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Ministry of transport

Moscow State Academy of Water Transport

Faculty of Economics and Management

Department of commercial exploitation

Individual work on the topic “Sports insurance”.

Made by student of the group CE-3

Petrov Alexander Dmitrievich

Checked by dean of the department “Insurance”

Moscow 2015



1. Introduction

Only when the dust from the heat of competition settles, do most people, if they have been injured, turn their thoughts to what happens next in their life beyond their chosen sport. Will you have to take time off work and will your income cover any outgoings should this be necessary?

What if you are self employed? What if your injury prevents you from working? These are important things to consider. It only takes a split second on the field of play to pick up a sports injury that could prevent you from working. With Sports Insurance cover in place you can alleviate the effects of a loss of income.

General & Medical Sports Accident Insurance for individuals or teams can provide cover for injuries such as torn ligaments or a broken leg while playing sport.

Even if you are able to work, what if you require physiotherapy? Wouldn't it be good to know that your Sports Accident Insurance cover is there to help lessen the financial sting?



2. Theoretical basis

The insurance of professional athletes is a new, rapidly growing segment of the insurance market, which has its own peculiarities in the formation of insurance coverage, and in the promotion and sales of relevant insurance products.

Passion for sport on the one hand improves health, on the other hand subjects man to various risks.

Different sports have different risks, but in general, all athletes must take care of yourself to reduce the likelihood of injury.

The main types of injuries in sports:

· Fractures and dislocations (cycling).

· Abrasions and cuts (kiting).

· Sprains and torn ligaments, tendons (windsurfing).

· Torn meniscus, knee injuries (mountain climbing).

· Head injury, brain concussion (surfing).

· Injuries face, jaw, broken teeth (skiing, snowboarding).

· Dislocations and fractures of the foot, lower leg (windsurfing).

· Stretching back, waist (sailing sports).

· Shifts discs of the spine, spinal fractures (in many sports).

· Contusions, bruises of varying severity (climbing, kite surfing).

· Sunburn skin burns stinging cells of marine animals, poison poisoning, allergies, itching, burning, redness (water sports).

· Hypothermia (different kinds of sports, both winter and water).

· Damage to the eyes, the ears, the ingress of water into the airway, decompression sickness (water sports).

Injuries happen in all sports, all of which require medical intervention. Therefore, one must know what is - sports insurance.



3. Practical use

3.1 Practical use in RF

insurance sport medical physical

In our country, insurance came just six years ago, December 30, 2001 a law was passed about the sport and the Labour Code of the Russian Federation recognized sports - profession. Previously, even if the person gave the sport 365 days a year, it was considered a hobby.

The main law of the sport in Russia, which regulates sports activities, called "On Physical Culture and Sports in the Russian Federation" was adopted on April 29, 1999. Since then, he has been adjusted many times, but about the insurance of athletes in this law so anything not specifically spelled out. There is a basic law "On Physical Culture and Sports in the Russian Federation" in the article "Social protection of sportsmen and workers of physical culture and sports organizations' focus paid wage competitors, content outstanding athletes. Health insurance or accident it is not mentioned. the issue of sports insurance to be placed in a separate law. Therefore, study of the state of development of insurance in Russia athletes is relevant at the moment.

Most of the Russian insurance companies insures athletes accident on the standard rules of insurance of citizens from accidents and illnesses.

Insurance athletes accident takes the form of a collective accident insurance, the insurer acts as a sports club or federation and the insured members of the club - the athletes.

The object of insurance against accidents at Russian legislation is the property interests of the Insured related to disability or death in an accident.

Under accident insurance understand the sudden, unforeseen external effects on the human body, the result of which becomes a temporary or permanent impairment of health, as well as the death of the insured. "Suddenly," it suggests that the event should be relatively short in its devastating effects on the human body and prevents chronic diseases daily or negative environmental impact. "Unforeseen" means that the damage to health caused unintentionally, not by the will of the insured.

