scholarly journals Innovative Opportunities for Insurance Development in a New Financial Paradigm

2021 ◽  
Vol 93 ◽  
pp. 02016
Author(s):  
Mano Mgeryan ◽  
Gilyan Fedotova ◽  
Vyacheslav Borulko ◽  
Alexandr Kulakov ◽  
Yuliya Kapustina
Keyword(s):  
Regional Development ◽  
Insurance Market ◽  
Insurance Companies ◽  
New Paradigm ◽  
Current State ◽  
Insurance Development

This article examines and analyses innovative opportunities for insurance development in Russia. Thanks to innovative opportunities in a new paradigm, it is possible to move from traditional insurance products to new ones, which in turn will become the basis for regional development. Based on the analysis of the current state of the insurance market, the authors have concluded that insurance products/services need to be continuously improved, which will allow insurance companies to increase the flow of insured, to maximize the financial results of insurance companies.

scholarly journals THE CURRENT STATE OF THE INSURANCE MARKET OF THE REPUBLIC OF BELARUS AND THE DRIVING FORCES OF ITS DEVELOPMENT

2021 ◽  
pp. 50-58
Author(s):  
M. E. Karpitskaya
Keyword(s):  
Driving Forces ◽  
Insurance Industry ◽  
State Regulation ◽  
International Standards ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Current State ◽  
The Republic ◽  
Insurance Development

The article analyses the evolution and current state of the insurance market of the Republic of Belarus. The content and structure of the insurance market are characterized. The role of infrastructure links in the development of the external environment of the Belarusian insurance market is shown. It determines the promising directions of integration into the international insurance market. The main approaches to the system of state regulation of the insurance market and its compliance with international standards are analysed. The systematization of legal acts regulating relations in the insurance sector is carried out. The requirements for the formation of the authorized capital and conditions for the transfer of risks to reinsurance are justified. The analysis of differences in the level of insurance development among individual insurance companies in the Republic of Belarus, the structure of insurance premiums and payments is carried out. It is shown that insurance development depends on the effectiveness of the national economy development. The factors influencing changes in key performance indicators of the insurance market are identified. The necessity of activation of integration processes in the insurance sector is proved. The issues of assessment and monitoring of decision implementation of the EEU bodies in the national insurance legislation of the Republic of Belarus and selected country members of the EEU are considered. The main recommendations on the formation of the functioning mechanism of the unified insurance environment on the territory of the EEU are given. Drivers of the Belarusian insurance market development are defined.The article will be of interest to specialists engaged in studying the issues of state regulation of insurance activities as well as to state supervisory authorities when developing a set of measures for the development of the common insurance environment of the EEU and developing a strategy for the insurance industry development for the upcoming five-year period.

CURRENT STATE OF THE INSURANCE MARKET IN RUSSIA

2016 ◽  
Vol 11 (1) ◽  
pp. 138-144
Author(s):  
Сухорукова ◽  
Natalya Sukhorukova ◽  
Иващенко ◽  
Tatyana Ivashchenko ◽  
Цвырко ◽  
...  
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Current State ◽  
Insurance Development

In the article the current state of the insurance market in Russia is shown. The key problems of the insurance market are identified: fictitious nature of assets of insurance companies, reducing of profitability of insurance companies. According to the results of the study authors suggested the main ways out of this situation: increasing stability and reliability of the insurers, direct insurance development.

scholarly journals Ukrainian insurance market: current state and development prospects

2020 ◽  
Vol 66 (5) ◽  
pp. 105-112
Author(s):  
I. Lashchyk ◽  
I. Kondrat ◽  
P. Viblyi ◽  
V. Bilets
Keyword(s):  
Developed Countries ◽  
Scientific Paper ◽  
Negative Influence ◽  
The State ◽  
Economic Situation ◽  
Insurance Market ◽  
Insurance Companies ◽  
Demand For Insurance ◽  
Current State ◽  
The Usa

