Assessment of the financial security of insurance companies in the organization of internal control

Aksana A. Turgaeva, Liudmila V. Kashirskaya (), Yulia A. Zurnadzhyants, Olga A. Latysheva, Irina V. Pustokhina and Andrei V. Sevbitov
Additional contact information
Aksana A. Turgaeva: Astrakhan State Technical University, Russian Federation
Liudmila V. Kashirskaya: Financial University under the Government of the Russian Federation, Russian Federation
Yulia A. Zurnadzhyants: Astrakhan State Medical University, Russian Federation
Olga A. Latysheva: Altai State University, Russian Federation
Irina V. Pustokhina: Plekhanov Russian University of Economics, Russian Federation
Andrei V. Sevbitov: I.M. Sechenov First Moscow State Medical University, Russian Federation

Entrepreneurship and Sustainability Issues, 2020, vol. 7, issue 3, 2243-2254

Abstract: The article is devoted to assessing the financial security of the activities of insurance companies as one of the stages in the implementation of all types of economic control and, in particular, internal control. The internal control of the business process connected with the assessment of financial security, with the assessment of risks in insurance companies at the present stage of economic development, is an urgent issue in the era of financial crises. Moreover, this area of internal control is not fully developed for practical use in insurance. The article provides an algorithm for assessing the financial security of an insurance company in internal control, and proposes a phased monitoring of the assessment of financial risks of an insurance company. Under the methodology of the study the following methods were taken: the methods of determinative factor analysis, an indicative method for determining the criteria for evaluating indicators. It is concluded that the need has arisen for using, as one of the sections of the methodology, the internal control of assessing the financial security of an insurance company. The result of the study was the development of an algorithm for conducting one of the sections of internal control using an assessment of the financial security of an insurance company. The practical significance of the article lies in the fact that conclusions and suggestions are aimed at developing modern economic control and contribute to real business optimization. A study conducted by the authors revealed that the new reality has changed the attitude towards the use of standard methods that do not take into account the particular functioning of companies, and requires the modernization of old ones and the introduction of new approaches to economic control methods.

Keywords: economic control; internal control; insurance company; financial security; risks; assessment (search for similar items in EconPapers)
JEL-codes: G22 M41 M42 M49 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://jssidoi.org/jesi/uploads/articles/27/Turga ... internal_control.pdf (application/pdf)
https://jssidoi.org/jesi/article/518 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:7:y:2020:i:3:p:2243-2254

DOI: 10.9770/jesi.2020.7.3(52)

Access Statistics for this article

Entrepreneurship and Sustainability Issues is currently edited by Manuela Tvaronaviciene

More articles in Entrepreneurship and Sustainability Issues from VsI Entrepreneurship and Sustainability Center
Bibliographic data for series maintained by Manuela Tvaronaviciene ().