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 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 WORLD MARKET OF INSURANCE SERVICES IN THE CONDITIONS OF CHANGE THE PARADIGM OF GLOBAL ECONOMIC DEVELOPMENT

2017 ◽  
pp. 48-59
Author(s):  
Halyna KULYNA ◽  
Yaroslav FARION
Keyword(s):  
Rapid Development ◽  
Developed Countries ◽  
World Market ◽  
Cyber Attacks ◽  
Insurance Market ◽  
Insurance Companies ◽  
Global Changes ◽  
New Paradigm ◽  
Cyber Insurance ◽  
European Insurance

Introduction. Global changes in society and the rapid development of financial technologies identify major trends in the global insurance market. At the same time there are changes to the functioning of the global insurance market and the organization of insurance companies it according to the new paradigm of the economic community. Purpose. The aim of the research is to evaluate the trends of the global insurance market, identifying characteristics and problematic aspects of its operation in the changing paradigm of progress, to identify key priorities for further evolution in the regional dimension. Results. The features and problems outlined aspects of the global insurance market in terms of a paradigm shift. The estimation of trends in its evolution in terms of developed and developing countries. The basic innovations in insurance-related robotics market development and risks of cyber-attacks, information and digitalization society. The basic priorities of the further evolution of the global insurance market in regional terms. The ways of improvement principles Solvensy II, which will improve the efficiency of the European insurance market. Conclusion. For today for the world market of insurance services characteristic are next tendencies and range of problems of further advancement: acceleration of increase of volume of insurance bonuses, that get insurers from the risk types of insurance, life-insurance and reinsurance; activations of demand are on insurance services in countries that develop, especially in China, to South Korea and others like that; declines of cost of insurance products in the field of commercial insurance and strengthening of insurance interest in cyber-insurance and insurances of robots; consolidations of leading insurers are in a few highly developed countries.

The cyber-insurance market in Norway

2019 ◽  
Vol 28 (1) ◽  
pp. 54-67 ◽  
Author(s):  
Hayretdin Bahşi ◽  
Ulrik Franke ◽  
Even Langfeldt Friberg
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Supply Side ◽  
Insurance Company ◽  
Marine Insurance ◽  
Structured Interviews ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Cyber Insurance ◽  
General Data

Purpose This paper aims to describe the cyber-insurance market in Norway but offers conclusions that are interesting to a wider audience. Design/methodology/approach The study is based on semi-structured interviews with supply-side actors: six general insurance companies, one marine insurance company and two insurance intermediaries. Findings The Norwegian cyber-insurance market supply-side has grown significantly in the past two years. The General Data Protection Regulation (GDPR) is found to have had a modest effect on the market so far but has been used by the supply-side as an icebreaker to discuss cyber-insurance with customers. The NIS Directive has had little or no impact on the Norwegian cyber-insurance market until now. Informants also indicate that Norway is still the least mature of the four Nordic markets. Practical implications Some policy lessons for different stakeholders are identified. Originality/value Empirical investigation of cyber-insurance is still rare, and the paper offers original insights on market composition and actor motivations, ambiguity of coverage, the NIS Directive and GDPR.

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 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.

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 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 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.

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