articles through assessment of validity, quality and originality of submitted manuscripts. It is considered to be the most effective and valid form of research. There are three types of peer review: open, single blind and double blind. The LLC “Business Perspectives” supports the double blind peer review. All articles which are published in the Journals of The LLC “Business Perspectives” are double blind peer reviewed.

Review process

  1. The corresponding author sends the manuscript and the cover letter, signed by all the authors of the manuscript (the manuscripts are sent via e-mail). At the first stage, the Editorial Assistant checks the structure, spelling, compliance of manuscripts with the authors’ guidelines, plagiarism, etc.
  2. At the next stage, the manuscript will be passed to the member of the Editorial Board (Handling Editor) who must read the abstract and accept the terms and conditions to exclude the conflicts of interest in order to proceed with the peer review process. Further, the Handling Editor determines whether the manuscript provides potential interest for readers and present importance to the scientists in the relevant field of the journal’s scope, judges if the topic of the manuscript corresponds to the aims and scope of the journal, assesses the novelty and relevance of the manuscript, its compliance with the requirements of the journal and whether the manuscript meets the editorial criteria.
  3. Manuscripts that don’t meet these criteria, as well as obviously poor manuscripts, will be rejected without sending for further double blind peer review.
  4. If the manuscript complies with the requirements of the journals, then the Handling Editor sends the manuscript for double blind peer review to two or more reviewers (if necessary). In the field who are not part of the journal’s editorial staff, selection of peer-reviewers is based on expertise, reputation, specific recommendations and our own previous experience of a reviewer’s characteristics (all the selected reviewers hold a Ph.D. and have recent publications in the field of the submitted manuscript). All the invited reviewers should accept the terms and conditions to exclude conflicts of interest, confirm that the manuscript fits the field of their interests, and check their availability. Then they decide to accept or decline the invitation. If possible, when declining, they might also suggest alternative reviewers. All the manuscripts are double-blind peer-reviewed, which means that reviewers do not possess any information about the authors’ identities and vice versa. Also, at this stage, the author will be informed that the manuscript was sent for the double blind peer review.
  5. After the manuscript has been reviewed, the Handling Editor inspects all the Referee Reports from the reviewers and then makes a decision. If the reviews differ significantly, the Editor may invite an additional reviewer so as to get an extra opinion before making a decision.
  6. At the last stage with point-by-point evaluation and comments, based on the suitability of selected reviewers and the recommendations, adequacy of reviewer comments and overall scientific quality of the manuscript, the Handling Editor makes one of the following decisions (which needs to be agreed by the Editor):
  • Publishable as it is.
  • Publishable with minor revisions specified in “Comments” section.
  • Reject, but encourage to re-write and re-submit with major revisions specified in “Comments” section.
  • Reject without further consideration.

If authors are required to revise the manuscript, they ought to provide the revised manuscript along with the Response to the Editorial staff. All the authors receive the reviewer’s comments immediately after the manuscript had been reviewed. If authors request a Referee Report, they receive it without revealing the identity of the reviewer and can appeal against editorial decisions responding to the referees with authors’ arguments and explanations. Manuscripts may or may not be sent to reviewers after authors’ revision, depending on whether the reviewer requested to see the revised version and the wishes of the Editor.

Expectations from reviewers

During the peer review process, report preparation, and after refereeing, we expect from the reviewers to:

  • respond in a reasonable time-frame, especially if reviewer can’t perform the review, including intentional delay;
  • declare if they are not experts in the field the manuscript is relevant to;
  • declare any potentially conflicting or competing interests (which may, for example, be personal, financial, intellectual, professional, political or religious) and seek advice from the Editorial Board in this case;
  • decline to review if they feel unable to provide a fair and unbiased review or they are involved in any of the work with the manuscript or its reporting;
  • to provide honest and fair assessment of the strengths and weaknesses of the research and the manuscript;
  • send the completed report form along with the reviewed manuscript;
  • be specific in their criticisms, and provide evidence with appropriate references to substantiate general statements to help Editors in their evaluation and decision;
  • suggest additional research if it helps strengthen or extend the work;
  • ensure that their comments and recommendations for the Editor are consistent with their report for the authors;
  • give any suggestions and comments based on valid academic or technological reasons;
  • continue to keep details of the manuscript and its review confidential during and after reviewing.