Accident insurance offers four basic guarantees:

- Guarantee in case of death. In the case of death of the insured due to an accident the insurer shall pay the heirs of the insured set in the insurance contract the insured amount;

- A guarantee of disability provides the insured reimbursement in the prescribed amount of the sum insured (usually 60% to 90% of the sum insured, depending on the degree of disability and conditions of the insurance contract);

- Guarantee in case of temporary incapacity is paid a daily allowance during treatment and rehabilitation. Another way is possible - the payment of insurance compensation in accordance with the Table of insurance payments, which sets the amount of the payment as a percentage of the sum insured, depending on the nature of the damage and its consequences (from 5% to 100%);

- Guarantee payment of medical expenses necessary to treat the consequences of the accident. It provides for the reimbursement of expenses for hospitalization, outpatient treatment, medication, care.

Practice shows that the conclusion of contracts, the most demanded type of insurance professional athletes - personal accident insurance. Insurance coverage can take into account the risks associated with temporary disability, disability or death. The policyholder can choose different formulations of insurance events. For example, an injury, the effects of which are recognized as an insurance event may occur:

- At any time (24 hours) during the term of the insurance contract;

- During training, fees, events taking place during the term of the insurance contract;

- While participating in official competitions.

Sports injuries caused during sports and training activities: fractures; bruises; sprains; sprains and torn ligaments; concussion; displacement of parts of skeleton; penetrating wounds.

In the case of insurance only in case of temporary disability due to injury seems the most appropriate organization of the following modes of payments:

- Insurance coverage is paid at a rate of 0.3% of the sum insured for each day of incapacity for work from the first day;

- Insurance coverage is paid at a rate of 0.3% of the insured amount for each day of disability starting from the 11th day (temporary deductible - 10 days).

Insurance against disability and death can be combined with any of the above insurance coverage.

It should be noted that the insurance programs of athletes with minor modifications can be used for insurance of children and youth sports schools. In these programs should include insurance against the need to organize and pay for health care treatment of the trauma produced exclusively during the training process and Official Competitions, as well as the death of the insured person or the establishment of the category of "disabled child". In this case, the possible financial compensation child-athlete to injury. However, the amount may not be significant, so that children will not be tempted to buy the funds thus to "pocket" costs.

Pic. 1 Changes in the structure of insurance premiums for personal insurance



3.2 In industry

In recent years, sport in Russia has become a real industry. The budgets of the leading sports clubs in the tens of millions of dollars, and the cost of the transfer of individual players in Russia exceeds tens of millions of euros. It is not surprising that the ability of athletes - an important component of victory in any competition. Some responsibility for people, professional health risks, take on the insurance companies, offering them a special type of service.

To date, the insurance professional athletes in Russia is a new growing segment of the insurance market. It has its own specific features in the formation of insurance coverage, and the promotion of product sales. Sprouted from the segment of accident insurance acquires insurance sports in recent years more and more independent kind.

An insurance of athletes today is taken into account in the sub-sector personal insurance other than life insurance, and 22% of the amount of insurance premiums. During the analyzed period, the share of insurance premiums for insurance of athletes decreased by 3%.

Pic. 2 Changing the structure of insurance premiums for personal insurance



4.1 Practical use on the example of UK

Sports are enjoyed by millions of people across the UK. Suffering a sports injury that stops your participation in your chosen sport is bad enough, but sometimes there can be repercussions beyond sport such as loss of earnings. Sports Accident Insurance could help with those unexpected costs and give some peace of mind so that you can focus on getting back in the game.

The life of a professional athlete is linked to the participation in various competitions, many of which are outside the UK. There is quite a number of amateur athletes of extreme sports (skiing, scuba diving, mountain climbing, etc)

Insurance professional athletes in UK is a new, rapidly growing segment of the insurance market, which has its own peculiarities in the formation of insurance coverage, and in the promotion and sales of relevant insurance products.

Personal insurance of athletes guarantees the protection of life and health of the athlete when the following insurance cases:

-Time Disability arising as a result of an accident or sports injury. Insurance coverage provides financial compensation interruption of professional activity, therapeutic and rehabilitation measures;

-General And chronic diseases. Insurance coverage includes disease prevention, treatment and rehabilitation activities;

-completion Sports career due to partial disability. The insurance provides financial compensation to ensure the completion of professional activities, assistance in obtaining necessary or further education, employment, retraining, improvement of professional skills in a different field of activity or in the field, but in a different status;

-completion Sports career due to total disability. Insurance coverage provides financial compensation disability, social and medical care and rehabilitation;

Is death of the insured. Insurance coverage provides financial compensation to family members of the insured, social security, assistance in obtaining necessary or further education, employment of family members insured.

