scholarly journals The impact of the coronavirus pandemic on the insurance market of Uzbekistan and ways to develop funded life insurance

2021 ◽  
Vol 296 ◽  
pp. 06028
Author(s):  
Dinora Baratova ◽  
Khayrullo Khasanov ◽  
Ikromjon Musakhonzoda ◽  
Shokhruh Abdumuratov ◽  
Khusniddin Uktamov
Keyword(s):  
Life Insurance ◽  
External Factor ◽  
Insurance Market ◽  
Insurance Policy ◽  
Investment Return ◽  
The World ◽  
The Impact

This article puts the emphasis on the impact of the coronavirus pandemic on the Uzbek insurance market and ways to elaborate funded life insurance. In addition, analyzed international practice in the development of life insurance in the world is analyzed. Scientists and experts have also conducted research on the impact of the COVID-19 coronavirus pandemic on the insurance market of Uzbekistan. It worthy to note that the insurer is a specific entity operating under the laws of Uzbekistan, and the consumer can be real (with a life insurance policy) and potential (which can be insured under accumulative life insurance). The questionnaires developed by us for research purposes were divided into four groups, and a survey was conducted. In addition, the impact of inflation as an external factor, the rate of investment return arising from the results of the insurer’s investment activities, was assessed. In addition, indicators on the mass of risk were offered for the insurer. Conclusions and recommendations were made on the impact of the coronavirus pandemic on the insurance market of Uzbekistan and ways to develop funded life insurance.

Assessing the Impact of Suicide Exclusion Periods on Life Insurance

Crisis ◽  
2010 ◽  
Vol 31 (4) ◽  
pp. 217-223 ◽  
Author(s):  
Paul Yip ◽  
David Pitt ◽  
Yan Wang ◽  
Xueyuan Wu ◽  
Ray Watson ◽  
...  
Keyword(s):  
Life Insurance ◽  
Accidental Death ◽  
Insurance Policy ◽  
Death Rates ◽  
Insurance Policies ◽  
Suicidal Death ◽  
Insured Individual ◽  
The Impact ◽  
Insurance Data ◽  
The Relationship

Background: We study the impact of suicide-exclusion periods, common in life insurance policies in Australia, on suicide and accidental death rates for life-insured individuals. If a life-insured individual dies by suicide during the period of suicide exclusion, commonly 13 months, the sum insured is not paid. Aims: We examine whether a suicide-exclusion period affects the timing of suicides. We also analyze whether accidental deaths are more prevalent during the suicide-exclusion period as life-insured individuals disguise their death by suicide. We assess the relationship between the insured sum and suicidal death rates. Methods: Crude and age-standardized rates of suicide, accidental death, and overall death, split by duration since the insured first bought their insurance policy, were computed. Results: There were significantly fewer suicides and no significant spike in the number of accidental deaths in the exclusion period for Australian life insurance data. More suicides, however, were detected for the first 2 years after the exclusion period. Higher insured sums are associated with higher rates of suicide. Conclusions: Adverse selection in Australian life insurance is exacerbated by including a suicide-exclusion period. Extension of the suicide-exclusion period to 3 years may prevent some “insurance-induced” suicides – a rationale for this conclusion is given.

scholarly journals The Main Features of the Modern World Market of Insurance Services

2021 ◽  
Vol 4 (519) ◽  
pp. 36-41
Author(s):  
K. V. Drymalovska ◽  
◽  
R. O. Kyryliuk ◽  
Keyword(s):  
Western Europe ◽  
Insurance Industry ◽  
World Market ◽  
Insurance Market ◽  
Insurance Companies ◽  
Modern World ◽  
The World ◽  
Effective Policy ◽  
Main Components ◽  
The Impact

As competition in international and national markets intensifies, it is important to create a system to protect economic actors from potential threats and adverse factors. To solve these issues, it is necessary to ensure the effective functioning of the insurance market, which is one of the important components of financial security. Without the developed insurance market, it will be impossible to ensure the social and economic progress of the country, its corporate security, welfare etc. The current state of the world insurance market has certain features, which makes it possible to adapt to the change of the modern world and improve the work of the insurance industry. To create a clear insurance market, it is necessary to develop an effective policy as to the insurance activities of both the insurer and the reinsurers, as well as to establish solvency insurance systems. The development of the insurance market is accompanied by many economic, regulatory, organizational, methodological and personnel issues. The publication is aimed at studying and distinguishing the peculiarities of development of the world market of insurance services. On the basis of studying the works of scholars, the main features of the modern insurance market are provided; key signs of the insurance industry are presented; statistical information on trends in the insurance market development during 2019 in the following regions: North and Latin America, Western Europe, Asia, European developing countries. The impact of COVID-19 on the state of the insurance industry in Europe has been characterized. As result of studying the key trends in the future development of the insurance market, the main components that are necessary for the formation of an effective policy of insurance companies in the context of COVID-19 have been formed as follows: digitalization, innovation, analytics, feedback.