Conflicts of Interest

Conflicts of interest comprise those which may not be fully apparent and which may influence the judgment of author, reviewers, and editors. They have been described as those which, when revealed later, would make a reasonable reader feel misled or deceived. They may be personal, commercial, ideological, academic, or financial.

When authors submit a manuscript of any type or format they are responsible for disclosing all financial and personal relationships that might bias or be seen to bias their work. This includes declaration of all sources of funding. All authors that publish in our journals are obliged to declare conflicts of interest if there are any. Declared conflicts of interest will be considered by the editor and Conflict of Interest Statement will appear in our journals at the end of the published article.

Reviewers should not consider manuscripts in which they have conflicts of interest resulting from competitive, collaborative, or other relationships or connections with any of the authors, companies, or institutions connected to the papers. Reviewers should be objective and constructive, declare all potential conflicting interest, seeking advice from the editors if they are unsure whether something constitutes a relevant interest; do not allow their reviews to be influenced by the origins of a manuscript, by the nationality, religious or political beliefs, gender or other characteristics of the author, which could be implied in the manuscript.

If the founders decide to publish as authors or co-authors, they are required to include the Conflict of Interest Statement in the Publication Agreement. This statement will be also included in their published paper.

Editors who make final decisions about manuscripts should not make editorial and publication decisions if they have conflicts of interest related to articles under consideration. Editorial staff must not use information received through working with manuscripts for private gain. Guest editors should follow these same procedures.

Research Misconduct Policies

Plagiarism

LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.
Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant.
Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Paraphrasing
Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

Allegations about authorship of contributions

It is important that all authors are declared in the list of authors and are declared in the Cover letter form, sent along with a submitted paper.

To be considered the author, a person should be responsible for particular research aspect or preparation for work or make particular contribution to the concept, project, fulfillment, or research explanation, and it must be confirmed in the final work form.

Insignificant contribution may not be considered as an authorship. A person who provides insignificant contribution or appropriate data or other type of help may be considered as "contributor" by author/co-authors, and may be declared in the paper in acknowledgement section.

According to our policy, author/co-authors of submitted paper must fill in the Cover letter form to identify all participants, as well as confirm their consent to publish the paper.

Duplicate submission

Authors must present papers which are unique and must not be submitted to any other journal (except for some unusual circumstances and only with reviewer's approval). Sometimes authors may ignore this requirement, submitting the same document to several journals or submitting several documents on the basis of one and the same research. As in plagiarism duplicate submission may take different forms: literal copying, partial, but substantial copying or even paraphrased copying of the research. The publisher sticks to the policy which forbids publication of multiple papers on the basis of a single research. Infringement of this policy will result in immediate rejection along with possible sanctions against authors.

Citation manipulation

Submitted manuscripts that are found to include citations whose primary purpose is to increase the number of citations to a given author's work, or to articles published in a particular journal, will result in immediate rejection along with possible sanctions against authors.

Data falsification

If the falsified or fabricated data of experimental results (this also includes manipulation of images) will be found in the submitted paper, it will result in an immediate rejection along with possible sanctions against authors.

Sanctions
The following sanctions may be imposed in case of infringement of abovementioned policies:

  • Immediate rejection of the manuscript.
  •  Immediate rejection of every other manuscript submitted to any journal published by LLC "CPC "Business Perspectives".
  • Publication embargo against all authors of the manuscript (prohibition for any new submissions to any journal published by LLC "CPC "Business Perspectives"). The term of the embargo may vary, but the minimum is 24 months.
  • Prohibition against all of the authors from serving on the Editorial Board of any journal published by LLC "CPC "Business Perspectives".

Correction and Retraction Policy

All Business Perspectives journals have the same policy regarding corrections and retractions. We differentiate between addenda, errata, corrigenda, and retractions.

Addenda
If significant information was unintentionally omitted by authors from the original publication, the original article can be amended through an Addendum reporting these previously omitted results. The Addendum will be published, with page numbers added, in the current issue of the journal. A hyperlink to the Addendum will also be added to the original publication.

