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 ANTI-CRISIS MANAGEMENT OF INSURANCE COMPANIES: ESSENTIAL COMPONENT AND CURRENT STATE OF THE INSURANCE MARKET OF UKRAINE

2021 ◽  
Author(s):  
Karyna Diadiura ◽  
Valerii Yankovskyi
Keyword(s):  
Crisis Management ◽  
Management System ◽  
Financial Stability ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Premiums ◽  
Essential Component ◽  
Current State ◽  
Long Run ◽  
The Impact

The article considers the current state of the insurance market of Ukraine. The definitions of scientists on the concept of "crisis management" were systematized. The definition of the concept is given, namely crisis management of the company (enterprise) is a multifaceted management system which consists of specific methods and tools by means of which identification, analysis and minimization or neutralization of influence of risks of exogenous and endogenous environments on enterprise activity is provided. in order to improve its financial stability and increase the level of development in the long run. An analysis of the structure of the insurance market of Ukraine and the main indicators that characterize its condition for 2017-2019. It was determined that there is a decrease in the number of insurers operating in the insurance market of Ukraine, so as of 9 months of 2020 their number is 215, which is 18 companies or 7.7% less than in 2019. The main reasons for the closure are not conducting insurance business for more than 6 months in accordance with current legislation and the decision to hand over (cancel) licenses (due to low demand from the population for insurance services). The system of anti-crisis management of insurance companies is presented, which includes a mechanism that reveals the goals, functions and methods to ensure the financial stability of insurance companies. Thus, the object of the crisis management system is financial and economic risks (failure to receive insurance premiums, inability to pay insurance premiums to customers in the long run, capital and asset issues, etc.). The article presents the methods and their essential component, which are included in the system of crisis management of insurance companies: rehabilitation; downsizing; liquidation; merger; modernization; restructuring; regularization; diversification; reengineering. The existing shortcomings that worsen the level of competitiveness of the insurance market of Ukraine are identified, further steps are proposed to minimize them. The introduction of a crisis management system will enable insurance companies to respond more flexibly to the impact of risks and improve their financial stability and increase the level of development of the entire insurance market in the long run.

scholarly journals Research on forest insurance policy simulation in China

2019 ◽  
Vol 1 (1) ◽  
pp. 82-95
Author(s):  
Ning Ma ◽  
Can Li ◽  
Yang Zuo
Keyword(s):  
Large Scale ◽  
Forest Area ◽  
Insurance Companies ◽  
Content Type ◽  
Government Subsidies ◽  
Multi Agent ◽  
The Government ◽  
The Impact ◽  
Decision Making Rule ◽  
Forest Insurance

Purpose Forest insurance is a popular way to reduce the loss of forest disasters, so it is necessary to actively involve stakeholders. In the multi-agent simulation model, the government, insurance companies and forest farmers participate as three main stakeholders. The purpose of this paper is to mainly simulate the behavior of forest farmers under different environmental variables in order to find the important factors affecting the coverage of forest insurance, so as to improve the ability of forest farmers to resist risks in the face of disasters. Design/methodology/approach In the simulation process, the decision-making rule of a forest farmer’s purchasing behavior is a binary selection chain, which is created at random. Forest farmer agents who adapt to the environment will remain; on the contrary, those will be eliminated. The eliminated agents will renew their behavior selection chains through learning others’ successful behavior based on genetic algorithm. The multi-agent mode is set up on the Eclipse platform by using Java language. Findings The adjustment simulation experiments of insurance premium, insurance subsidy and forest area were carried out. According to the result, conclusions and suggestions are as follows: at present, government subsidies are necessary for the implementation of forest insurance; in the future, with the expansion of the insured forest area and the upgrading and large-scale operation of forest farms, forest farmers will be more willing to join forest insurance program, and, then, the implementation of forest insurance no longer requires government subsidies for forest insurance premiums. Originality/value This paper explores the impact of three important factors on the implementation of forest insurance.

scholarly journals Challenges of Building Information Modelling (BIM) from the Malaysian Architect’s Perspective

2019 ◽  
Vol 266 ◽  
pp. 05003
Author(s):  
Khairool Aizat Ahmad Jamal ◽  
Mohammad Fadhil Mohammad ◽  
Norfashiha Hashim ◽  
Mohamed Rizal Mohamed ◽  
Mohd Adib Ramli
Keyword(s):  
Construction Industry ◽  
Internal Factors ◽  
Building Information Modelling ◽  
Information Modelling ◽  
Current State ◽  
Operational Level ◽  
The People ◽  
Key Players ◽  
Building Information ◽  
The Government

Malaysia is experiencing high economic growth which requires the construction industry to fulfill development demands. Building Information Modelling (BIM) had been widely publicized by the government in order to increase the industry’s productivity by instigating numerous initiatives aimed to spearhead its progression. In contrast with the aspiration, architects as key players of construction industry are still facing issues in adopting BIM into practice. Previous researches had broadly covered about BIM in construction industry, but few concentrations in specific to the local architect thus imposing gap of knowledge. In addressing the issues, the research aim to probe the current state of BIM implementation, primarily on the challenges that hinders its adoption. The BIM factors which covers people, process, policy and technology were derived and investigated through the use of 322 questionnaires distributed to architects at management and operational level. The study revealed the key barriers that contributes towards the problem is within the people factor, where majority highlighted the lacked of skilled and experienced BIM workforce which contributes towards steep learning environment as well as high cost of applying BIM. Consequently, several key strategic solutions had been indicated through both external and internal factors in addressing the challenge of BIM. Results suggested that there is a need of further support from the industry’s professional bodies, development of legal instruments, BIM enforcement, specific BIM education as well as BIM R&D programs.