4.2 In industry

For professional sports organisations and clubs, there are normally sound commercial reasons for insuring their assets.

Amateur clubs should approach their governing associations for insurance advice, but even then individual participants may well want to enhance their protection.

You can read more in our business insurance guides, and if you compare business policies through Gocompare.com you'll have the opportunity to speak to an expert from a UK-based contact centre.

Insurance for professional and amateur players

A football or rugby club may hold a policy that will pay out a certain amount to a player if he or she is permanently disabled, but players themselves may want extra cover that ensures they're not hit in the pocket by an injury that keeps them off work for six months - particularly if they're self-employed.

Steve Harries, an independent financial adviser with Harries, Powell and Price, offers insurance policies aimed at professional rugby players and recommended by the WRPA.

"I think the Owen Williams injury has focused minds of players and their parents, who often get in touch with me directly," said Harries.

"Your last game of rugby or training session could be today or tomorrow. One catastrophic collision can end it all.

Guaranteed policies

One of the features of the WRPA-backed plan - run through Wiltshire Friendly - is that players are not reassessed or re-examined every year.

This is something called a guaranteed policy, a feature that Harries believes all professional sports people should consider.

"Some policies are reviewable and re-quoted every year," he said. "It means that if a company no longer likes the look of you, because of risk, due to injuries you have suffered, then you might not be able to renew it."

4.3 In company

For every private healthcare scheme that is taken out by the clubs supporters, club officials and family members a percentage of the premium can go to the club. This is negotiated on a club by club basis generating an attractive revenue stream. A popular use of the revenue stream is to spend it on youth related activities to encourage the next generation of players. It's in the club's best interest to promote the service through their own website. General & Medical will provide a branded link from the club website to our own, free of charge. Company can also provide free posters and approved text for promotions in any publications or programmes. Full details of the Opt-in service will be explained when a club takes out one of our Sports Health Insurance covers for its players.

Sports Health Insurance from General & Medical has been designed to ensure sporting men and women have access to medical treatment if the need arises. General & Medical offer a wide range of sports covers that give you both choice and optimum value, allowing you to choose the scheme that best fits your needs. For example, our Sports Key scheme provides the flexibility to combine in-patient only cover with outpatient benefits on a self funded basis. The range of covers are ideally suited to any level of sport whether it's amateur or professional*, and can be taken on an individual basis or for a team looking to cover all their players. We have agreements in place with hundreds of private hospitals and medical facilities throughout the country. In fact our list of available facilities is one of the largest of any UK insurer and we actively manage our contracts with the hospitals to keep costs and premiums low. Many of our hospitals have specific know how when it comes to dealing with sports injuries, with experienced physiotherapists and facilities for specialist treatments such as hydrotherapy.

5. SWOT analysis

SWOT ANALYSIS

A SWOT analysis is a great way to fully understand where your club is at, what can be improved and the challenges it faces. You can complete one of these for each different area of the club i.e. governance, coaching etc or looking at the club as a whole.

By completing this process it enables you to identify the strengths and weaknesses within your club. You can also identify any opportunities and also any external threats that may affect your club that you have little control over. All this can help planning for the future direction of your club.

Strengths

These are successful areas of your club, like having coaches for all teams that are working well or could be further developed. i.e having all coaches trained and accredited.

Weaknesses

These are areas of your club operations which may need to be addressed in order to become more competitive or to run more efficiently. Include as many areas as you can, even if you are unable to think of an immediate solution e.g. lack of volunteer position descriptions.

Opportunities

Areas outside your club which can be developed to improve your competitive position and increase revenue or membership e.g. run clinics in local schools.

Threats

These are any external issues which can, or may impact on the success of your club. eg. introduction of a `new' sport in your local area, funding etc

Suggestions for the SWOT

Other sports or clubs Club Handbook Facilities -quality and quantity Coaches -number/ qualified Media Liaisons Sponsorship Equipment available Social functions Training facilities Parental involvement Website Fundraising Injuries Fees	Sports trainers Training absences Marketing Safety policy Travel Loyalty Ageing volunteers Image Uniforms Attendance at Meetings Media coverage Game times Relationships with other groups Location Partnerships Signage	Liquor licensing Planning Risk management Insurance costs Umpires Time commitments Club flyers Recruiting members Volunteer training Apply for a grant New programs Car parking Volunteering Facility access Falling membership

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