Errata
An erratum will be used if a significant error has been introduced by us during the production of the journal article, including errors of omission such as failure to make factual proof corrections requested by authors within the deadline provided by the journal and within journal policy. A significant error is considered to be the one that affects the scholarly record, the scientific integrity of the article, the reputation of the authors, or of the journal. All errata are linked to the version of the article that they correct.

Corrigenda
A corrigendum is a notification of a significant error made by the authors of the article. All corrigenda are approved by the editors of the journal. All corrigenda are linked to the version of the article that they correct.

Retractions
Retraction will be issued by an editor upon several conditions: severe plagiarism, multiple publications, data fabrication, unreliable or faulty findings, and other harmful practices. In this case, Retraction notice will be published. This notice will include the title and authors of the article, the reason for the retraction and who is retracting the article. It will be published online with a link to the online version of the article. It will be published in the next print issue and included in the table of contents of that issue. Before publishing the notice of retraction, a signed statement by the authors should be sent to the editorial office.

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LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.

Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant. Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Paraphrasing
Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

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The journal “Insurance Markets and Companies: Analyses and Actuarial Computations” ISSN (print) 2078-2454, ISSN (online) 2078-2462 was founded by LLC “CPC “Business Perspectives” (Sumy, Ukraine) in 2010 and registered by Ministry of Justice of Ukraine (No. КВ 22091-11991Р from May 05, 2016). The journal was published quarterly in Sumy, Ukraine. Beginning March 2017, the journal started to support open-access (hybrid).

Starting October 2017, the journal changed the title to “Insurance Markets and Companies”, current ISSN 2522-9591 (online). The journal became open-access and is issued by LLC “CPC “Business Perspectives” (Sumy, Ukraine) with annual frequency.

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To contact the Editorial office:
phone/fax: +38 (0542) 221707
postal mail: Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine
e-mail:

Questions concerning manuscript (submission, status, publishing....):

Technical/site support please contact:

Information for subscription agencies and subscribers:

For book publishing please contact:

All financial questions by email:

If you would like to make a complaint please contact:

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This section contains information about articles which are already reviewed, accepted and waiting for publication in next issues of the journal.

Estimation of the capacity of the Ukrainian stock market’s risk insurance sector

Inna Shkolnyk, Dr., Professor, Head of Department of Finance, Banking and Insurance, Sumy State University, Ukraine
Eugenia Bondarenko, Assistant of Department of Finance, Banking and Insurance, Sumy State University, Ukraine
Valery Balev, Ph.D. Student of Department of Finance, Banking and Insurance, Sumy State University, Ukraine

Abstract. The purpose of the article is to determine the degree of financial interaction between the stock and insurance market, or, in other words, to determine the potential capacity of the stock market’s risk insurance sector for the Ukrainian insurance market. The authors examine the insurance not of all possible risks on the stock market, but only the most potentially important for the development of the stock market at this stage of economic development: insurance of professional risks of depositories and insurance of individual investments of individuals – participants of the stock market. In order to calculate the capacity of the stock market’s risk insurance sector in the context of the two above mentioned types, we apply the models that are widely used in the economic-mathematical analysis. For mathematical calculations we used 31 absolute indicators of the characteristics of the state of the stock and insurance markets, as well as some macroeconomic indicators. When forming an array of input data for mathematical calculations we used annual values of absolute indicators for the period 2005-2015. For the adequacy of the received calculations the normalization of the selected indicators was carried out. All indicators were divided into two groups: stimulators and de-stimulators. The normalization of stimulator indicators was carried out by the method of natural normalization, and of de-stimulator indicators– according to the Savage formula.
The capacity of the segment of the new type of insurance was determined by the authors as the maximum possible amount of insurance premiums that insurers can get in the process of implementing a new insurance product based on the current state of development of the insurance market. The capacity of the sector of the new type of insurance was presented as a function of the main component (an indicator that directly characterizes the created segment) and the corrective component (a set of indicators characterizing the segments created indirectly). The weight coefficients of the corrective component were determined by using the Fischer's formula. As a result of the calculations we obtained the data on the prospects of simultaneous introduction for the stock and insurance markets of such types of insurance as a professional liability insurance of depositories and an insurance of individual investors on the stock market.