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 Main Features of the Modern World Market of Insurance Services

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

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

scholarly journals Educational Reforms and Language Planning Quandary in Algeria: An Illustration with Arabization

2019 ◽  
Vol 15 (1) ◽  
pp. 27-47
Author(s):  
Ikhlas Gherzouli
Keyword(s):  
Language Policy ◽  
Policy Development ◽  
Linguistic Diversity ◽  
Language Planning ◽  
Educational Reforms ◽  
Language Planning And Policy ◽  
Current State ◽  
The Government ◽  
Policy And Planning ◽  
The Impact

Summary The paper aims to present a critical review of language policy development in Algeria since its independence (1962) to present time. It takes the policy of Arabization, an important turning point in Algerian history that was troubled with serious problems, as an example of language planning in the country. Data was gathered from policy documents, laws, and newspaper articles. It was then coded into themes before it was analysed employing a documentary research method. To provide a methodical discussion, the first part of the paper explores language policy and planning in Algeria. The second part discusses the impact of Arabization on the country’s current state of policy development in light of the debates over the national educational reforms of 2003. The third part highlights the quandary that language planners face during the processes of language planning and policy making. Lastly, the paper concludes with an evaluation of the process of language policy development in the country. The paper argues that in order to foster sustainable multilingualism and achieve effective educational reforms, a keener recognition of Algerian linguistic diversity by the government is imperative.

scholarly journals The Influence of Liberalization on Innovation, Performance, and Competition Level of Insurance Industry in Indonesia

2020 ◽  
Vol 12 (24) ◽  
pp. 10620
Author(s):  
Tulus Suryanto ◽  
Darul Dimasqy ◽  
Reza Ronaldo ◽  
Mahjus Ekananda ◽  
Teuku Heru Dinata ◽  
...  
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Negative Relationship ◽  
Innovation Performance ◽  
Insurance Companies ◽  
Threshold Regression ◽  
Aggregate Model ◽  
The Government ◽  
Premium Income ◽  
The Impact

This study aims to reveal the impact of liberalization on innovation, performance, and the level of competition for insurance industry players in Indonesia based on insurance data from 2006 to 2018. The research method used is quantitative with the support of panel data. The analysis technique to explain the findings uses an aggregate model and Threshold Regression analysis. Descriptive and econometric research types were chosen to make it easier to explain the findings. From the results of data analysis using three experimental models, it shows three findings. First, in the aggregate, there is a significant negative relationship between liberalization and innovation. In the Threshold Regression model, a negative impact occurs on companies with low premium income, whereas in high premium income companies, the result is positive. This is due to the availability of resources to large companies to optimize the adaptation of liberalization in terms of innovation. Second, higher liberalization can encourage insurance companies to perform more efficiently and increase net premium income. Third, the negative impact of liberalization on competition shows that the higher the deregulation, the lower the game. These findings indicate that in the aggregate, global insurance financial liberalization has had a significant impact on the development of the insurance industry sector in Indonesia. However, liberalization can be different for groups of small companies and groups of large companies. The expected implication is that the government needs to adopt a long-term policy strategy that can encourage the sustainability of insurance companies: both high-income companies and low-premium-income companies. Besides this, it is hoped that insurance companies pay more attention to innovation, significantly improving the quality of human resources as a competitive advantage in facing global competition.

Exploring Vhavenda Indigenous Food Practices and Knowledge Contributions to Food (in)security

2022 ◽  
pp. 61-88
Author(s):  
Vanessa L. Mpatlanyane ◽  
Livhuwani D. Tshikukuvhe ◽  
Andani E. Budeli
Keyword(s):  
Food Insecurity ◽  
Agricultural Practices ◽  
Rural Setting ◽  
Food Sources ◽  
Internal Factors ◽  
Current State ◽  
Home Gardening ◽  
Rural Settings ◽  
Security Levels ◽  
The Impact

This chapter considers VhaVenda indigenous knowledge about foods, its production, and its consumption as a way of exploring indigenous-based solutions to food insecurity. External and internal factors contributing to food insecurity are discussed, beginning with an overview of the current state of food insecurity globally and then locally. Subsequently, the chapter discusses the impact of the COVID-19 pandemic on food security levels in both urban and rural settings within a single population. Specific attention is given to the rural setting of Thohoyandou Venda, drawing attention to its challenges and solution-possibilities with particular focus on subsistence farming and home gardening as aspects in VhaVenda culture. Finally, the authors provide a catalogue of indigenous food sources and agricultural practices thereby exploring local knowledge as a possible mechanism to combat food insecurity in the contemporary period.

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.

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