The paper is devoted to the investigation of the current state and trends of the insurance market in Ukraine. A number of indicators characterizing the state of insurance market development, such as: the number of insurance companies engaged in risky types of insurance and life insurance; volume and dynamics of gross insurance bonuses and insurance payments; dynamics of the number of concluded agreements on voluntary and compulsory types of insurance, as well as reinsurance agreements; volume and dynamics of assets and insurance reserves of domestic insurance companies are analyzed in this scientific paper. Comparative analysis of the above mentioned indicators with similar indicators of foreign countries is carried out. It is defined that the insurance market of Ukraine lags far behind the countries of Europe, the USA, China, Japan and other developed countries. The reason for such low development is the difficult economic situation in the country caused by such factors as the change of power in 2015, the occupation of part of the territory by the Russian Federation, which shattered the previously unstable economy. Although the economic situation in the country has stabilized in recent years, this is not enough for the insurance market to reach the level of developed economies. The investigation results are presented in the form of tables and graphical interpretations. The factors of positive and negative influence on the development of domestic insurance market are determined and characterized. The main factor influencing the insurance market and ensuring its stability is the control of measures increasing the level of the population insurance culture and the reliability of insurance companies. Such measures will increase the demand for insurance services, insurers will be interested in doing their best and these factors will result in financial market stabilization. This effect will be achieved if the state and insurance companies act in coordinated manner, i.e. if the state provides the insurance market with regulatory framework with unobtrusive supervision, and insurers perform their work honestly and conscientiously. A number of recommendations for the development of domestic insurance companies and the market in general are developed. The main measures are to attract capital not only from European countries, making the insurance market more attractive, but to develop the health insurance, as medicine is quite expensive and the income is low, as well as to introduce the new insurance products due to the development of all industries.

scholarly journals Insurance Market of Ukraine: Current State and Development Problems

2020 ◽  
pp. 284-291
Author(s):  
Olha Kotsiurba ◽  
◽  
Daria Nasypaiko ◽  
Keyword(s):  
Life Insurance ◽  
Sharp Decrease ◽  
State Level ◽  
Insurance Market ◽  
Insurance Companies ◽  
Economic Downturn ◽  
Cyber Insurance ◽  
Current State ◽  
National Insurance ◽  
Stable Development

The article is devoted to the study of the peculiarities of the Ukraine’ insurance market functioning in the modern conditions of emergence of new unforeseen threats and challenges. The current state of the national insurance market is analyzed and the main trends of its development in 2017-2020 are identified. It was found that the change in the main indicators of the insurance market of Ukraine occurred under the influence of economic downturn due to the spread of coronary heart disease. Thus, if until 2020 the national insurance market was marked by insignificant but stable development, then from 2020 it was significantly affected by restrictive quarantine measures at the state level, which led to a sharp decrease of 19% in gross insurance premiums compared to 2019. There was a decrease in the number of insurers during the study period from 296 to 215, with the largest decrease in the number of companies providing insurance other than life insurance. It is noted that the impetus for the national insurance market development will provide the sale of new insurance products, such as cyber-insurance, P2P insurance and microinsurance, blockchain and smart contracts in insurance, insuretech. The main problems that hinder the development of the national insurance market are identified. These include: the lack of a unified state strategy for the development of the national insurance market, the change of the regulator and, accordingly, the general vision of the development of the national insurance market by its representatives; imperfection and fragmentation of the regulatory framework in the field of insurance; underdeveloped financial market and lack of liquid and reliable financial instruments for investing resources of insurance companies; fears of fraud; low level of innovation by insurers; improper level of information openness of the insurance market, etc. The solution of these problems will ensure its formation as a driver of economic development of the country.

scholarly journals OPPORTUNITIES AND PROSPECTS OF INSURANCE COMPANIES DEVELOPMENT IN UKRAINE UNDER THE COVID-19 PANDEMIC

2021 ◽  
Author(s):  
Iryna Honcharenko ◽  
Nataliia Dudchenko
Keyword(s):  
World Economy ◽  
Insurance Market ◽  
Free Movement ◽  
Insurance Companies ◽  
Current Crisis ◽  
Internal Factors ◽  
Current State ◽  
The Government ◽  
Legislative Changes ◽  
The Impact