Joining insured groups: How to split the emerging profit

Elinor Mualem, Department of Mathematics Technion, Haifa, Israel
Abraham Zaks, Department of Mathematics Technion, Haifa, Israel, Actuarial Research Center, Haifa University, Israel

Abstract. In the process of evaluating the premium of an insurance plan one considers the risk arising from various uncertainties. We suppose for a plan whose net premium is p and the standard deviation is σ the premium including the risk factor will be p + 3σ for a given member, and 3σreflects the risk. For a group of n members with the same premium p and with standard deviation σ, the premium including the risk factor will be p +3σ⁄√n where 3σ⁄√nreflects the risk for each member of the group. We study the emerging profit in case of n insured groups each with its own premium and its own risk when all the n insured groups merge into a single group uniting all insured members. We prove that there emerge a profit due to joining the n groups into a single one due to a reduced total risk of the n separate insured groups when merging into a single group. The emerging profit between the various groups may be divided using the Shapley values method or using utility functions for each group. We discuss various reasonable ways to split the emerging profit between the n groups and we show that the split of the profit depends on the chosen method .Our main tools are techniques of Game Theory, in particular those of cooperative games.

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Structure of the Paper and Manuscript Submission Guidelines

Before submission to the editorial staff of the journal, please check Research Misconduct Policies, infringement of which will result in immediate rejection of the manuscript and possible sanctions against the author.
The authors are strongly recommended to read the “Guidelines for Authors and Translators of Scientific Articles to be Published in English” at the website of The European Association of Science Editors (EASE) http://www.ease.org.uk/publications/author-guidelines-authors-and-translators/, which guides our work.
Make sure that the manuscript presents an academic value, significance of research, as well as that its originality and practical significance are well described; the manuscript makes a contribution to earlier researches concerning the topic.

The author should attentively read the manuscript submission guidelines. These guidelines are not so rigid that even the slightest deviation from them will result in the refusal of the manuscript. However, we ask the authors to do their best to meet them, as it will provide the quality of their materials and will make it easier for the editorial staff to set the manuscript for publication.

Please define the type of the manuscript of four possible variants and adhere to both the general guidelines and the recommendations, which are specific for the type of the chosen manuscript.

The following types of manuscripts can be submitted to the journal:

  • original scientific paper, which is a final report on the finished original experimental study;
  • theoretical paper, which is devoted to theoretical study of the problem, which complies with the journal’s scope;
  • review paper, which is a study of concrete scientific problem, which complies with the journal’s scope and is conducted based on the materials of the scientific publications;
  • short communication paper on the event (conference, seminar, exhibition, issue of the important monograph), which complies with the journal’s scope.

The manuscript should be sent to the editorial staff of the journal via e-mail together with the filled and signed Cover letter form. Please, try hard to send a paper with good level of English. Well-written manuscripts will let editors and reviewers concentrate on their academic value.

Structure of the Paper

The presentation of the material in the manuscript should be built on the principle “from the general to the particular”.

The structure of research paper should consist of the following sections (it does not exclude the presence of additional subsections) and comply with the international standard АIMRaD (Abstract, Introduction, Methods, Results, and Discussion).

Theoretical paper – АIТвRaD (Abstract, Introduction, Theoretical Basis, Results, and Discussion).

Review paper – Abstract, Introduction, Literature review, generalization of the main statements and Discussion.

Short communication paper is structured by the author in his own, but with compulsory reference to the date and place of the event. However, it does not include a big list of references and supplementary materials.

Title
The title of the paper should fully reflect the topic of the research and its content. It must be short and concrete (not more than 15 words). Besides it should catch the reader’s interest and it should be written using the scientific style. It is appropriate to point the object of research or concretize it using the colon or the brackets. It is not recommended to use contractions, but if used, then only for the commonly known ones.