Market structure, efficiency and profitability of insurance companies in Ghana

2015 ◽  
Vol 10 (4) ◽  
pp. 648-669 ◽  
Author(s):  
Abdul Latif Alhassan ◽  
George Kojo Addisson ◽  
Michael E. Asamoah
Keyword(s):  
Market Structure ◽  
Life Insurance ◽  
Insurance Industry ◽  
Consumer Welfare ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Ample Evidence ◽  
Content Type ◽  
The Impact

Purpose – The purpose of this paper is to examine the impact of the regulatory-driven market structure on firm pricing behaviour by testing the structure-conduct-performance (S-C-P) hypothesis for both life and non-life insurance markets in Ghana. Design/methodology/approach – Using a panel data on 14 life and 22 non-life insurers from 2007 to 2011, the authors employed the Herfindahl Hirschman Index and concentration ratio as proxies for the S-C-P hypothesis while efficiency scores were estimated using the data envelopment analysis technique to proxy for the efficient structure (ES) hypothesis. The dependent variable, profitability was measured as return on assets while controlling for size, underwriting risk, leverage, GDP growth rate and inflation. The models were estimated using the panel corrected standard errors of Beck and Katz (1995) and random effects estimations. Findings – The results from the empirical estimation provide ample evidence in support for ES hypothesis for both life and non-life insurance markets. While conflicting results was found for SCP hypothesis in the non-life insurance market, it was rejected in the life insurance market. The findings also point to an increasing level of competition in both life and non-life insurance industry in Ghana though they still remain concentrated with the life insurance sector having high levels of efficiency compared to the non-life sector. Practical implications – The findings of the study will enhance the understanding of firm behaviour in the new markets created to shape regulatory and competition policies of the regulator to promote consumer welfare while ensuring a stable industry to enhance its role in economic development. Originality/value – This is the first study to test the market power and efficient hypotheses on the insurance industry in Ghana. To the best of the author’s knowledge, this study is the first to examine the determinants of profitability in the non-life insurance market.

scholarly journals Innovative Technology in Life Insurance

2020 ◽  
Vol 22 (1) ◽  
pp. 13-17
Author(s):  
Olena Zhyliakova ◽  
◽  
Halyna Zhyliakova ◽  
Keyword(s):  
Life Insurance ◽  
Negative Impact ◽  
Insurance Market ◽  
Insurance Companies ◽  
Innovative Technology ◽  
Competitive Advantages ◽  
Economic Market ◽  
Innovative Technologies ◽  
The Cost ◽  
The Impact

Introduction. The negative impact of macroeconomic factors on the development of the life insurance market during the quarantine period due to the spread of coronavirus disease has been exacerbated by declining incomes, rising unemployment, and the need to adhere to strict quarantine measures. The combination of these factors has led to a decrease in demand for long-term insurance and reduced efficiency of traditional sales channels of insurance products. At the same time, foreign experience shows that the level of innovation of the insurer is one of the main factors in increasing its competitiveness. Dissemination of information technology allows insurers through the implementation of innovative solutions to increase the quality and speed of service, increase the share of the insurance field, reduce the cost of conducting insurance business and the cost of insurance services. Purpose. The purpose of the article is to determine the features of innovative technologies in life insurance and to study the impact of their introduction into the activities of insurers on the development of the life insurance market. Results. The article describes the factors influencing the introduction of innovative technologies in life insurance. Characteristics of social, economic, market and technological groups of factors taking into account the specifics of life insurance and the current state of development of the life insurance market in Ukraine are given. Based on the experience of foreign insurance companies, the efficiency and necessity of introducing innovative technologies in life insurance have been proved, which will allow insurers to create competitive advantages, reduce costs, cost of insurance services, improve the quality of service for policyholders. Conclusions. For the insurance industry, the crisis of 2020 had some consequences, both obvious negative and hidden opportunities, as the introduction of quarantine measures requires accelerating the introduction of digital tools and channels through the widespread use of remote work, price pressure and changes in customer behavior. Thus, the crisis has accelerated the pace of introduction of innovative technologies in life insurance. Achieving successful phased changes involves a number of coordinated steps: – setting dynamic goals for the introduction of innovative technologies at all stages of servicing policyholders, the implementation of which in the near future will provide competitive advantages and reduce costs for insurers; – use of analytical reports and databases as a source of competitive advantage, abandoning outdated IT; – radical cost reduction through automation and self-service, while improving employee skills.

scholarly journals The Impact Of Culture On The Purchase Of Life Insurance In Latin America And The Caribbean