The current state, opportunities and prospects of development of the insurance services market in Ukraine are reviewed in the article. Various factors and objective circumstances influence on the development of the world and national insurance services markets. The priority feature of the national and world economy development during recent years is the globalization of financial institutions. The capitals’ movement is the substantial basis of integration and globalization processes. The insurance market is an integral part of the national financial market, so it primarily affected by globalization. This market reacts almost instantly to dynamic processes in the global economic environment and reflects the main trends that determine the formation of modern insurance space. Current crisis differs from the previous one by the significant restrictions for free movement due to the pandemic. The aim of the study is to estimate the most necessary adaptive and transformational changes for insurance companies to ensure their functioning in Ukraine taking in account factors caused by the pandemic. The domestic insurance market has many negative challenges. The issue of quarantine imminent consequences and it affection on the participants of the insurance market is equally important. The limitations and restrictions for the free movement is the main feature of crisis under the pandemic. The impact of external and internal factors on insurance market activity in Ukraine analyzed. The decreasing of the number of insurance companies through objectively-direct consequences of pandemic determined. The set of the medical insurance programs aimed at the case of COVID -19 that offered by Ukrainian insurance companies reviewed. Results of the operating insurance programs estimated. The legislative changes in the insurance sphere caused by a pandemic analyzed. All necessary measures for defense and support people in pandemic implemented by the government. The current and potential threats & possibilities that allow to save and fix insurance companies positions at the insurance services market grounded.

scholarly journals CURRENT STATE OF REGIONAL INSURANCE BY THE EXAMPLE OF THE KEMEROVO REGION

2017 ◽  
Vol 2017 (1) ◽  
pp. 39-46
Author(s):  
Ольга Козлова ◽  
Olga Kozlova
Keyword(s):  
Third Party ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Risk ◽  
Current State ◽  
Insurance Portfolio ◽  
Compulsory Insurance ◽  
Hazardous Production ◽  
Car Insurance

<p>The article considers the current state of insurance market in the Kemerovo region, as well as trends affecting the market. In the crisis year of 2015, the insurance market of Russia and Kemerovo region was developing due to the growth of compulsory insurance and life insurance, whereas classical insurance saw a decline. Comparative analysis of insurance market in Russia showed a preferential development of optional medical insurance and compulsory third party car insurance in the regional insurance market. The article features an analysis of the structure of the insurance portfolio of the regional insurance companies, the place and the role of the regional insurance companies in the insurance market of the Kemerovo region. Regional insurance organizations specialize in voluntary health insurance, which reflects the specifics of the regional insurance risk, but its overall development is not steady, without regard to regional peculiarities. Conclusions are drawn about the lack of a regional perspective, the need for the development of regional insurance, since regional insurance organizations are able to take into account the specifics of the site and agree to cover relevant risks. An example is the compulsory insurance of civil liability of owners of hazardous production facilities, where a significant role belongs to the regional insurance organizations.</p>

scholarly journals ROADMAP FOR THE INTRODUCTION OF CYBER INSURANCE IN UKRAINE

2021 ◽  
pp. 217-226
Author(s):  
N.V. Prykaziuk ◽  
◽  
L.S. Gumenyuk ◽  
Keyword(s):  
Cyber Security ◽  
Customer Orientation ◽  
Cyber Attacks ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Cyber Insurance ◽  
Current State ◽  
Mechanism Of Interaction ◽  
Goals And Objectives

