scholarly journals PROBLEMS AND PROSPECTS OF UKRAINIAN INSURANCE MARKET DEVELOPMENT IN MODERN CONDITIONS

2021 ◽  
Vol 2 (26) ◽  
pp. 71-78
Author(s):  
Olena Borysiuk ◽  
Tеtiana Shmatkovskaya ◽  
Maria Datsyuk-Tomchuk
Keyword(s):  
Structural Unit ◽  
Insurance Market ◽  
Insurance Companies ◽  
Market Development ◽  
Market Behavior ◽  
Insurance Sector ◽  
Regulation And Supervision ◽  
Systemic Problems

Annotation. Imperfect insurance legislation, lack of proper regulation and supervision of the activities and market behavior of insurance companies and intermediaries have led to the accumulation of systemic problems that need to be solved immediately in order to intensify the development of the insurance market of Ukraine. In general, all of them lead to low confidence in the companies of the insurance sector and do not allow it to develop properly. In modern conditions, the market of insurance services goes through a stage of transformation in the field of supervision and regulation in connection with the change of regulator, which became a new structural unit of the NBU – the Department of Insurance Market Supervision. Therefore, it is important to investigate what innovations the new regulator will introduce in order to eliminate those problems that hinder its development.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

scholarly journals Factors influencing and dynamics of the agricultural insurance market

VUZF Review ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 42-49
Author(s):  
Nataliya Tanklevska ◽  
Vitalina Yarmolenko
Keyword(s):  
Crop Production ◽  
Agricultural Sector ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Agricultural Insurance ◽  
Agricultural Producers ◽  
Agricultural Enterprises ◽  
Insurance Sector ◽  
Factors Influencing

The article is aimed at identifying modern features of insurance in the agricultural sector of the Ukrainian economy and defining the factors of influence on the agricultural insurance market. The article discloses interpretation of the terms of «insurance» and «agricultural insurance» and also presents the types of possible risks arising in the activities of agricultural enterprises. The performance indicators of leading insurance companies in the field of agricultural insurance are analyzed. The current state and dynamics of insurance of agricultural risks, which arise both in the field of crop production and in livestock, are researched. This will allow predicting the future prospects of the market for insurance services and products, as well as finding possible optimal ways to solve the problems of product insurance, faced by the agricultural producers. The main factors influencing the efficiency of the insurance market in the agricultural insurance sector are allocated. The basic principles of insurance of agricultural products with the State support are analyzed. It is defined that the further development of agricultural insurance should be directed towards creating a profitable and safe environment for all participants in the agricultural market, which provides for the distribution of risks between agricultural producers, processing enterprises, banks, insurance companies and the State. The agricultural insurance of risks creates possibilities for advantageous harmonizing the interests of participants in the agricultural insurance market and the State as a party whose first priority is to ensure stable economic growth.

scholarly journals Insurance Sector Development and its Effect on the Financial Markets in Developing Countries: The Case of Kosovo

2020 ◽  
Vol 5 (1) ◽  
Author(s):  
Blerta Haliti Baruti
Keyword(s):  
Developing Countries ◽  
Financial Markets ◽  
Financial Stability ◽  
Research Question ◽  
Financial System ◽  
Insurance Market ◽  
Insurance Companies ◽  
Direct Role ◽  
Main Research ◽  
Insurance Sector

The purpose of this paper is to extract the important factors in the nature of insurance companies and their direct role in the economic and financial system development. This market study aims to analyse the insurance system in Kosovo by determining and then analysing its structure, the degree of concentration of insurance companies on the insurance market, their behaviour towards price, number of participants, companies operating in this market and types of products and services they provide. Our analysis are gathered on statistical and qualitative data through the study of the theories on insurance market development in other countries. Furthermore, for the empirical analysis, we used secondary data from Central Bank of Kosovo, Insurance Companies and Association Insurance of Kosovo. Also, we conducted two surveys. First, we conducted a survey with finance managers from all insurance companies and secondary survey was in general, for people who work. This way we tried to get a better understanding of the issue at hand.  The identification of these factors would enable insurance companies to design policies that tackle the demands of consumers for voluntary insurance policies and at the same time to contribute to financial stability of Kosovo’s economy. At the end we have to come out with conclusions on the main research question: Does Insurance Development affect the Financial Markets in developing countries? The expected outcome is that the insurance sector in Kosovo is an important factor for the further development of the financial system.

Evaluation of Life Insurance Market Development in Poland During the Years 1991-2010

2012 ◽  
Vol 7 (2) ◽  
pp. 209-227
Author(s):  
Andrzej Grzebieniak
Keyword(s):  
European Union ◽  
Life Insurance ◽  
Insurance Premium ◽  
Insurance Market ◽  
Market Development ◽  
The European Union ◽  
Economic Growth Rate ◽  
Domestic Markets ◽  
Insurance Sector ◽  
Significant Acceleration

Radical changes in Poland during the last decade of the 20th c. causednot only a significant acceleration of Poland's economic growth rate but also rapid increase in the importance of insurance for the national economy. The penetration coefficient, i.e. the ratio of the gross premium written to the GDP, which in case of the total premiums increased from 1.83% in 1991 to 3.83% in 2010, and in case of life insurance from 0.26% to 2.31% respectively, is considered one of the synthetic measures of that importance. Although the Polish insurance market is developed far less than the European Union market where that coefficient is 7.9% and 4.8% respectively those differences decrease every year. The similar trend is presented by the depth coefficient that is the per capita insurance premium that additionally in case of life insurance increases faster than in case of the insurance sector as a whole. This indicates a relatively good life insurance market development rate in Poland although that market still ranks within the second half of the total number of the European Union countries' domestic markets.