Author (authors)
Here the name (first name and last name) of the author (authors) (Byline?) must be written. Those authors who use the patronymic or middle name should write only the first. The authors whose names are written in the Cyrillic alphabet must transliterate them correctly. Those who need the transliteration can use the websites http://translit.kh.ua/?passport or http://translit.net/.
After the names of the authors, there should be written their academic degree and academic rank, places of work (university, academic institution, etc. or the organization to which they belong) (Affiliation), city and country. If the name of city or country is already used as author's affiliation still both the city and the country should be indicated. The name of the organization or the institution must be indicated, separated by the comma in the nominative case and this name must be full, without contractions and abbreviations. Also the authors should indicate their e-mails.
If there are several authors, they make a decision themselves concerning the order of their mentioning in the title of the paper (recommended variant – depending on the contribution to the research). The list of authors includes only those persons who have really taken part in the research and agreed to bear full responsibility for its content. Research funding or taking part in paying the article processing charge is not a prerequisite for being included in the list of co-authors. While forming the list of the authors, a special attention should be paid to the COPE (Committee on Publication Ethics) principles.

In order to bring the academic degrees, academic ranks and occupations, which are used in some emerging economies or the developing countries, in line with the international standards, the corresponding table should be used ENGLISH EQUIVALENTS FOR ACADEMIC RANKS, DEGREES AND JOB TITLES.

Abstract
It should be written using the following algorithm: first two or three sentences indicate the relevance of the topic; the aim and object of the study; the methodology (methods) of the study (for theoretical studies – its theoretical basis) are described; the obtained results and their practical value are characterized. At the same time, every statement must follow logically from the previous one. In the abstract for a research paper, it is recommended to use the numerical results. In the abstract of a review paper, the author can only point the issues discussed, without presenting the results. While writing the abstract, it is necessary to use the active voice instead of the passive voice, and such words as “thus”, “for instance”, “as a result”, etc. In the abstract, the author should not refer to any researches or other sources of information. The abstract should be written without subsections and without subtitles, i.e., is not structured. The text should be concise and original. It is not appropriate to use the sentences in the Abstract from the text of the paper. At the same time, the material which is absent in the paper cannot be presented in the Abstract. In the Abstract, the author should not refer to any sources, use tables and figures. The number of words must be in average 150-250.

Кeywords
The purpose of keywords is to provide the insight to the reader into the contents of the paper. They should reflect the area of the research. The number of keywords should be 5-10 in average. There should not be the sentences, but the words or word groups. If the object of the study is not mentioned in the title of the paper (including the country, the region), it should be added to the list of keywords. There is no need to replicate words from the title of the paper.

JEL Classification
If earlier the author was not aware of this classification system, he/she should attentively look through it in order to have a common understanding of all the areas defined in it http://www.aeaweb.org/jel/jel_class_system.php. The codes, indicated by the author should clearly reflect the research area. The author is welcome to use the codes from two or three areas, if they are covered in the research.

Introduction
Both scientific issues and the relevance of the research should be substantiated and explained in the introduction. Also a problem statement should be pointed out. The introduction should not be long, the author should avoid using tables and figures.

Literature Review
Literature review provides an analysis and generalization of relevant works (papers, monographs, reports, theses, etc.), which describe the essence of the problem and/or give an understanding on the previous efforts to solve it. The Literature Review should comply with the aim of the research (“fitness for purpose”) and represent the results of critical analysis of the analytical base for testing the research hypothesis.
Literature review must not be limited only by works, which were published in the country where the author lives and works (the problem should be studied globally). Particularly it concerns the authors from non-English speaking countries (they are recommended to thoroughly analyze the works published in English).
If appropriate, normative legal acts are also analyzed.
Only those sources are given and analyzed in the paper, which really are valuable for the author’s research. The author cannot just make long lists of authors and their works, which are related to the investigated issues. The author cannot take the pieces of review text from other works with reference to other authors and include their works in the list of references. When citing, the author is obliged to observe ethical and moral principles.
While making literature review, the author can use own publications and refer to them, but only in order to describe the problem, but not to increase the citation level.
It is recommended to finish the literature review with the presentation of unsolved issues, identification of contradictions in the results and findings of the previous researches, justification of the need to continue the studies in this area and choice of the specific topic (direction) of this study.
In the literature review and throughout the text of the paper as a whole, references to the sources are made in compliance with Reference list and citation style guide or refer to APA formatting and style guide (American Psychological Association).

