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HSE University

Guarantees in Unit-Linked Insurance Product

Student: Khamenskaya Ekaterina

Supervisor: Sergey Konstantinovich Zavriev

Faculty: Faculty of Economic Sciences

Educational Programme: Bachelor

Year of Graduation: 2014

<p>Graduate work &laquo;Guarantees in Unit-Linked Insurance Product&raquo; consist of 48 pages, including 14 tables and 16 graphs. 10 references were used in this paper.</p><p>The object of the graduate work is guarantees in the unit-linked insurance product.</p><p>The purpose of the paper is to estimate the value of guarantees for a &laquo;hypothetical&raquo; unit-linked insurance product in the Russian insurance market.</p><p>In this paper the life insurance market and unit-linked insurance product was analyzed. Also in this paper the concept of &laquo;additional guarantees&raquo; was formalized, the different types of guarantees and formulated a methodology for calculating the value of the guaranteed minimum death benefit and the guaranteed minimum maturity benefit was described. In accordance with the model considered the value of the various guarantees for the constructed &laquo;hypothetical&raquo; unit-linked insurance product was calculated. As an external factor the model of calculation include the script generator for the unit-linked fund value. In this paper we analyzed several unit-linked funds for different types of assets, such as: stocks of Gazprom, stocks of VTB, stocks of Sberbank, MICEX index and MICEX 10 index.</p><p>As a result of the guarantees value calculation for the &laquo;hypothetical&raquo; unit-linked insurance product in the Russian insurance market, the following implications were obtained:</p><p style="margin-left:71.45pt;">&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The value of the guaranteed minimum death benefit and the value of the guaranteed minimum maturity benefit at the end of the contract for the &laquo;hypothetical&raquo; unit-linked insurance product in the Russian insurance market are quite low and are less than 1% of the premium.</p><p style="margin-left:71.45pt;">&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The value of the guaranteed minimum maturity benefit at every moment of the contract for the &laquo;hypothetical&raquo; unit-linked insurance product is high and in the most cases does the unit-linked product with this guarantee unprofitable.</p><p>In the third chapter of the graduate work was considered an alternative stochastic model of guarantees calculation based on the liability of the company.</p><p>The results of the graduate work are important, relevant and are of practical interest, because this product may become the main driver of the life insurance market in Russia.</p>

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