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 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 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 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.

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.

scholarly journals Dynamics of Ukrainian insurance market development through the prism of top-rating indicators of insurance companies

2020 ◽  
Vol 93 (8) ◽  
pp. 57-64
Author(s):  
I. Demyanyuk ◽  
Keyword(s):  
Government Regulation ◽  
Social Protection ◽  
System Analysis ◽  
Specific Weight ◽  
State Regulation ◽  
Insurance Market ◽  
Insurance Companies ◽  
Public Confidence ◽  
Insurance Sector ◽  
General Scientific

Insurance is a powerful catalyst for development of economy around the world. The domestic market of insurance services promotes to the redistribution of risks in the economy and forms the social protection of the population. Constant changes in economic processes and improvement of the provisions of state regulation form the relevance of the study of changes in insurance market indicators. The purpose of the study is to establish the dynamics of development of the insurance market in Ukraine through the prism of the top rating of insurance companies, including analysis of indicators of Zhytomyr region and to identify major gaps in the insurance sector and ways to remove it. The key tasks include: analysis of insurance payments and payouts of the top rating of insurance companies of Ukraine; assessment of the insurance market of Zhytomyr region in terms of insurance types; analysis of risks and prospects of the insurance market in the conditions of COVID-19. General scientific and statistical methods became research methods, namely: system analysis and generalization; methods of scientific abstraction, observation and comparison. The level of insurance payments and insurance payouts according to the top rating of insurance companies in Zhytomyr region and in Ukraine in general is assessed. A tendency to reduce the number of insurance companies due to changes in government regulation is detected. The specific weight of insurance payments and insurance payouts of Zhytomyr region within Ukraine is determined. A need to restore public confidence in the insurance market in order to increase the percentage of life insurance is detected. Leading companies in risky types of insurance in Zhytomyr region are identified. The risks and prospects of the insurance market in a pandemic are studied. The types of insurance that will suffer mostly from COVID-19 are identified. Ways to solve the problems of the modern insurance market in Ukraine are offered. Prospects for further research in this area are to improve regulations and to evaluate the actual indicators of the insurance market in a pandemic.

scholarly journals Formation of the insurance market in Ukraine: realities and problems

2019 ◽  
pp. 132-137
Author(s):  
Natalia Botvina
Keyword(s):  
Financial Stability ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Slow Increase ◽  
Significant Information ◽  
Insurance System ◽  
Insurance Sector ◽  
Financial Condition ◽  
Investment Process

Insurance is one of the important financial segments of the national economy, where financial and investment resources are formed, accumulated, redistributed and used, and there is an interaction between producers and consumers of insurance products. The financial condition of most insurers is quite low and does not provide them with competitive advantages even in the domestic insurance market. The decisive factor in the opacity of insurance processes is determined by the insurers of circuit transactions. Public reporting of insurers does not contribute to an objective diagnosis of their financial condition, stability, and often inaccuracies and errors. However, the fall in the relative indicators of insurance indemnity in the conditions of a steady rise in the size of insurance premiums convinces that insurance has not yet fully realized its function of providing real insurance protection and covering the existing risks of economic entities. Carrying out structural restructuring of the economy and economic reforms necessitate further development of the insurance market of Ukraine as part of the financial market. Insurance implements the state policy of socio-economic protection of the population, as well as generates significant investment resources. Foreign experience shows that insurance companies have a special place in ensuring the investment process, the possibility of accumulating financial resources, the transformation of the insurance market into a powerful source of investment resources. The main reasons that threaten insurers and, consequently, the financial security of the state, are a significant narrowing of the life insurance segment, a slight increase in insurance capital, slow growth of insurance reserves, slow increase in financial stability, there are structural transformations to expand voluntary property insurance. The development of the insurance sector and increase the confidence of economic entities in insurance institutions depends on the insurance policy, method and regulatory levers of the state. It should be noted that the domestic insurance market is considered to be a fairly closed and non-transparent market. This is due to the extremely heterogeneous construction of the market environment, low level of transparency of the insurance market, the lack of detailed objective data on the functioning of a particular insurer and the structure of its financial capital. The main problems hindering the development of the insurance market in Ukraine are considered. The article pays attention to significant information secrecy, political and financial instability, lack of insurance professionals. Currently, the domestic insurance system is slowly developing due to formal schemes, mainly in an extensive format, and is accompanied by various problems of financial, information-analytical, organizational and institutional-infrastructural nature. However, there are problems of increasing the quality of insurance products, combining and harmonizing the interests of participants in the insurance system. The decisive problems of Ukrainian insurers in the transition to new market conditions was the need to adapt to a tough competitive environment.

