Wpływ strategii inwestycyjnej ubezpieczonego na rozkład wartości portfela ubezpieczeniowego w UFK
Effect of investment strategy for the distribution of the portfolio value in unit-linked insurance

Summary/Abstract: A unit-linked insurance (ULI) is an insurance contract combining an insurance aspect and investment. This is a complex product, so it requires a particular activity from the insurance taker themselves within the scope of identification of own needs and the analysis of economic reality. Taking a right decision as far as optimum extent of cover and adopting a particular strategy of fund investment is concerned assures the insured party a relevant reimbursement. Reimbursement value, which is defined as a cash value, as a general rule is not guaranteed by the insurer and it depends on the determination of the price of securities on the market into which the funds are invested, so it is a random variable. It should be emphasised that the unit-linked insurance offer many manners of investing, but in each case we deal with financial risk, which determines the cash value of unit-linked insurance. Such a problem has been addressed in literature including formal and legal, actuarial or financial aspect, above all, from the insurer’s point of view. At the same time the specificity of the unit-linked insurance in Poland arising from the fact that it is insurance where the insured bears the risk thus they bear responsibility for any possible negative consequences of their decisions, constituted a premise to analyse this type of insurance from the point of view of the insured themselves. Thus, the changes of basic characteristics and distribution of the portfolio value of unit-linked insurance depending on fund investment strategy adopted by the insured were examined. Such knowledge will enable the insured to check and possibly change the proceeding strategy during the period of insurance adjusting the composition of portfolio to the market situation and consequently assuring reimbursement adjusted to own needs.

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