2011 ◽  
Vol 5 (1) ◽  
Author(s):  
James R. Eck ◽  
Dmitri Nizovtsev
Keyword(s):  
Latin America ◽  
Life Insurance ◽  
The Other ◽  
Model Specification ◽  
Insurance Companies ◽  
Financial Instruments ◽  
Cultural Variables ◽  
The World ◽  
The Caribbean ◽  
The Impact

This study attempts to determine the major reasons for the lack of success in marketing life insurance in Latin America and the Caribbean. Our results point at the importance of cultural variables of which the most significant is the percentage of the population that professes to be Catholic. We attribute this to a strong correlation between religious beliefs and risk preferences. The other major factor is the populations attitude toward financial instruments in general. Both results are robust to the model specification. The findings should be of interest to insurance companies attempting to market life insurance throughout the world.

scholarly journals The influence of globalization and integration processes on the activity of insurance organizations

2019 ◽  
Vol 3 (3) ◽  
pp. 53-64
Author(s):  
Maryna Demianchuk ◽  
Bekhruzkhon Hislatxon o'g'li Makhamadaliev ◽  
Viacheslav Kotlubai ◽  
Helen Shramko
Keyword(s):  
Regression Modeling ◽  
Insurance Market ◽  
Positive Trend ◽  
Social Psychological ◽  
Difficult Situation ◽  
Stage Of Development ◽  
World Markets ◽  
The World ◽  
Market Relations ◽  
The Impact

Introduction. The activity of each market entity is associated with the risk that must be prevented and reduced by the insurance target. World experience shows that well-established insurance business actively contributes to business development and solving social problems. The degree of insurance development is an indicator of the maturity of market relations. Aim and tasks. The purpose of the study is to determine the impact of globalization and integration processes on the activities of insurance organizations. Results. Therefore, the analysis of the world and insurance market of Ukraine was conducted in the work, which made it possible to establish that the latter is in a difficult situation, but a positive trend of its development exists. The problems of development of insurance organizations are revealed and the measures for their solution in the conditions of the present with the use of correlation-regression modeling are argued. The identified factors that slow down the development of insurance in Ukraine are presented by such groups as economic, organizational-legal, functional, information-analytical and social-psychological. On the basis of correlation-regression modeling and taking into account the trends of functioning of the domestic and world markets of insurance services, as well as taking into account the most acute problems faced by the market of insurance services of Ukraine, the priorities for promoting the development of the insurance market of Ukraine in order to overcome the influence of adverse factors have been established. Conclusions. On the basis of the conducted researches concerning determination of influence of globalization and integration processes on activity of insurance organizations it can be stated that the insurance market of Ukraine is at the stage of development and integration into the world space. Despite certain achievements, it is characterized by shortcomings, the presence of which shows the prospects for development and, thus, the potential for Ukraine. Taking into account the trends of functioning of the domestic and world markets of insurance services, as well as taking into account the most acute problems faced by the market of insurance services of Ukraine, the priorities for promoting the development of the insurance market of Ukraine were established in order to overcome the influence of adverse factors.

scholarly journals Consumer protection policy in the Polish life insurance market in the aspect of current legal regulations

2019 ◽  
Vol 16 (4) ◽  
pp. 168-180
Author(s):  
Anna Ostrowska-Dankiewicz
Keyword(s):  
Financial Market ◽  
Life Insurance ◽  
Insurance Market ◽  
Legal Regulations ◽  
Insurance Policy ◽  
Policy Model ◽  
Protective Actions ◽  
Consumer Safety ◽  
Regulatory Standards ◽  
Practical Implications

The paper presents the phenomenon occurring in recent years on the Polish life insurance market, which enforced corrective protective actions by investment consumers of insurance products. The essence and assumptions of the new financial market paradigm are discussed, presenting the process of changes in supervisory and regulatory standards, adopted and implemented strategies in the development of protective policy together with the review of the most important legal regulations, solutions in terms of increasing product transparency and creating a new life insurance policy model to highlight pro-consumer activities. The practical implications of the study are grounded on the analysis of main problems of life insurance market in Poland and indicate the possibilities of applying appropriate solutions in the field of insurance distribution based on the latest legal regulations, recommendations and consumer needs, setting new standards and practices that raise the level of consumer safety, and in the future can become a possibility for development of the investment products market.

Consumers Awareness towards Insurance Companies and their

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
G. Suresh Babu
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Private Companies ◽  
Insurance Sector ◽  
The World ◽  
Innovative Products ◽  
Rate Of Returns ◽  
The Impact

The insurance sector is growing rapidly all over the world. The insurance industry is gaining key position in the world economy and playing a significant role to cover the life and business risk of millions. At present, the insurance industry is in a nascent stage. The impact of privatization in risk business in India has shown its impact on transformation from the state of monopoly to mushrooming companies offering innovative products to the Indians. The growth in the life insurance sector has shown new heights and the functioning of private companies has given tough challenge to Life Insurance Corporation of India. Within a short span of time, private insurance companies have acquired more than 25 per cent of the life insurance market. Many changes have taken place in the processes and procedures of insurance business in terms of its format and products as well the mindset, motives, interests, and expectations on the part of the customers also. The customers have become more vigilant, calculative and calibrated not only in terms of risk coverage but look forward for safety of investment and higher rate of returns on the saving in insurance sector

scholarly journals The Impact of Demographic Burden on Insurance Density

SAGE Open ◽  
2020 ◽  
Vol 10 (4) ◽  
pp. 215824402098302
Author(s):  
Elena Nebolsina
Keyword(s):  
Old Age ◽  
Life Insurance ◽  
Insurance Market ◽  
Dependency Ratio ◽  
Age Dependency ◽  
Dependency Ratios ◽  
Insurance Density ◽  
Age Dependency Ratio ◽  
The Impact ◽  
Panel Vector Autoregression

The article investigates the relationship between demographic burden and insurance market by employing panel vector autoregression models with six groups of endogenous variables to a dynamic panel data set of 25 economies for the period 1980–2016. Demographic burden is represented by dependency ratios measured in respect to the population younger than the age of 15 (young-age dependency ratio), population above the age of 64 (old-age dependency ratio) as well as males and females above the age of 64 being examined separately. As indicators of insurance market development, life insurance density, non-life insurance density, and total insurance density are used. The robustness of the results is verified across 10 subsamples of the main observation period. The conducted analyses show a heterogeneous impact of demographic burden on the insurance market. The impulse responses reveal that negative effects prevail in the long term, which may result from the negative impact of an increasing demographic burden on the economy. In the short term, growth in female and male old-age dependency ratios drives up life and non-life insurance density.

scholarly journals THE ANALYSIS OF CURRENT TRENDS IN THE INSURANCE SEGMENT OF THE FINANCIAL MARKET OF UKRAINE

2021 ◽  
pp. 130-139
Author(s):  
Yuriy Klapkiv ◽  
Volodymyr Svirskyi ◽  
Roman Shchur
Keyword(s):  
Life Insurance ◽  
Financial Literacy ◽  
Insurance Industry ◽  
Cash Flows ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Current Trends ◽  
The Impact

Purpose. Analysis of the state of the insurance services market of Ukraine, identification of the main problems of its development in modern conditions and determination of directions for improving the functioning of the insurance services market in Ukraine. Methodology of research. The scientific and methodological basis for the article are scientific works, monographs, materials of professional publications, Internet resources. During the research the methods of analysis and synthesis, system-functional method and method of comparative studies were used, with the help of which most modern tendencies, phenomena and processes in the market of insurance services are explained. Findings. The article is devoted to current trends of the insurance in Ukraine. The study examines the main trends in its development during 2016-2020. The dynamics of the number of insurance companies, the main indicators of insurers, the structure of gross and net insurance premiums of domestic insurers, reinsurance indicators are analyzed. Based on a dataset of Ukrainian insurance industry, we analyse the impact of transformation of the insurance sector. Based on the analysis, the main problems of the insurance services market of Ukraine are identified and proposals for improving its development are formulated. The results illustrate major tasks the industry is facing: enhancing the customer experience, improving its business processes, offering new products, and preparing for competition with other industries, imperfection of regulatory regulation of the insurance sector; underdevelopment of the life insurance segment and other types of insurance (agricultural, environmental, catastrophic risks and life insurance, cyber risks); low solvency of potential consumers of insurance services, low level of capitalization of insurance companies, lack of insurance culture, distrust of the insurance institution; fraud and neglect of the rights of policyholders by some insurance companies; low financial literacy of policyholders. Moreover, we identify key areas of change of the insurance services market of Ukraine: creation of a centralized online database of insurance contracts; improving the system of taxation of insurance activity; adaptation of Ukrainian legislation in the field of insurance to EU legislation; introduction of high technologies in insurance services; improvement of marketing management; creation of an export insurance system by establishing a special organization for export insurance and financing; introduction of insurance culture and traditions. Originality. A comprehensive approach to the analysis of the state of the insurance market as an important component of the financial sector of the economy with most of its inherent characteristics, functions and principles; economic space in which institutional units for the implementation of insurance services interact; a set of orderly cash flows between the subjects of the insurance market. Practical value. The results of the study can be the basis for further research to systematically address practical problems in this area, development and implementation of measures aimed to achieve accelerated progressive development of the insurance market to ensure socio-economic growth. Key words: insurance, insurance services, insurance services market.

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