Uncertainty of Claims Provisions from the Analysis of Financial Statements
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Roberto Bomgiovani Cazzari
Guilherme Rodovalho Fernandes Moreira
Abstract
Objective: considering the current level of transparency in the financial statements of Brazilian insurers, this study sought to assess whether it was possible to estimate the sufficiency of the claims reserves estimated by it. As they are liabilities with an uncertain term or amount, the estimates of these reserves may be underestimated (compromising the insurers) or overestimated (burdening the shareholders), which justifies the research question. Methods: after analyzing the financial statements of 31 insurance companies in Brazil, it was noted that the criteria for disclosing claims development varied substantially. Thus, five insurers were selected that adopted similar procedures and allowed the application of the bootstrapping model to estimate the sufficiency level of the provisions. Results: the application of the model revealed that there are indications that insurers can make use of earnings management through the estimations of the claims reserves, spreading the burden of claims insufficiency risk differently between policyholders and shareholders. Conclusion: there are differences in the relative amount of claims recognized by the insurers, showing a possible earnings management practice being applied through the claims measurement.
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Cazzari, R. B., & Moreira, G. R. F. (2021). Uncertainty of Claims Provisions from the Analysis of Financial Statements. Journal of Contemporary Administration, 26(3), e200400. https://doi.org/10.1590/1982-7849rac2022200400.en
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Theoretical-empirical Articles
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References
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Al-Yatama, S. K., Ali, M. S., Awadhi, K. M., & Shamali, N. M. (2020). The effects of credit risk, operational risk and liquidity risk on the financial performance of insurance companies listed at kuwait stock exchange. European Journal of Economic and Financial Research, 3(6), 1-9. https://doi.org/10.5281/zenodo.3605377
Anker, R. A. (1973). Loss Reserving Methods. Proceedings of the Casualty Actuarial Society. Retrieved from https://www.casact.org/pubs/proceed/proceed73/73059.pdf
Balona, C., & Richman, R. (2020). The actuary and IBNR techniques: a machine learning. SSRN. http://dx.doi.org/10.2139/ssrn.3697256
Badounas, I. & Pitselis, G. (2020). Loss reserving estimation with correlated run-off triangles in a quantile longitudinal model. Risks, 8(1), 181-195. https://doi.org/10.3390/risks8010014
Berrar, D. (2019). Introduction to the Non-Parametric Bootstrap. Encyclopedia of Bioinformatics and Computational Biology, 766-773. https://doi.org/10.1016/B978-0-12-809633-8
Berry-Stölzle, T. R., Eastman, E. M., & Xu, J. (2018). CEO Overconfidence and Earnings Management: Evidence from Property-Liability Insurers Loss Reserves. North American Actuarial Journal, 22(3), 380-404. https://doi.org/10.1080/10920277.2017.1421977
Bornhuetter, R. L., & Ferguson, R. E. (1972). The Actuary and IBNR. Proceedings of the Casualty Actuarial Society, 59, 181-195. Retrieved from https://www.casact.org/pubs/proceed/proceed72/72181.pdf
Caldas, G., Curvello, R., & Rodrigues, A. (2016). Contabilidade dos Contratos de Seguro. Rio de Janeiro: ENS. Retrieved from https://www.ens.edu.br/arquivos/contabilidadedoscontratosdeseguro.pdf
Carvalho, B. D., & Carvalho, J. V. (2019). Uma abordagem estocástica para a mensuração da incerteza das provisões técnicas de sinistros. Revista Contabilidade & Finanças, 30(81), 409-424. https://doi.org/10.1590/1808-057x201907860
Casualty Actuarial Society. (2014). Statement of principles regarding property and casualty unpaid claims estimates. Retrieved from https://www.casact.org/sites/default/files/2021-04/Statement_of_Principles_Regarding_Property_and_Casualty_Unpaid_Claims_Estimates_2021.pdf
