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Solvência II: o caso do Setor Segurador Português
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O contexto financeiro que tem caracterizado o mercado único europeu com diversos escândalos financeiros e alguma volatilidade dos mercados financeiros levaram à publicação, por parte das entidades regulatórias, de novas exigências para o setor, em particular, para a atividade seguradora. Atualmente, a Solvência II é a Diretiva mais importante que foi publicada devido à necessidade de regulação das entidades seguradoras a nível Europeu. Será que todas as Companhias de Seguros, independentemente, da origem do capital maioritário, alocam o mesmo montante ao capital da empresa? A relevância desta questão prende-se com o facto de todas as empresas quererem optimizar o investimento acionista, que, em face das atuais condições de mercado exige um retorno mínimo de 9 a 10%.
O financiamento das atividades empresariais é efetuado através de fundos externos ou gerados pela operação da empresa. A estrutura de capital de uma empresa é composta pelo Capital Próprio e pelo Passivo (Brealey; Myers, 2006). A alocação do capital interno ou externo é das decisões mais importantes nas instituições financeiras. Na estrutura de capital de uma Companhia de Seguros, os valores contabilísticos presentes no Balanço podem ser utilizados, especificamente, para o cálculo do custo de capital (Launie, 1971).
A Diretiva da European Insurance and Occupational Pensions Authority referente à atividade seguradora e resseguradora designada por Solvência II surge dada a necessidade de prevenir garantias e direitos dos Tomadores de Seguros, dos Beneficiários e de Terceiros. Neste sentido, o Solvência II compreende as regras de cálculo dos requisitos de capital necessário a fim de garantir o cumprimento das responsabilidades das Companhias de Seguros de acordo com os riscos assumidos nos contratos de seguro, mitigando, assim, o risco de insolvência. Esta Diretiva assenta em três pilares: Pilar I – Requisitos Quantitativos de Capital; Pilar II – Requisitos Qualitativos e Processo de Supervisão; Pilar III – Disciplina de Mercado.
O objetivo da presente dissertação, tendo em consideração que as seguradoras a operar em Portugal são, maioritariamente, de capitais estrangeiros é apurar quais os fatores que contribuem para explicar o grau de cumprimento dos requisitos de capital, essencialmente, chinês e americano no mercado segurador português. Para tal, propomo-nos a analisar 10 Companhias de Seguros num período temporal de 5 anos, entre 2012 e 2017. Os resultados empíricos sugerem que os principais players do mercado demonstram uma maior preocupação em constituir rácios de solvência mais elevados. Estas Companhias de Seguros são detidas por capitais estrangeiros pelo que podemos assumir que os investidores estrangeiros estão a alocar capital adicional ao setor segurador português.
The financial context which has characterized the European Single Market with Financial authorities enacted new requirements to be applied to the financial sector, on the back of several financial scandals and market volatility which characterized the financial markets in the last few years. Solvency II is nowadays the most important framework brought about by the need to better regulate insurance companies at the European level, led done by the Basel Committee. Do all insurance companies regardless of the origin of the majority capital allocate the same amount to capital of the company? The relevance of this issue is that all entities want to optimize shareholder investment, which, upon market conditions requires a minimum return of 9% to 10%. The financing of business activities recourses to external funds or does generated by the current business activity. The company’s structure capital is composed by equity and liabilities. The allocation of internal or external capital is one of the most important decisions in financial institutions. In the insurance company’s capital structure, the accounting values presented in the Balance Sheet can be used to calculate the cost of capital. The Directive of European Insurance and Occupational Pensions Authority referring to the insurance and reinsurance businesses designated by Solvency II, arises given the need to prevent guarantees and rights of Policyholders, Beneficiaries and Third Parties. In this sense, the Solvency II comprises the calculations rules of required capital requirements in order to ensure the fulfillment of the responsibilities of the insurance companies, in accordance with the risks assumed in insurance contracts. This project based on three pillars: Pillar I – Models and Capital Requirements; Pillar II – Qualitative Requirements and Supervisory Review; Pillar III – Transparency Requirements. The objective of this dissertation considering that the insurers operating in Portugal are mostly foreign capital, is to determinate which factors contribute to explain the degree of compliance with the essentially Chinese and American capital requirements in the Portuguese insurance market. In this sense, we propose to analyze 10 insurance companies over a period of 5 years between 2012 and 2017. The empirical results suggest that the largest players are more concerned in building higher solvency ratios. These companies are owned by cross boarder investors in so it might be assumed that foreign equity holders are driving the additional assonance for the insurance sector.
The financial context which has characterized the European Single Market with Financial authorities enacted new requirements to be applied to the financial sector, on the back of several financial scandals and market volatility which characterized the financial markets in the last few years. Solvency II is nowadays the most important framework brought about by the need to better regulate insurance companies at the European level, led done by the Basel Committee. Do all insurance companies regardless of the origin of the majority capital allocate the same amount to capital of the company? The relevance of this issue is that all entities want to optimize shareholder investment, which, upon market conditions requires a minimum return of 9% to 10%. The financing of business activities recourses to external funds or does generated by the current business activity. The company’s structure capital is composed by equity and liabilities. The allocation of internal or external capital is one of the most important decisions in financial institutions. In the insurance company’s capital structure, the accounting values presented in the Balance Sheet can be used to calculate the cost of capital. The Directive of European Insurance and Occupational Pensions Authority referring to the insurance and reinsurance businesses designated by Solvency II, arises given the need to prevent guarantees and rights of Policyholders, Beneficiaries and Third Parties. In this sense, the Solvency II comprises the calculations rules of required capital requirements in order to ensure the fulfillment of the responsibilities of the insurance companies, in accordance with the risks assumed in insurance contracts. This project based on three pillars: Pillar I – Models and Capital Requirements; Pillar II – Qualitative Requirements and Supervisory Review; Pillar III – Transparency Requirements. The objective of this dissertation considering that the insurers operating in Portugal are mostly foreign capital, is to determinate which factors contribute to explain the degree of compliance with the essentially Chinese and American capital requirements in the Portuguese insurance market. In this sense, we propose to analyze 10 insurance companies over a period of 5 years between 2012 and 2017. The empirical results suggest that the largest players are more concerned in building higher solvency ratios. These companies are owned by cross boarder investors in so it might be assumed that foreign equity holders are driving the additional assonance for the insurance sector.
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Solvência II Requisitos de capital Atividade seguradora MCR SCR