scholarly journals PROBLEM ISSUES OF THE FUNCTIONING OF THE UKRAINE INSURANCE MARKET AND FEATURES OF ITS PRUDENTIAL REGULATION

2019 ◽  
pp. 17-21
Author(s):  
V. G. Marhasova ◽  
◽  
D.P. Kovalenko ◽  
Keyword(s):  
Practical Importance ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Public Confidence ◽  
Systematic Research ◽  
Prudential Regulation ◽  
Demand For Insurance ◽  
Destabilizing Factors ◽  
Effective System

Urgency of the research. The Ukraine insurance market shows a decrease in the dynamics of development, so the search for the latest forms and methods to stimulate the efficiency of domestic insurance companies is important and timely. A comprehensive analysis of the performance of insurers of Ukraine is necessary to develop proposals to improve the efficiency of the insurance market. Target setting. In recent years, the development of the national insurance market has been characterized by a number of destabilizing factors: economic and political instability, declining effective demand for insurance services, low public confidence, expectations of a financial crisis in the country and the world. Thus, the study of the main trends in the insurance market and the problems of its prudential regulation is of great practical importance. Actual scientific researches and issues analysis. Theoretical and applied aspects of the insurance market are represented by scientific works of such famous scientists as L. Alekseenko, V. Bazylevych, K. Bazylevych, V. Vyhovska, K. Vobly, O. Gamankova, O. Zhuravka, A. Yermoshenko, O. Kozmenko, V. S. Osadets, N. Tkachenko, V. Furman, V. Shakhov, T. Yavorska, etc. Uninvestigated parts of general matters defining. Systematic research is needed to ensure effective prudential regulation as an effective mechanism for influencing the performance of insurance companies. The research objective. Analysis of the state of the Ukraine insurance market will identify the main problems that slow down its development and outline possible ways to solve them. The statement of basic materials. This article analyzes the state and trends of the Ukraine insurance market. It is established that the activity of insurance companies of the country does not meet the needs of the national economy. Conclusions. Proposals to increase the efficiency of the domestic insurance market have been developed, in particular: the need to modernize approaches to ensuring the protection of their customers through the creation of an effective system of control over compliance with solvency standards by insurance companies.

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 GASTRONOMIC TOURISM OF TRANSCARPATHY: CURRENT STATE AND PERSPECTIVES

2018 ◽  
pp. 78-89
Author(s):  
Ivan Hodia
Keyword(s):  
Research Methodology ◽  
The State ◽  
Actual Data ◽  
Practical Significance ◽  
Development Method ◽  
Mountainous Regions ◽  
Current State ◽  
Further Development

Purpose. The purpose of the article is to study the state of gastronomic tourism of Transcarpathia and outline ways of its further development. Method. The research methodology consisted of collecting actual data, as well as synthesizing and analyzing the collected statistical material, studying the scientific and practical developments of domestic and foreign experts in the field of gastronomic tourism. Results The current state of gastronomic tourism in Transcarpathia is highlighted and the ways of its further development are outlined, features of national cuisines of the region are described, the list of main gastronomic tours and festivals of Transcarpathia is described. Scientific novelty. Selected some objects of gastronomic tourism, which are popular in the region, but not included in the programs of tours, festivals, holidays. Practical significance. It is recommended to expand the geography of gastronomic routes at the expense of mountainous regions of the region, and in order to diversify the content of gastronomic tours, to enrich their attraction, animation services.

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