Chase, T. R. (2015). Analysis of Bootstrap Techniques for Loss Reserving. (thesis). Fargo, North Dakota: North Dakota State University of Agriculture and Applied Science. Retrieved from https://library.ndsu.edu/ir/bitstream/handle/10365/27842/Analysis%20of%20Bootstrap%20Techniques%20for%20Loss%20Reserving.pdf?sequence=1&isAllowed=y
Christiansen, M., & Niemeyer, A. (2014). Fundamental Definition of the Solvency Capital Requirement in Solvency II. ASTIN Bulletin, 44(3), 501-533. http://dx.doi.org/10.1017/asb.2014.10
Comitê de Pronunciamentos Contábeis. (2019). CPC 00 (R2) - Estrutura conceitual para relatório financeiro. Retrieved from http://static.cpc.aatb.com.br/Documentos/573_CPC00(R2).pdf
Comitê de Pronunciamentos Contábeis. (2008). CPC 11 - Correlação às Normas Internacionais de Contabilidade − IFRS 4. Retrieved from http://static.cpc.aatb.com.br/Documentos/215_CPC_11_rev%2003.pdf
Comitê de Pronunciamentos Contábeis. (2009). CPC 25 - Provisões, passivos contingentes e ativos contingentes. Comitê de Pronunciamentos Contábeis. Retrieved from http://www.cvm.gov.br/export/sites/cvm/menu/regulados/normascontabeis/cpc/CPC_25_rev_12.pdf
Conselho Nacional de Seguros Privados (2015). Resolução CNSP No 321. Retrieved from https://www2.susep.gov.br/safe/scripts/bnweb/bnmapi.exe?router=upload/24251
Costa, J. F., & Yui, L. M. (2018). Comparação de Métodos de Cálculo de Ibnr para uma operadora de planos de saúde através do método de análise hierárquica. Cadernos do IME - Série EstatÃstica, 44, 19-36. https://doi.org/10.12957/cadest.2018.38491
Council of the European Union (2009). Directive 2009/138/EC. Retrieved from https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:335:0001:0155:EN:PDF
Das, S. C. (2013). Corporate social reporting and human resource disclosures: Experiences from insurance companies in India. Social Responsibility Journal, 9(1), 19-32. https://doi.org/10.1108/17471111311307796
England, P., & Verral, R. (2002). Stochastic claims reserving in general insurance. British Actuarial Journal, 8(3), 443-518. https://doi.org/10.1016/S0167-6687(99)00016-5
England, P., & Verrall, R. (1999). Analytic and bootstrap estimates of prediction errors in claims reserving. Insurance: Mathematics and Economics, 25(3), 281-293. https://doi.org/10.1016/S0167-6687(99)00016-5
Friedland, J. (2010). Estimating Unpaid Claims Using Basic Techniques. Casualty Actuarial Society. Retrieved from https://www.casact.org/library/studynotes/Friedland_estimating.pdf
Gabrielli, A. (2019). A neural network boosted double over-dispersed poisson claims reserving model. SSRN Electronic Journal, 50(1), 25-60. https://doi.org/10.1017/asb.2019.33
Hemrit, W., & Arab, B. M. (2011). The disclosure of operational risk in Tunisian insurance companies. Journal of Operational Risk, 6(2), 69-111. https://doi.org/10.21314/JOP.2011.089
Höring, D., & Gründl, H. (2011). Investigating risk disclosure practices in the European insurance industry. The Geneva Papers, 36(3), 380-413. http://dx.doi.org/10.2139/ssrn.1803114
Hsu, W., Huang, Y. R., & Lai, G. (2019). Reserve Management and Audit Committee Characteristics: Evidence from U.S. Property-Liability Insurance Companies. The Journal of Risk and Insurance, 86(4), 1019-1043. https://doi.org/10.1111/jori.12251
Jackson, R. H., & Wood, A. (2013). The performance of insolvency prediction and credit risk models in the UK: A comparative study. The British Accounting Review, 45(3), 183-202. https://doi.org/10.1016/j.bar.2013.06.009
Lemaire, J. (1985). Automobile Insurance: Actuarial Models. ASTIN Bulletin, 16(2), 186-187. https://doi.org/10.1017/S0515036100005523
Lindholm, M., Verrall, R., Wahl, F., & Zakrisson, H. (2020). Machine learning, regression models, and prediction of claims reserves. Casualty Actuarial Society E-Forum. Retrieved from https://www.casact.org/sites/default/files/presentation/cs22-reservescallpapers-fileid-254915.pdf
Lock, I., & Seele, P., (2015). Quantitative content analysis as a method for business ethics research. Business Ethics: A European Review, 24(S1), S24-S40. https://doi.org/10.1111/beer.12095
Lopez, O., & Milhaud, X. (2020). Individual reserving and nonparametric estimation of claim amounts subject to large reporting delays. Scandinavian Actuarial Journal, 2021(1), 1-20. https://doi.org/10.1080/03461238.2020.1793218