STATE OF CONCENTRATION AND MONOPOLIZATION OF THE INSURANCE MARKET OF UKRAINE

2021 ◽  
Vol 1 (21(49)) ◽  
pp. 10-18
Author(s):  
Anna Novoseletska
Keyword(s):  
Life Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Market Development ◽  
Property Insurance ◽  
Insurance Group ◽  
Key Indicators ◽  
Risk Insurance ◽  
Financial Groups

The intensity and quality of insurance market development are directly related to the level of competition, concentration and monopolization between insurance companies. Although the insurance market of Ukraine is insignificant in terms of key indicators in comparison with foreign ones, the competitiveness of its insurers is very important to ensure proper insurance protection of policyholders. The article is devoted to the assessment of the processes of concentration and monopolization of the insurance market of Ukraine. The study analyzed the structure of the insurance market by segments, concentration indicators and the Herfindahl-Hirschman index for the market as a whole and for individual types of insurance, gradation of insurance companies by the amount of collected insurance premiums. Based on the assessment, it was determined that the insurance market of Ukraine is generally low concentrated, as well as the sector of risky types of insurance. Among the selected segments of the insurance market, the most concentrated is the CASCO insurance. In the field of health insurance there is a slightly lower level of concentration and monopolization as in the OTSPVVNTZ segment. The market of classical property insurance is the least concentrated. The life insurance segment is characterized by moderate concentration and monopolization. The most powerful insurance companies in the relevant sectors of the insurance market of Ukraine are outlined. Since 2015, the top three leaders of the life insurance market are PJSC “MetLife”, PJSC “Insurance Group TAS” and PJSC “IC UNIСA LIFE”. Virtually unchanged leaders in the field of risk insurance during 2018-2020 were PJSC “IC ARX”, PJSC “IC UNICA” and PJSC “Insurance Group TAS”, which are members of financial groups that include leaders of the life insurance market. In general, the national insurance market is becoming more concentrated, which will be appropriate and accepted benefits while strong market players will not involve their residents, and the state controls these processes.

Communication strategies of insurance companies in theconditions of market transformation

2016 ◽  
Vol 11 (4) ◽  
pp. 194-202
Author(s):  
Мироненко ◽  
A. Mironenko
Keyword(s):  
Communication Strategy ◽  
Insurance Market ◽  
Brand Identity ◽  
Insurance Companies ◽  
Market Development ◽  
Insurance Company ◽  
Consumer Loyalty ◽  
Communication Policy ◽  
Historical Experience ◽  
Market Transformation

The article substantiates the need for the implementation of the communication strategy of the company. Some problems of the market development of insurance services are revealed. Based on the analysis of trends of the insurance market development, the areas of implementation of communication policy are listed, taking into account the historical experience of the communication policy in the crisis periods of the last century. The author offers the structure of the formation of the brand identity of the insurance company. The mechanisms of the formation of the consumer loyalty to the insurance company are considered as a basis for the formation of the insurance brand and features of applications used in social networks are highlighted. The stages of the development of the communication strategy of the insurance company are presented.

scholarly journals Financial stability analysis and forecasting insurance market of Russia

2021 ◽  
Vol 296 ◽  
pp. 06013
Author(s):  
Mikhail K. Chernyakov ◽  
Olesya V. Usacheva ◽  
Natalia I. Aksenova ◽  
Saidmuktori Mukhtorzada
Keyword(s):  
Stability Analysis ◽  
Financial Stability ◽  
Insurance Market ◽  
Insurance Companies ◽  
Prospective Analysis ◽  
Real Sector ◽  
Loss Ratio ◽  
Insurance Sector ◽  
Debt Burden ◽  
Coefficient Method

The article investigates the influence of various parameters and coefficients on financial stability, groups the factors according to their degree of influence and highlights the most significant for the insurance sector. We assumed the existence of a relationship between financial stability and indicators of debt burden, capital stock for meeting obligations, ratio of receivables and payables, expense ratio and loss ratio. The hypothesis was substantiated by analyzing investment investments of insurance companies in the real sector of the economy using the coefficient method and a prospective analysis of the paradoxical theory of regulation.

scholarly journals Foreign Direct Investment in Insurance Sector: A Key for Better Insurance Penetration

2019 ◽  
Vol 8 (3S) ◽  
pp. 358-362
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Global Economy ◽  
Joint Venture ◽  
Insurance Coverage ◽  
Equity Capital ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
The Government