The article examines the process of implementing cyber insurance in the world and proposes a Roadmap for implementation in Ukraine. The key goals and objectives facing the insurance market of Ukraine and the regulator in order to achieve this goal are considered. Approximate deadlines for the necessary measures to prepare for the introduction of cyber insurance in the Ukrainian economy are outlined. The key features of regulations in the field of cyber security in the EU and Australia are highlighted and ways to adapt them in Ukraine are proposed. Promising means to increase the security of individuals and legal entities in the digital space on the example of the mechanism of interaction between insurers and expert organizations in Australia. The main vectors of cooperation between insurance companies and expert organizations in the field of cyber security in the Ukrainian and global insurance markets are listed. A system of interaction between the subjects of cyber-insurance relations with the positioning of the insured in the center of relations as a key participant in insurance has been developed, which proves the high customer orientation of this area of ​​insurance business. The current problems of the Ukrainian insurance market are substantiated and the ways of their solution through the mechanism of cyber insurance implementation are offered: modeling of the mechanism of estimation of losses from cyber attacks, monitoring of the current state of insurers, development of ways to minimize cyber incidents. The dynamics of cyber incidents in 2020 is analyzed and the correlation between the occurrence of global lockdowns caused by COVID-19 and the growth in the number of cyber attacks is revealed. Based on the analysis, it is proved that the introduction of cyber insurance in Ukraine is a necessary tool to protect all participants in insurance relations from cyber risks and for the development of the insurance market as a whole.

scholarly journals The Insurance Market in Ukraine: The State and Development Prospects

2020 ◽  
pp. 82-90
Author(s):  
N. MELNYCHUK ◽  
S. ZALYUBOVSKA ◽  
YU. КОLUPAIEV
Keyword(s):  
State Regulation ◽  
Insurance Market ◽  
Entrepreneurial Activity ◽  
Insurance Companies ◽  
Late Nineteenth Century ◽  
Important Place ◽  
History Of ◽  
Stable Source ◽  
Definition Of ◽  
Insurance Development

In the current conditions of the economic development in Ukraine, an important place is occupied by the system of insurance relations. Although the insurance market in Ukraine is characterized by a low level of insurance culture, some insurers don’t fulfill their obligations, distrust of the population towards insurance companies, imperfection of state regulation mechanisms of the activity of these enterprises, low incomes of the population, etc.The research of the domestic insurance market shows that insurance itself provides the population with insurance protection against various insurance risks and is the most stable source of long-term investments. The existing insurance system in Ukraine is based mainly on principles that have demonstrated its inefficiency and do not meet the needs of the national economy. Urgency of this problem requires further study of the history of the insurance development as a whole, the identification of the development stages of insurance of the independent Ukraine and identification of a group of factors that influence the insurance market development.Growth of the entrepreneurial activity in the late nineteenth century and a stormy development of joint-stock companies were the beginning of agreements conclusion, definition of the rules of insurance, expansion of the reinsurance activity.Developmentoftheinsurancebusinesshasshownitsprofitability, therefore, in our country there is no significant decline in the number of insurance companies. In the competitive environment, insurance companies are increasingly expanding their range of insurance risks, seeking to increase their competitiveness. Insurance has a long history of formation, and research into historical aspects of the insurance development has begun with its evolution. Having analyzed literary sources, we have come to the conclusion that in Ukraine, the insurance development took place under the legal conditions that existed in the period of Kievan Rus and Tsarist Russia, and later in the USSR. Only the adoption of the Law on Insurance in 1996 made the domestic insurance market more developed and modern. Current state and four groups of factors that influence the insurance market development in Ukraine are analyzed. Prospects for the development of the insurance market in Ukraine are substantiated.

scholarly journals АНАЛІЗ СТАНУ ТА НАПРЯМИ РОЗВИТКУ РИНКУ СТРАХОВИХ ПОСЛУГ В УКРАЇНІ

Economical ◽  
2020 ◽  
Vol 1 (1(22)) ◽  
pp. 18-26
Author(s):  
Ганна Мирошниченко ◽  
◽  
Ігнат Мирошниченко
Keyword(s):  
State Level ◽  
The State ◽  
Insurance Market ◽  
Practical Significance ◽  
Insurance Companies ◽  
Public Confidence ◽  
Low Level ◽  
Insurance Sector ◽  
Current State ◽  
Analysis And Synthesis

Determining the current state of the insurance market in Ukraine and identifying promising areas for its development. Analysis of the current state of the insurance market is based on methods of analysis and synthesis, induction and deduction. The study of prospects for the development of the insurance services market is based on the methodology of scientific abstraction. The current state of the insurance market is taken into consideration and the dynamics of its development are analyzed. It was found that the current state of the domestic insurance market in its institutional and functional characteristics does not fully meet the trends of the global insurance market. It is substantiated that the functioning of a powerful market of insurance services is an important source of accumulation of funds for their further investment in the state economy. Emphasis is placed on systematizing the function of the insurance services market. The analysis of the main indicators of the insurance services market is carried out. It is established that the indicators of the insurance services market development are insufficient and do not meet the needs of the national economy. The reasons for the decrease in the number of insurance companies in the insurance services market of Ukraine are revealed. insurance companies with foreign capital. It is determined that the reasons for the low level of insurance propagation are the low level of public confidence in insurance companies, lack of awareness of Ukrainians in the insurance sector, and their low capital. The result of the analysis of the state of the insurance services market for 2014-2019 indicates that in general its unsatisfactory condition, which is confirmed by low values of indicators. Reduced number of insurance companies operating in the insurance market, the lack of a unified state strategy for the development of the insurance market in the country, the instability of the economic situation in the country and low confidence in insurers among the population negatively affect the development of the insurance market in Ukraine. The main problems of the insurance services market of Ukraine and prospects of its development were determined. The need to develop an effective and comprehensive strategy at the state level for the development of the national market of insurance services and suggested ways to solve the problems of the modern market of insurance services in Ukraine. Practical significance. The tendencies of development of the market of insurance services of Ukraine are made

scholarly journals Current state of voluntary medical insurance in Ukraine

2021 ◽  
Vol 70 (3) ◽  
pp. 79-88
Author(s):  
M. Myhailyuk ◽  
T. Roman ◽  
Ya. Tanchak
Keyword(s):  
Health Insurance ◽  
Private Insurance ◽  
Medical Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Premiums ◽  
Voluntary Health Insurance ◽  
Advantages And Disadvantages ◽  
Current State ◽  
Health Insurance Market

The current state of voluntary health insurance in Ukraine is analyzed in this paper. The place of voluntary medical insurance in the insurance market of Ukraine is determined. The essence, purpose, objectives, features, advantages and disadvantages of voluntary health insurance as one of the funding sources for medical sector are considered as well. The programs under which voluntary health insurance is currently implemented are listed, these are mainly personal and corporate ones. The main tendencies are investigated, relative indicators of the functioning level of voluntary health insurance market are calculated. The problems of voluntary health insurance are identified and measures for such insurance development in Ukraine are proposed. Our investigation is devoted, particularly, to the identification of the main problems in the development of voluntary health insurance in Ukraine. The authors investigated the availability of voluntary health insurance for population, analyzed the state of industry reforming in a certain period and substantiated the consequences of the reform impact on the voluntary health insurance market in Ukraine. The dynamics of the health insurance market indicators is analyzed on the basis of the size of gross insurance premiums and payments, as well as the calculated indicator - the insurance payments coefficient. In particular, insurance payments for voluntary health insurance in the regional context, by regions in individual insurance companies for a certain period of time are analyzed. The method of compiling the rating of insurers on the basis of insurance premiums and payments is proposed. It is determined that the level of medical services is growing, as well as the trust in voluntary health insurance in Ukraine. The main problems of the voluntary health insurance system functioning are highlighted and recommendations for improving the quality and availability of health insurance in Ukraine are proposed. These recommendations take into account a set of economic, legal and social factors of the insurance market development. Measures for state authorized bodies and private insurance companies that provide the extension of voluntary health insurance in Ukraine are proposed.

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