Mack, T. (1993). Distribution-free calculation of the standard error of chain ladder reserve estimates. ASTIN Bulletin, 23(2), 213-225. https://doi.org/10.2143/AST.23.2.2005092
Malafronte, I., Starita, M. G., & Porzio, C. (2016). The nature and determinants of disclosure practices in the insurance industry: Evidence from European insurers. International Review of Financial Analysis, 45, 367-382. https://doi.org/10.1016/j.irfa.2015.02.003
Mano, C. C., & Ferreira, P. P. (2009). Aspectos atuariais e contábeis das provisões técnicas. Rio de Janeiro, RJ: ENS. Retrieved from https://www.ens.edu.br/publicacoes-detalhes/119
McClenahan, C. L. (2003). Estimation and application of ranges of reasonable estimates. Proceeding of Casualty Actuarial Society Forum, 60. pp. 213-230. Retrieved from https://www.casact.org/pubs/forum/03fforum/03ff213.pdf
Mendes, A., Cardoso, R. L., Mário, P. C., Martinez, A. L., & Ferreira, F. R. (2014). Insolvency prediction in the presence of data inconsistencies. Intelligent System in Accounting, Finance and Management, 21(3), 155-167. https://doi.org/10.1002/isaf.1352
Ramos-Pérez, E., Alonso-González, P. J., & Nuñez-Velazquez, J. J. (2020). Stochastic reserving with a stacked model based on a hybridized Artificial Neural Network. Expert Systems with Applications, 163. https://doi.org/10.1016/j.eswa.2020.113782
Schmidt, K. D. (2006). Methods and models of loss reserving based on run-off triangles: A unifying survey. Proceedings of Casualty Actuarial Society Forum, pp. 269-317. Retrieved from https://www.casact.org/pubs/forum/06fforum/273.pdf
Skurnick, D. (1973). A survey of loss reserving methods. Proceedings of the Casualty Actuarial Society. Retrieved from https://www.casact.org/pubs/proceed/proceed73/73016.pdf
Sriram, K., & Shi, P. (2020). Stochastic loss reserving: A new perspective from a Dirichlet model. The Journal of Risk and Insurance. https://doi.org/10.1111/jori.12311
Superintendência de Seguros Privados. (2015). Circular Susep nº 517. Diário Oficial da União. BrasÃlia, DF: Exército Brasileiro. Retrieved from https://pesquisa.in.gov.br/imprensa/jsp/visualiza/index.jsp?jornal=1&data=11/08/2015&pagina=19
Sürdü, F. B., Çalışkan, A. Ö., & Emel, E. (2020). Human resource disclosures in corporate annual reports of insurance companies: A case of developing country. Sustainability, 12(8), 3452. https://doi.org/10.3390/su12083452
Taylor, G. C., & Ashe, F. R. (1983). Second moments of estimates of outstanding claims. Journal of Econometrics, 23(1), 37-61. https://doi.org/10.1016/0304-4076(83)90074-X
Ullah, M. S., Muttakin, M. B., & Khan , A. (2019). Corporate governance and corporate social responsibility disclosures in insurance companies. International Journal of Accounting & Information Management, 27(2), 284-300. http://dx.doi.org/10.1108/IJAIM-10-2017-0120
Veras, B. S. (2016). Evidenciação de contratos de seguros e passivo atuarial em seguradoras brasileiras para a data base de 31 de Dezembro de 2015 (trabalho de conclusão de curso). BrasÃlia, DF: Universidade de BrasÃlia. Retrieved from https://bdm.unb.br/handle/10483/16140
Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180. https://doi.org/10.1016/S0165-4101(01)00025-8
Vieira, D. M. (2016). Provisão de sinistros processo de análise e tomada de decisão (dissertação). São Paulo, SP: PontÃfica Universidade Católica. Retrieved from http://bdtd.ibict.br/vufind/Record/PUC_SP-1_fb7dc1aaf963994ecadc59a6c413df4e/Description
Wang, Z. (2020). Analysis of insurance companies performance capital structure and soundness: Evidence from the United Kingdom. Market (tese). Falmer, East Sussex, UK: University of Sussex. Retrieved from http://sro.sussex.ac.uk/id/eprint/92209/
Yuassa, V. S. (2018). Análise técnica das provisões de técnicas e teste de adequação dos passivos para seguradoras (dissertação). São Paulo, SP: PontÃfica Universidade Católica. Retrieved from http://bdtd.ibict.br/vufind/Record/PUC_SP-1_5de656807b003e61df54bd8efee0d429
Actuarial Standards Board. (2011b). Actuarial Standard of Practice No. 43. Retrieved from http://actuarialstandardsboard.org/wp-content/uploads/2014/07/asop043_106.pdf
Albarrán, I. L., & Alonso, P. G. (2011). Métodos etocásticos de estimación de las provisiones técnicas en el Marco de Solvencia II. Madrid, ES: Fundación Mapfre.
