scholarly journals LIFE INSURANCE AS A MEANS OF PERSONAL FINANCIAL MANAGEMENT IN THE CONDITIONS OF PANDEMIC

2021 ◽  
Author(s):  
Olena Steshenko ◽  
Nataliiy Shestakova
Keyword(s):  
Life Insurance ◽  
Financial Literacy ◽  
Financial Management ◽  
Social Protection ◽  
Private Insurance ◽  
Developed Countries ◽  
Social Needs ◽  
Insurance Market ◽  
Insurance Companies ◽  
The Social

The article considers the importance of implementing life insurance programmes both to meet the social needs of policyholders and for the economic development of the country. The main trends and issues of the balance of money incomes and expenditures of the population are singled out. The main problematic aspects of personal financial management are highlighted. The importance of the in-depth study of the peculiarities of the formation of the life insurance market as a means of managing personal finances in a pandemic is substantiated. The economic content of life insurance and the peculiarities of this type of insurance in the conditions of the pandemic are highlighted. There are studied the main definitions of the concept of “life insurance”, in particular as a type of personal insurance, as a sub-branch of insurance, in Ukrainian legislation and the works of leading Ukrainian and foreign scientists. The conclusion on the essence of the concept of “life insurance” is made. The emphasis is placed on the special relevance of the pandemic impact on the insurance market. The article proposes to identify the main and additional life risks. There is justified the importance of mixed life insurance in connection with the gradual deterioration of the demographic situation, the reduction of the working population and the increase in the number of retirees. The main problems and factors hindering the development of this area of insurance are analysed. The state of the life insurance market of economically developed countries of the world is determined. The analysis of the European countries revealed the main factors that affect the size of insurance premiums. The influence of population dynamics and structure, level of financial literacy, level of trust in public bodies and private insurance companies, level of social protection, personal financial consulting and other factors on the formation of the life insurance market is also analysed. It is determined that more detailed insurance services by categories of clients are needed to ensure their specialization according to the needs of each market segment. For the full functioning of life insurance in Ukraine, the necessary measures are proposed, the implementation of which, on the one hand, will give impetus to the development of both the stock market and the economy and on the other hand, increase the social security of citizens.

scholarly journals Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

2018 ◽  
Vol 7 (1) ◽  
pp. 17-42
Author(s):  
Milijana Novović Burić ◽  
Vladimir Kašćelan ◽  
Milivoje Radović ◽  
Ana Lalević Filipović
Keyword(s):  
Risk Management ◽  
Interest Rate ◽  
Life Insurance ◽  
Financial Management ◽  
Financial Stability ◽  
Interest Rate Risk ◽  
Economic Security ◽  
Insurance Market ◽  
Insurance Companies ◽  
Rate Risk

Abstract Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM), as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

scholarly journals Trends in Marketing of New Insurance Schemes and Distribution: An Empirical Study on Indian Life Insurance Sector

2015 ◽  
Vol 9 (2) ◽  
pp. 61-81
Author(s):  
Suman Kalyan Chaudhury ◽  
Sanjay Kanti Das
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Financial Stability ◽  
Free Market ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Current Status ◽  
Insurance Sector

Insurance has been an integral part of financial services system and recognised as a cornerstone of a country’s financial health and symbol of progress. Insurance provides for the financial security of citizens and their families. The present paper discusses the role of marketing in insurance distribution of life insurance sector in India as insurance offers a valuable investment advices and serves as an effective step towards both individual and national financial stability. The waves of globalisation have deeply influenced the insurance sector worldwide. Financial globalisation has been strongly supported by globalisation of insurance. With the increase in trade, direct investment and portfolio investment, there has been an ever growing demand for insurance services particularly in the emerging markets. Globalisation of insurance market, as a part of the overall process of liberalisation in emerging and other countries enabled the foreign insurance companies to enter in those countries and benefited both. Triggered by the sound fundamentals in global economy and internationalisation of world markets, several countries turned towards free market regimes in banking and insurance, putting an end to several decadeold state-owned controlled markets. There was a remarkable progress in the Indian insurance industry soon after the acceptance and adaptation of LPG in the year 1991. After 1991, the Indian life insurance industry has geared up in all respects, as well as it has been forced to face a lot of healthy competition from many national as well as international private insurance players. It is also reported by Swiss Re and Munich Re that there would be 20-25 percent growth in life and health insurance market by 2015, particularly in India and China. In this paper an effort is made to study the current status and challenges faced by the life insurance business houses in India.Journal of Business and Technology (Dhaka) Vol.9(2) 2014; 61-81

scholarly journals Performance of the Polish Insurance Sector in the Second Decade of the 21st Century

2020 ◽  
Vol 15 (3) ◽  
pp. 251-264
Author(s):  
Ryszard Stempel
Keyword(s):  
Financial Performance ◽  
Life Insurance ◽  
Penetration Rate ◽  
Private Insurance ◽  
Insurance Market ◽  
Financial Supervision ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Insurance Density ◽  
Statistical Yearbook

The study analyzes the performance of the Polish insurance sector between 2010 and 2019. The analysis was based on source materials from the Statistical Yearbook published by Statistics Poland (GUS), reports of the Polish Financial Supervision Authority (KNF) and the Polish Chamber of Insurance (PIU). The main indicators describing the performance of the insurance market, including its concentration, number of policies, market structure, competitiveness, consumer behavior, and the financial performance of insurance companies were identified and analyzed. The strengths and weaknesses of the Polish private insurance market in the last ten years were determined. The main weakness was a considerable decrease in the sale of life insurance (branch I) policies, which was manifested by a steady decrease in gross premium, a continued decline in insurance density and penetration rate, deteriorating financial performance, and a decrease in the number of branch I insurance companies. Considerably better results were reported in the non-life insurance segment (branch II), where gross earned premium continued to improve and increased by around 64% over the analyzed decade. The non-life sector was also characterized by a steady improvement in density (increase of PLN 436), penetration rate (increase of 0.07%) and financial performance (net technical result increased by PLN 4.2 billion, net profit increased by PLN 1.5 billion).

