The Insurance and reinsurance discipline corresponds to an important theoretical-applicative field responsible for investigating the necessary conditions for ensuring the maximum efficiency of the function of identification, control and management of risks in various social-economic fields. This discipline is part of the family of sciences that studies financial phenomena and processes, approaching them, however, from a specific angle, namely that of evaluation, prevention and coverage, based on financial resources established in advance and in appropriate ways, potentially different situations - causing material and / or other losses. From this perspective, one of the primary objectives of insurance and reinsurance as a theoretical field, but also as an economic practice is the determination and correct analysis of the probabilities and possibilities of such situations. It should be mentioned that, as the degree of complexity and sophistication of modern micro and macroeconomic systems increases, their exposure to risks, crises and various atypical fluctuations also increases. This increase in sensitivity and vulnerability in the area of economic and social action emphasizes the importance of insurance and reinsurance.
In this paper, insurance is approached, fundamentally, as precautionary measures, of a financial nature, for the preservation of certain goods, recovery of damages, protection of economic interests, protection of individuals, etc. As an economic process, insurances aim at the joint establishment by individuals and legal entities, through specific contributions, in the form of insurance premiums, of financial funds intended to cover damages that may occur as a result of uncertain but possible events. The main motivation of insurance consists in the objective existence of some risks that may manifest in the future (probable events), with the potential to cause some damages. The insurance intervenes between the insured and the insurer, usually a specialized institution, which undertakes to compensate him in exchange for the insurance premiums, paid periodically by the insured, in case of the event (risk). The insurance premiums paid by the insured depend on the size of the insured amount and the nature of the risk. The insurance relations that intervene between the economic agents become more and more complex as the area and the type of insured risks expand.
As the insurance and reinsurance activity aims to provide financial protection mechanisms against a wide range of potential hazards, the approach of identification, analysis, quantification and risk assessment is an essential component of this business area. The risk study provides analytical and informational support for the design of insurance products and policies promoted by insurance companies. The offer and strategies of insurance companies result directly from the thorough, rigorous and systematic study of the entire range of possible risks that may affect the activity and integrity of different customer segments. In this way, risk management is the conceptual and methodological core on which the operations carried out in the insurance sector are based.
The insurance and reinsurance business represents the economic sector which, among other things, has the difficult function of taking over and absorbing the risks from the other areas of the economy. Another function of maximum importance assumed by insurance and reinsurance refers to the attenuation of discrepancies and inconsistencies too accentuated that appear periodically between real economic cycles and financial cycles. Within this sector, the "underground" tendencies are externalized, hidden from superficial or formal observations, outlining the main economic, financial or other risks. It turns out that insurance, as a "risk taker", forms an absolutely indispensable support mechanism for the normal functioning of the market economy. The efficiency of insurance and reinsurance is the direct expression of the level of uncertainty that characterizes the economy, manifesting a high degree of sensitivity to variations in random and unpredictable phenomena.
The insurance field is closely interrelated with the investment one, as the collection of substantial financial funds in order to protect against presumptive dangers requires, by respecting the principle of rationality, the alternative use of these funds as a result of judicious capitalization of beneficial opportunities identified on financial markets. Also, modern insurances are characterized by a meticulous legal regulation and by an extremely wide range of products and services. The last two aspects transform insurance and reinsurance into a field of systematic and rigorous knowledge, with its own methodological arsenal.
The profound structural changes that have taken place in the world economy, as well as in the national one - globalization, dematerialization, deregulation, sectoral relocations, deepening of the crisis, etc. - urge us to look critically not only at decision-making practices at different organizational levels of the economy. inspired them. These mutations exert particularly pressing effects in the sense of re-examining the theoretical concepts and models in most financial sciences. Insurance and reinsurance not only are not an exception, but, on the contrary, are at the forefront of this conceptual renewal, as it is the field that has taken on the mission of answering some fundamental questions:
What is currently the risk and, consequently, the feasibility of an economic, social or personal construction?
What are the main factors (inducers) of risks in modern society?
What are the means of protection against the tendency to multiply the risks?
Of course, the issue of insurance and reinsurance is much more complex, but we must recognize that the other concerns are, directly or indirectly, only derivatives subordinated to these three crucial issues, and the sharpness of the economic crisis forces us to revise, sometimes even radically, traditional perspectives on them.
We intend that the work we have elaborated should be constituted even if only in a modest contribution to the exploration of this issue, as rich as it is important for the competitiveness and economic consistency of a country.
The present paper aims as a major objective to present to students and masters the main theoretical notions and practical tools on insurance types and contracts, insurance market operation, insurance supervision, estimation and management of insurance risks, insurance company management. One of the subordinated objectives is the complete information of the students and master students regarding the communication mode and the mechanisms of integration of the domestic insurance market in the international markets. In the same vein, the aim will be to familiarize readers with the main national and international regulations on insurance and reinsurance. Learning the models and techniques of analysis and management specific to the field of insurance and reinsurance is another point of maximum interest targeted by the authors. The paper focuses on a systematic and interdisciplinary presentation of the fundamental conceptual and methodological aspects that shape the field of modern insurance and reinsurance.
Lect. univ. Dr. Roxana Arabela Dumitrascu