Aims
The aim describes main results in a short and concrete manner (in one sentence), the achievement of which is the purpose of the research. Here can also be mentioned several intermediate problems, the solution of which will ensure that the aim is achieved. The aim should not replicate the title of the manuscript.

Methods
The methods (methodology) of the study are indicated in this section (commonly known), which author uses in the research, and/or the methodology offered by the author himself is described in a short and concrete manner. If methods and procedures offered are used in other works, the author should refer to the original sources.
In this subsection of the theoretical paper the theoretical basis of the research should be described, theories, perspectives, formulae, equations should be presented.
If commonly known statistic procedures are used in the paper, the author should not describe their essence, it is sufficient just to point them.

Results
Here empirical or theoretical data obtained in the process of the research are given. It is recommended to use figures, tables, graphs, schemes. The interpretation of the obtained results is not made in this section. Also there should not be presented the results, which were earlier obtained by the authors or other scientists.

Discussion
Here the interpretation of the results obtained during the research is made. A comparison is made with the results obtained by other researchers.

Conclusion
In this section the main ideas of the manuscript are presented, the obtained results and their novelty are demonstrated. The possibility of practical use of the obtained results should be outlined and the directions for further scientific research should be offered.

Acknowledgements
In this subsection, the relevant scientific programs, grants, scholarships, contracts are indicated.
The author can also mention the persons or organizations, which helped him in conducting the research (access to information, organization of the survey, interview, etc.) and preparation of the paper (advice at the stage of writing, critical remarks, help in calculations, etc.).

References
The list of references must be made in the alphabetical order. While indicating the source, which was analyzed in the source language (not in English), it should be indicated first in the source language, then the transliteration should be made in brackets. It is recommended that it should be done with the transliteration for English-speaking systems (it is better to use transliteration of the system British Standards Institution.
Download “Business Perspectives” Reference list and citation style guide or refer to APA formatting and style guide.
Transliteration from Ukrainian can be made with the help of Ukrainian transliteration and the website http://translit.kh.ua/?passport, from Russian – with the help of Russian transliteration, from several other languages, which use the Cyrillic alphabet, with the help of the website http://translit.net/.

Supplementary Materials
The supplementary materials are the big size figures, tables, graphs, schemes, photographs, etc., which are referred to throughout the text of the paper.

Paper Submission Guidelines
The number of words in the paper may vary from 4000 to 6000 (for short communication paper – from 1000 to 2000).Considering the issue concerning the calculation of the number of words in the paper, the information about the authors, title, abstract and keywords, list of references and appendices should not be included. The number of sources, in the list of references, should not exceed 50. Supplementary materials should not exceed 5 pages. Note, that the paper should be submitted in the format Microsoft Word or compatible (.DOC, .DOCX).
Tables, schemes, figures, photographs of other authors should not be used in the text of the paper without their written permission.

The presentation of the text in the paper must comply with the Manuscript Submission Guidelines.

Publishing process

Submission process
To submit a paper, please send two copies of manuscript, one in MS Word format (.doc or .docx) and one in PDF, and completed Cover letter form attached to an e-mail to the editorial assistant.
Make sure that all supplementary materials (tables, figures, equations, and images) are editable. In case the editorial assistant asks to send editable elements, please do it as soon as possible to make the reviewing process faster. To prepare your paper for submission, please read Submission Guidelines.

Infringement of Research Misconduct Policies will result in paper rejection and possible sanctions against authors.

Review process
All papers are "double-blind" peer-reviewed. Detailed information can be found in Peer Review section.

All authors receive reviewer’s comments immediately after the manuscript had been reviewed. The authors have the opportunity to request a Referee Report, which they receive without revealing the identity of the reviewer and can appeal against editorial decisions responding to the referees with authors’ arguments and explanations.

Article Processing Charges (APC)
APC are paid by the authors in order for their articles to be published in open-access under one of Creative Commons licenses. APC cover the costs of publication process, including peer-review administrating, copy editing, hosting the files etc. APC is different for each journal and detailed information can be found on the respective journal pages.