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 Review on Insurance and their Present Status in Nepalese Economy

2020 ◽  
Vol 23 (1) ◽  
pp. 239-252
Author(s):  
Nirdosh Khanal
Keyword(s):  
Life Insurance ◽  
Financial Distress ◽  
Private Insurance ◽  
Secondary Data ◽  
Peak Level ◽  
Time Lapse ◽  
Insurance Market ◽  
Insurance Companies ◽  
Livestock Sector

The study aims to overview the types of insurance operating in Nepal, product delivered by them and status of insurance market in Nepalese economic development. The paper is based on secondary data and literature reviews. Insurance can be acknowledged as tool that shares risk, offers financial protection, minimizes the financial distress and accelerates the pace of economic growth. Insurance encourages saving in the society and collects the scattered fund in term of premium and invest for maximization. Presently 40 insurance companies (19 life insurance, 20 non-life insurance and 1 reinsurance) are operating in Nepal providing diversified range of services. Recently agriculture insurance on crop and livestock sector and health insurance policy is being offered through many governmental and private insurance companies of Nepal. Insurance Board statistics of 2017 revealed total premium of 46.97 billion rupees and 2.03% contribution in total gross domestic product. We cannot deny the fact that insurance market of Nepal is witnessing major obstacles in terms of new product innovation, service issues related to consumers and time lapse of long-term policy. The study concludes that with little improvisation based on market research and consumer awareness can lead insurance companies & the concept to a peak level in Nepal.

scholarly journals Life insurance: features, present state and problems

2021 ◽  
Vol 11/2 (-) ◽  
pp. 29-33
Author(s):  
Oksana PONOMAROVA ◽  
Viktoriia SYNYPOSTOL ◽  
Alina SHTANKO
Keyword(s):  
Life Insurance ◽  
Social Protection ◽  
Insurance Market ◽  
Insurance Companies ◽  
Social Stability ◽  
Insurance Risk ◽  
Insurance Premiums ◽  
Financial Condition ◽  
Inhibiting Factors ◽  
General Insurance

The essence of life insurance, its features and advantages in comparison with other kinds of insurance is considered. Influence of changes of insurance payments on change of level of payments is analyzed and the interrelation between insurance premiums and insurance payments is found out. The forecast for 2021–2023 on insurance premiums and payments accordingly is constructed. In connection with this, the study of the life insurance market in Ukraine and the identification of the main problems of its development is currently quite relevant. Life insurance plays an important role in ensuring security and social stability in the country. Considering the economic essence of life insurance, it should be noted its feature, which is a combination of properties of insurance protection and savings. In this regard, in the general insurance market of the country, its structural segment has specific features in defining the basic concepts of insurance risk and insured event. Yes, insurance risk is based on the unpredictability of the event. The brake on the development of the life insurance market in Ukraine is that the capitalization and financial condition of the vast majority of insurance companies is unsatisfactory and does not ensure their competitiveness even in the domestic market. The limited amount and imperfect structure of financial savings of most insurers prevent them from becoming an effective institution of social protection and investment in the Ukrainian economy. Among the inhibiting factors should also be noted the limited investment activities of insurers. It is defined the basic problems that hinder the development of life insurance in Ukraine.

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 A STUDY ON PREFERENCE OF POLICYHOLDERS ABOUT PUBLIC AND PRIVATE LIFE INSURANCE COMPANIES IN TIRUNELVELI DISTRICT

2018 ◽  
Vol 6 (4) ◽  
pp. 105-110
Author(s):  
I. Meenakshi
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Marketing Strategies ◽  
Private Life ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Public And Private ◽  
New Policies

There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. The Life Insurance Corporation of India (LIC) is the largest life insurance company in India and also the country's largest investor. More and more new private insurance companies are coming up year after year. And, these new and private life insurance companies adopt aggressive marketing strategies to introduce their products and to tap the potential policyholders. It is witnessed that new policies like ULIPs are introduced by these new private life insurance companies. It is in this concept this study has been undertaken to assess and analyze the preference of policyholders towards insurance services offered by public and private life insurance companies in Tirunelveli district.

scholarly journals ASSESSMENT OF THE FINANCIAL PROVISION OF SOCIAL PROTECTION ОF PERSONS WITH DISABILITIES IN UKRAINE

2021 ◽  
Author(s):  
Sergiy Kandiba ◽  
Natalia Safonik
Keyword(s):  
Social Services ◽  
Social Protection ◽  
Social Trust ◽  
Well Being ◽  
Social Needs ◽  
Civil Society Organizations ◽  
Gender Mainstreaming ◽  
Insurance Fund ