Reinsurance and its role in the increase of corporate liability insurance

Abstract

Introduction. The subject of research is theoretical and practical provisions enhance corporate social responsibility of the parties under contracts of insurance and reinsurance.

Purpose. The article aims to study the role of reinsurance in increasing social responsibility of the insurance business.

The method (methodology). To achieve this goal used methods of collecting and compiling information, study the organizational and economic mechanism of reinsurance in the context of corporate social responsibility.

Results. The theoretical and practical aspects of social responsibility of the insurance business. In the example of one of the domestic insurance companies determined that the social nature of insurance business, which is expressed in the liability insurance of business activities in the social security system, personal types of insurance, property insurance, etc., insurance companies dictate the social responsibility conduct. This scheme risk transfer to reinsurance and responsibilities of the parties in the contract of insurance and reinsurance. Proved that reinsurance is an effective instrument for ensuring stability and forecasting financial performance and enables the insurer to increase the responsibility of the actors contractual relationship regarding the insured. The conclusions that reinsurance for its intended purpose provides financial reliability of insurance operations, and the transfer of risk to reinsurance strengthens the role of corporate social responsibility of insurers and reinsurers, insurance brokers, creates and strengthens the image and reputation of insurance companies.