Proofreading
After the paper is typeset, the publisher will provide the authors of accepted papers with proofs for the correction of errors. Only changes to the title of the paper, list of authors or scientific errors will be considered and further approved by the publishing team. The publisher is not responsible for the errors which are the results of authors' oversight. We reserve the right to make the final decision regarding style and the size of figures.

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Publisher may use authors’ personal information to:

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We may share authors’ information with appropriate agents, representatives, mutual establishments and organizations, we are agents or sponsors to. This information may be shared only for appropriate reasons, which may be important for us in business matters or according to our legal obligations.

LLC “CPC “Business Perspectives” takes all necessary precautionary measures to protect your personal information from theft, abuse, unauthorized access, disclosure, change, and distraction with the help of appropriate administrative, physical, and technical measures in providing security.

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Copyright

LLC “CPC "Business Perspectives” protects your rights as an author and guarantees that any juridical information and questions regarding author’s right will be regulated.

Author's rights
Author's rights to the contents of the article are determined by whether the article is published in open access or as a subscription article.

Subscription articles
Full and exclusive publishing rights and full copyright to the article belong to the publisher.

Open-access articles
Authors whose articles are published in open-access retain copyright to the content of the articles. The publisher is granted the right to make the first publication of the article. Open access articles can be published under one of the following Creative Commons licenses by the author's choice (remember that licenses are irrevocable).

Creative Commons Attribution (CC BY) 4.0: allows content to be copied, adapted, displayed, distributed, re-published or otherwise re-used for any purpose including for adaptation and commercial use provided the content is attributed.

Creative Commons Attribution-NonCommercial (CC BY-NC) 4.0: allows content to be copied, adapted, displayed, distributed, republished or otherwise re-used provided the purpose of these activities is not for commercial use and the content is attributed. Commercial use means use of the content by a commercial organization or individual for direct or indirect gain or remuneration.

Permissions/Reprints

Permissions
If the article is published in open-access under CC BY 4.0 or CC BY-NC 4.0 licenses, users may reproduce it in accordance with their terms.

Additionally, if the article had been published under CC BY-NC 4.0, the use for the following commercial purposes requires permission:

  • reproduction of content in a work or product intended for sale;
  • reproduction in presentations, brochures or other marketing materials used for commercial purposes;
  • distribution of the content to promote or market a person, product, course, service or organization;
  • text and data mining for the purpose of creating a saleable product or product which benefits from promotional or advertising revenue;
  • use of the content by a commercial entity or individual for the purposes of remuneration, directly or indirectly through sale, licensing, promotion or advertising;
  • linking to the content (in an email, webpage, portable electronic device or otherwise) for the specific purpose of marketing or advertising a person, product, course, service or organization for commercial benefit.

If the published article is available to subscribers only, the author can use the materials of the paper in theses or dissertation, articles may be presented as a presentation, copies of the article may be used by their colleagues in researches, authors can make print or electronic copies for personal use. Thus, authors can reproduce their own work without applying for permission. We only ask for final acknowledgement of first publication and a link to the definite published version.

For further details and permission requests, please contact

Reprints
If the published article is available to subscribers only, then, for it to be re-printed (reproduced), the author should contact the Publisher and get the corresponding permission. Define the aim of reprint, fill Reprint Permission Form and e-mail it to LLC "CPC "Business Perspectives". All other users should complete the Reprint Permission Form or contact our staff for full details of their reproduction requirements and full reference:

  • Article title
  • Author(s)
  • Journal title
  • Journal volume, issue and year
  • How you wish to use the article

We aim to respond to permissions requests whenever possible within 10 working days.

Hardcopy reprints

Authors may order hardcopy reprints of their articles. Use the table to determine the cost of the reprints (prices are presented for one reprint).

Number of pages Quantity
Up to 50 50-100 100-200
1-10 € 10 € 8 € 7
10-20 € 12 € 10 € 8
20-25 € 15 € 12 € 11

Minimum quantity of the hardcopy reprints the authors can order is 15 items.

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Editorial Board members and reviewers constantly work on increasing the efficiency of manuscripts evaluation and selection of the papers that present extreme importance to the scientific field. In this respect, there are factors that result in a rejection of a significant share of papers submitted for publication. The reasons for rejection can be different. Main reasons are listed in Peer Review and Research Misconduct Policies.

