THE CRASH OF AUSTRIAN INSURANCE COMPANY „PHOENIX“ AND DIRECTLY CONSEQUENCES OF THAT EVENT IN THE KINGDOM OF YUGOSLAVIA

Abstract

In 1860th in Austria (from Germany) founded the company "Austrian Phoenix share capital of 3 million guilders. Initially assembled fire insurance and transport insurance, and then, in the following years and insurance jobs from the city (1864) and life insurance (1866). 1888th the company has reorganized the organization "Azienda, Austrian-French company for insurance against natural disasters and accidents and disabling life insurance, for which purpose the year 1889. established their own life insurance company under the name "life insurance company Phönix.Even before the outbreak of World War I the company operated in the whole (the Austro-Hungarian) Empire. After its demise was "Phönix" in the successor states bought the few remaining insurance with generally very low risk 1924^th Phoenix was the first company which after the war presented a golden balance. 1925th merged with the company, "Atlas - life and annuity insurance AD" and "Vienna life and annuity insurance" with the primary aim of reducing costs of administration. Phoenix has become the economic miracle praised highly the First Republic (Austrian). Business activity "Phoenix" included the addition of Austria and the territory of 22 countries an independent political unit. By the size of the sum insured in the first place is coming to Austria with 32.3% of the total portfolio, and the second place with 19.2%. The total share of Hungary, Poland, Yugoslavia and Romania amounted to 14.6%, while the share of other countries was 14.5%. In the analysis of the fall of the Phoenix, Professor. V. Rozenberg notes that the "Phoenix made conclusions of insurance under the tariffs for which are known professional circles and the policy was imposed from the headquarters (Vienna) all foreign branches of society. This was occur due to expenses related to the vast expansion of the Phoenix internationally and loss of certain reserves in the course of transfer enormous sums at the time of world monetary chaos, and due to the investments that were not applicable to insurance »

The paper discusses the measures taken by the Austrian government to resolve a consequence the collapse of "Phoenix", as well as on measures taken by the Yugoslav government. Unfortunately, when it comes to Yugoslavia, the actual consideration of the implementation of economic-technical-actuarial effects of rehabilitation "Phoenix" by the adopted regulation could not be achieved due to World War II, as well as the reorganization of our security.