Altieri, E., Fraga, E., & Veiga, A. (2014). Modelo de cálculo da necessidade de capital para cobrir os riscos de subscrição de operações não vida. Revista Brasileira de Risco e Seguro, 9(17), 1-46. Retrieved from https://www.rbrs.com.br/arquivos/rbrs_17_1.pdf
Al-Yatama, S. K., Ali, M. S., Awadhi, K. M., & Shamali, N. M. (2020). The effects of credit risk, operational risk and liquidity risk on the financial performance of insurance companies listed at kuwait stock exchange. European Journal of Economic and Financial Research, 3(6), 1-9. https://doi.org/10.5281/zenodo.3605377
Anker, R. A. (1973). Loss Reserving Methods. Proceedings of the Casualty Actuarial Society. Retrieved from https://www.casact.org/pubs/proceed/proceed73/73059.pdf
Balona, C., & Richman, R. (2020). The actuary and IBNR techniques: a machine learning. SSRN. http://dx.doi.org/10.2139/ssrn.3697256
Badounas, I. & Pitselis, G. (2020). Loss reserving estimation with correlated run-off triangles in a quantile longitudinal model. Risks, 8(1), 181-195. https://doi.org/10.3390/risks8010014
Berrar, D. (2019). Introduction to the Non-Parametric Bootstrap. Encyclopedia of Bioinformatics and Computational Biology, 766-773. https://doi.org/10.1016/B978-0-12-809633-8
Berry-Stölzle, T. R., Eastman, E. M., & Xu, J. (2018). CEO Overconfidence and Earnings Management: Evidence from Property-Liability Insurers Loss Reserves. North American Actuarial Journal, 22(3), 380-404. https://doi.org/10.1080/10920277.2017.1421977
Bornhuetter, R. L., & Ferguson, R. E. (1972). The Actuary and IBNR. Proceedings of the Casualty Actuarial Society, 59, 181-195. Retrieved from https://www.casact.org/pubs/proceed/proceed72/72181.pdf
Caldas, G., Curvello, R., & Rodrigues, A. (2016). Contabilidade dos Contratos de Seguro. Rio de Janeiro: ENS. Retrieved from https://www.ens.edu.br/arquivos/contabilidadedoscontratosdeseguro.pdf
Carvalho, B. D., & Carvalho, J. V. (2019). Uma abordagem estocástica para a mensuração da incerteza das provisões técnicas de sinistros. Revista Contabilidade & Finanças, 30(81), 409-424. https://doi.org/10.1590/1808-057x201907860
Casualty Actuarial Society. (2014). Statement of principles regarding property and casualty unpaid claims estimates. Retrieved from https://www.casact.org/sites/default/files/2021-04/Statement_of_Principles_Regarding_Property_and_Casualty_Unpaid_Claims_Estimates_2021.pdf
Chase, T. R. (2015). Analysis of Bootstrap Techniques for Loss Reserving. (thesis). Fargo, North Dakota: North Dakota State University of Agriculture and Applied Science. Retrieved from https://library.ndsu.edu/ir/bitstream/handle/10365/27842/Analysis%20of%20Bootstrap%20Techniques%20for%20Loss%20Reserving.pdf?sequence=1&isAllowed=y
Christiansen, M., & Niemeyer, A. (2014). Fundamental Definition of the Solvency Capital Requirement in Solvency II. ASTIN Bulletin, 44(3), 501-533. http://dx.doi.org/10.1017/asb.2014.10
Comitê de Pronunciamentos Contábeis. (2019). CPC 00 (R2) - Estrutura conceitual para relatório financeiro. Retrieved from http://static.cpc.aatb.com.br/Documentos/573_CPC00(R2).pdf
Comitê de Pronunciamentos Contábeis. (2008). CPC 11 - Correlação às Normas Internacionais de Contabilidade − IFRS 4. Retrieved from http://static.cpc.aatb.com.br/Documentos/215_CPC_11_rev%2003.pdf
Comitê de Pronunciamentos Contábeis. (2009). CPC 25 - Provisões, passivos contingentes e ativos contingentes. Comitê de Pronunciamentos Contábeis. Retrieved from http://www.cvm.gov.br/export/sites/cvm/menu/regulados/normascontabeis/cpc/CPC_25_rev_12.pdf