LLC “CPC “Business Perspectives” emphasizes that in no case place of work or country of residence of the scientist, his racial or religious affiliation can be the reason for rejection.

In this respect, we ask the authors to pay attention to necessity of observing publication ethics principles. Submitted manuscripts should be relevant in content and comply with the aim, tasks and specialization of the journal.

The language of the manuscript should be professional, and the format should comply with the standards given. Weak English and incompliance with the format standards will not obligatorily lead to rejection, but can delay paper acceptance until the author makes the amendments. The acceptance rate for the journal is calculated as a number of manuscripts accepted for publication compared with total number of manuscripts submitted in one year.

This rate demonstrates gradual and steady decrease. By now, it is 30%.

To have a clear vision about period of consideration and process of review of your paper, authors can always contact the editorial assistant. Period of paper consideration is not fixed and can be changed depending on different factors, but our employees will keep you informed about the status of the publishing process.

The average time it takes to make a publication decision after receipt of submitted manuscript is 72 days.

Number of articles published in “Insurance Markets and Companies” journal:

2010 – 31
2011 – 27
2012 – 11
2013 – 10
2014 – 10
2015 – 10
2016 – 5

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The author may deposit pre-print version of the paper (manuscript by the author, submitted to the journal, before peer-review and without any editorial amendments) to any platform anytime with acknowledgement to the Publisher and the Journal (acknowledgement should be made as follows: "This is a pre-peer-reviewed version of the paper submitted for publication to [name of the Journal] published by LLC "CPC "Business Perspectives").

The author may deposit post-print version of the paper (accepted version of the manuscript after peer-review and content amendments, but before copyediting, typesetting and proof correction) to the author's personal website, provided that it is non-commercial, and to the repository of the author's institution, provided that it will not be made publicly available (if the article is published in paid open access, it can be made publicly available immediately upon publication) , with acknowledgement of the Publisher and the Journal (acknowledgement should be made as follows: "This is an accepted peer-reviewed version of the paper. The published version of the article is available at LLC "CPC "Business Perspectives" at http://dx.doi.org/[DOI of the article]").

Published version of a subscription article
The author may not deposit published version of the paper (final edited and typeset version that is made publicly available by the Publisher and can be considered an article) to any institutional repository or make it publicly available in any way, except sharing it within the private groups inside their institutions.

Published version of an open-access article
The Author may deposit published version of the paper (final edited and typeset version that is made publicly available by the Publisher and can be considered an article) to any institutional repository, and distribute and make it publicly available in any way with acknowledgement to the Publisher and the Journal (acknowledgement should be made as follows: "This is a published version of the paper, available at LLC "CPC "Business Perspectives" at http://dx.doi.org/[DOI of the article]").

 

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Article processing charge (APC) is paid only after the manuscript had been reviewed and accepted for publication. APC cov-ers the costs of publication process, including peer-review administrating, copy editing, hosting the files etc. Business Perspec-tives does not employ submission or reviewing charges.

Article processing charge for “Insurance Markets and Companies” for the authors with affiliation in high-income countries or upper middle-income countries is 170 €, APC for the authors with affiliation in lower middle-income countries 95 € and APC for the authors with affiliation in low-income countries is 65 €. Please request an invoice (or information about other methods of payment) from an editorial assistant or follow the link to Pay online.

If the size of the manuscript exceeds the established limit (6000 words) then authors should contact an editorial assistant to elaborate on publication details.
Please pay attention that LLC “Consulting Publishing Company “Business Perspectives” can’t receive payments from high-risk and non-cooperative countries. The jurisdictions list http://www.fatf-gafi.org/countries/#high-risk.

During the publishing process the authors can order the printed copy of the issue from an editorial assistant per 95 €.

Discounts
In order to enhance the publishing opportunities for authors from low-income countries, the Publishing Company provides a system of partial compensation of Article Processing Charges. The Publisher also offers personal discounts for some authors from these countries. In such cases the author should apply to the Publisher with a fully substantiated request concerning both discounts for APC or for a free publication. Such an application is considered in each case individually.

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8 volumes and 16 issues