One of the most attractive developments during the last two decades is the brilliant growth of Foreign Direct Investment (FDI) in the global economy. Foreign direct investment is major source of non-debt financial resource for the economic development of India. Foreign companies invest in India to take advantage of lower wages, special investment such as tax exemptions, etc. The insurance sector has been fast developing with substantial revenue growth in insurance market. FDI in insurance would increase the penetration of insurance in India, FDI helps India in long term capital requirement to develop the infrastructures. Insurance sector is a booming industry in India with both National and International players competing and growing at rapid rate. Insurance Regulatory and Development Authority (IRDA) is in favour of an increase in foreign equity capital in the insurance joint venture. The public sector Insurance companies have continued to dominate the insurance market. India is among the most promising emerging insurance markets in the world. However the penetration of insurance coverage for both life and nonlife insurance is still very less and registered at 3.69% in 2019. The main objective of this paper is to know the benefits of foreign direct investment in insurance sector, and to know the government initiatives regarding insurance sector.

scholarly journals The Impact of the Solvency II Directive on the Insurance Sector in Europe // Uticaj direktive solventnost II na sektor osiguranja u Evropi

2017 ◽  
Vol 7 (7) ◽  
pp. 301 ◽  
Author(s):  
Iva Tošić
Keyword(s):  
Member State ◽  
Solvency Ii ◽  
Insurance Market ◽  
Insurance Companies ◽  
Legal Rules ◽  
Insurance Sector ◽  
Healthy Functioning ◽  
And Control ◽  
The Impact ◽  
Paper Author

Solvency of insurance companies, its conservation, regulation and control is the basis for the healthy functioning of the insurance market. Solvency is an indicator of stability and security of the companies, as well as the guarantor of execution of obligations. The Solvency II Directive was adopted on 25th of November 2009. She announced big changes in the insurance and reinsurance law, both EU member countries and non-member countries, when it comes to the solvency of the company. The main reason for the adoption of the new directive is strengthening of the integrated market in insurance and reinsurance law through harmonized legal rules. Solvency II aims at a common market, working permit in one member State allows the company carrying out activities in all other member countries. Also, during the implementation of the new directive the countries should have the same rights of protection of the insured. For both requirements is necessary that the supervision rules are agreed and converged all across Europe. In this paper author analyzes influence of the Solvency II on EU member countries, and to non-EU countries, the state of security in Europe, as well as the extent to which some of the countries harmonized their legislation with the Directive.

scholarly journals RESULTS OF ANALYSIS AND FORECASTING OF THE MAIN FINANCIAL INDICATORS OF THE HEALTH INSURANCE MARKET DEVELOPMENT IN UKRAINE

2019 ◽  
Vol 6 ◽  
pp. 72-82
Author(s):  
Liliia Hala
Keyword(s):  
Health Insurance ◽  
Financial Services ◽  
Insurance Market ◽  
Insurance Companies ◽  
Market Development ◽  
National Commission ◽  
Time Interval ◽  
Financial Indicators ◽  
Insurance Premiums ◽  
Health Insurance Market

In recent years Ukraine against the background of systemic crisis trying to reform socially-oriented areas of society, including voluntary health insurance, which must combine market and social burdens. Under these conditions, an important scientific and practical research is forecasting financial indicators of domestic insurance companies. Aim. Conducting analysis and forecasting of the basic indicators that characterize the financial state of development of the domestic health insurance market. Materials and methods. Research materials were selected from the official websites of the National Commission which carry out state markets regulation of financial services and the League of Insurance Organizations of Ukraine for 2009–2018 years. We used historical, analytical and comparative, systematic, logical, hypothetical-deductive, mathematical and statistical methods. Results. To forecast the financial indicators of the health insurance market in Ukraine (gross insurance premiums and payments; operations transferred to reinsurance, including non-residents; net insurance premiums and payments) for 2019–2020 years; the time interval was set from 2009 year. According to the results of the calculations, we obtained regression models for different financial indicators (6 models). With the help of the selected mathematical tools, the main financial indicators of the market development for 2019–2020 years were forecasted. The analysis of the data revealed that the highest value growth rate (%) in 2020 year will be characteristic of reinsurance operations, including those transferred to non-residents (49.06 %) and the lowest - to gross insurance payments (14,41 %). It is established that the indicator of net insurance payments since 2010 year has been steadily decreasing (from 78.19 %), and according to the forecasted data in 2019 year it may be equal to 46.77 %, and in 2020 year – 44.98 %, the trend will continue to decrease. However, this indicator since 2016 year (53.9 %) and the data forecast for 2019–2020 years are in the regulatory range (from 30.0 % to 60.0 % for different types of insurance activities). Conclusions. According to the results of the research, it is established that in spite of the financial and economic crisis since 2014 year, the domestic health insurance market is characterized by positive dynamics of growth of the main financial indicators (gross insurance premiums and payments, net insurance premiums and payments). At the same time, there is a tendency to decrease the level (%) of net insurance payments indicator from 78.19 % in 2010 year to the forecast in 2020 year – 44.98 %.

Sign in / Sign up

Export Citation Format

Share Document