Findings from Department of Finance and Accounting Provide New Insights into COVID-19 (Financial performance of Slovak insurance companies. Covid-19 consequences): Coronavirus – COVID-19

NewsRx COVID-19 Daily

2022 FEB 15 (NewsRx) -- By a News Reporter-Staff News Editor at NewsRx COVID-19 Daily -- Current study results on coronavirus have been published. According to news reporting out of the Department of Finance and Accounting by NewsRx editors, research stated, “Globalization trends are manifested at many levels as key phenomena of current business in the international environment.”

The news editors obtained a quote from the research from Department of Finance and Accounting: “The development of international cooperation, interconnection of economies and emergence of multinational companies enable companies to increase their efficiency and performance, strengthen their position in the global market, which makes them resilient to global risks and increases investors’ return on investment. Currently, the COVID-19 pandemic with its related side effects present significant global risks that have affected strong financial companies, insurance companies included. Risk-insuring insurers face several challenges in this regard in terms of fulfillment of contractual obligations towards clients on the one hand, and the need to ensure the required financial performance and return on invested resources for the owners on the other. Purpose of the article: The aim of the paper is to identify and quantify the impact of the COVID-19 pandemic and related measures and consequences on the financial situation of insurance companies with the seat in Slovakia. The financial performance of insurance companies will be quantified for the years 2016-2020 through selected indicators of financial analysis that are used by Standard & Poor’s. Significance of differences will be detected through the Wilcoxon Two-Related-Samples Test.”

According to the news editors, the research concluded: “The sample of entities includes all insurance companies seated in Slovakia. Findings & Value added: The basic characteristics of the Slovak insurance market within the period 2019-2020 indicate a decrease in value of gross written premiums (-2.47%), insurance claims and benefits (-12.3%) and an increase of the reinsurer’s share of written premiums (2.17%) and of claims paid (22.54%).”

For more information on this research see: Financial performance of Slovak insurance companies. Covid-19 consequences. SHS Web of Conferences, 2021,129():01009. (SHS Web of Conferences - http://www.shs-conferences.org). The publisher for SHS Web of Conferences is EDP Sciences.

A free version of this journal article is available at https://doi.org/10.1051/shsconf/202112901009.

Our news journalists report that additional information may be obtained by contacting Grofcikova Janka, Faculty of Ecomonics Matej Bel University in Banska Bystrica, Department of Finance and Accounting. Additional authors for this research include Izakova Katarina.