Conselho Nacional de Seguros Privados (2015). Resolução CNSP No 321. Retrieved from https://www2.susep.gov.br/safe/scripts/bnweb/bnmapi.exe?router=upload/24251
Costa, J. F., & Yui, L. M. (2018). Comparação de Métodos de Cálculo de Ibnr para uma operadora de planos de saúde através do método de análise hierárquica. Cadernos do IME - Série EstatÃstica, 44, 19-36. https://doi.org/10.12957/cadest.2018.38491
Council of the European Union (2009). Directive 2009/138/EC. Retrieved from https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:335:0001:0155:EN:PDF
Das, S. C. (2013). Corporate social reporting and human resource disclosures: Experiences from insurance companies in India. Social Responsibility Journal, 9(1), 19-32. https://doi.org/10.1108/17471111311307796
England, P., & Verral, R. (2002). Stochastic claims reserving in general insurance. British Actuarial Journal, 8(3), 443-518. https://doi.org/10.1016/S0167-6687(99)00016-5
England, P., & Verrall, R. (1999). Analytic and bootstrap estimates of prediction errors in claims reserving. Insurance: Mathematics and Economics, 25(3), 281-293. https://doi.org/10.1016/S0167-6687(99)00016-5
Friedland, J. (2010). Estimating Unpaid Claims Using Basic Techniques. Casualty Actuarial Society. Retrieved from https://www.casact.org/library/studynotes/Friedland_estimating.pdf
Gabrielli, A. (2019). A neural network boosted double over-dispersed poisson claims reserving model. SSRN Electronic Journal, 50(1), 25-60. https://doi.org/10.1017/asb.2019.33
Hemrit, W., & Arab, B. M. (2011). The disclosure of operational risk in Tunisian insurance companies. Journal of Operational Risk, 6(2), 69-111. https://doi.org/10.21314/JOP.2011.089
Höring, D., & Gründl, H. (2011). Investigating risk disclosure practices in the European insurance industry. The Geneva Papers, 36(3), 380-413. http://dx.doi.org/10.2139/ssrn.1803114
Hsu, W., Huang, Y. R., & Lai, G. (2019). Reserve Management and Audit Committee Characteristics: Evidence from U.S. Property-Liability Insurance Companies. The Journal of Risk and Insurance, 86(4), 1019-1043. https://doi.org/10.1111/jori.12251
Jackson, R. H., & Wood, A. (2013). The performance of insolvency prediction and credit risk models in the UK: A comparative study. The British Accounting Review, 45(3), 183-202. https://doi.org/10.1016/j.bar.2013.06.009
Lemaire, J. (1985). Automobile Insurance: Actuarial Models. ASTIN Bulletin, 16(2), 186-187. https://doi.org/10.1017/S0515036100005523
Lindholm, M., Verrall, R., Wahl, F., & Zakrisson, H. (2020). Machine learning, regression models, and prediction of claims reserves. Casualty Actuarial Society E-Forum. Retrieved from https://www.casact.org/sites/default/files/presentation/cs22-reservescallpapers-fileid-254915.pdf
Lock, I., & Seele, P., (2015). Quantitative content analysis as a method for business ethics research. Business Ethics: A European Review, 24(S1), S24-S40. https://doi.org/10.1111/beer.12095
Lopez, O., & Milhaud, X. (2020). Individual reserving and nonparametric estimation of claim amounts subject to large reporting delays. Scandinavian Actuarial Journal, 2021(1), 1-20. https://doi.org/10.1080/03461238.2020.1793218
Mack, T. (1993). Distribution-free calculation of the standard error of chain ladder reserve estimates. ASTIN Bulletin, 23(2), 213-225. https://doi.org/10.2143/AST.23.2.2005092
Malafronte, I., Starita, M. G., & Porzio, C. (2016). The nature and determinants of disclosure practices in the insurance industry: Evidence from European insurers. International Review of Financial Analysis, 45, 367-382. https://doi.org/10.1016/j.irfa.2015.02.003
Mano, C. C., & Ferreira, P. P. (2009). Aspectos atuariais e contábeis das provisões técnicas. Rio de Janeiro, RJ: ENS. Retrieved from https://www.ens.edu.br/publicacoes-detalhes/119
McClenahan, C. L. (2003). Estimation and application of ranges of reasonable estimates. Proceeding of Casualty Actuarial Society Forum, 60. pp. 213-230. Retrieved from https://www.casact.org/pubs/forum/03fforum/03ff213.pdf
Mendes, A., Cardoso, R. L., Mário, P. C., Martinez, A. L., & Ferreira, F. R. (2014). Insolvency prediction in the presence of data inconsistencies. Intelligent System in Accounting, Finance and Management, 21(3), 155-167. https://doi.org/10.1002/isaf.1352
Ramos-Pérez, E., Alonso-González, P. J., & Nuñez-Velazquez, J. J. (2020). Stochastic reserving with a stacked model based on a hybridized Artificial Neural Network. Expert Systems with Applications, 163. https://doi.org/10.1016/j.eswa.2020.113782
Schmidt, K. D. (2006). Methods and models of loss reserving based on run-off triangles: A unifying survey. Proceedings of Casualty Actuarial Society Forum, pp. 269-317. Retrieved from https://www.casact.org/pubs/forum/06fforum/273.pdf
Skurnick, D. (1973). A survey of loss reserving methods. Proceedings of the Casualty Actuarial Society. Retrieved from https://www.casact.org/pubs/proceed/proceed73/73016.pdf
Sriram, K., & Shi, P. (2020). Stochastic loss reserving: A new perspective from a Dirichlet model. The Journal of Risk and Insurance. https://doi.org/10.1111/jori.12311
Superintendência de Seguros Privados. (2015). Circular Susep nº 517. Diário Oficial da União. BrasÃlia, DF: Exército Brasileiro. Retrieved from https://pesquisa.in.gov.br/imprensa/jsp/visualiza/index.jsp?jornal=1&data=11/08/2015&pagina=19
Sürdü, F. B., Çalışkan, A. Ö., & Emel, E. (2020). Human resource disclosures in corporate annual reports of insurance companies: A case of developing country. Sustainability, 12(8), 3452. https://doi.org/10.3390/su12083452
Taylor, G. C., & Ashe, F. R. (1983). Second moments of estimates of outstanding claims. Journal of Econometrics, 23(1), 37-61. https://doi.org/10.1016/0304-4076(83)90074-X
Ullah, M. S., Muttakin, M. B., & Khan , A. (2019). Corporate governance and corporate social responsibility disclosures in insurance companies. International Journal of Accounting & Information Management, 27(2), 284-300. http://dx.doi.org/10.1108/IJAIM-10-2017-0120
Veras, B. S. (2016). Evidenciação de contratos de seguros e passivo atuarial em seguradoras brasileiras para a data base de 31 de Dezembro de 2015 (trabalho de conclusão de curso). BrasÃlia, DF: Universidade de BrasÃlia. Retrieved from https://bdm.unb.br/handle/10483/16140
Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180. https://doi.org/10.1016/S0165-4101(01)00025-8
Vieira, D. M. (2016). Provisão de sinistros processo de análise e tomada de decisão (dissertação). São Paulo, SP: PontÃfica Universidade Católica. Retrieved from http://bdtd.ibict.br/vufind/Record/PUC_SP-1_fb7dc1aaf963994ecadc59a6c413df4e/Description
Wang, Z. (2020). Analysis of insurance companies performance capital structure and soundness: Evidence from the United Kingdom. Market (tese). Falmer, East Sussex, UK: University of Sussex. Retrieved from http://sro.sussex.ac.uk/id/eprint/92209/
Yuassa, V. S. (2018). Análise técnica das provisões de técnicas e teste de adequação dos passivos para seguradoras (dissertação). São Paulo, SP: PontÃfica Universidade Católica. Retrieved from http://bdtd.ibict.br/vufind/Record/PUC_SP-1_5de656807b003e61df54bd8efee0d429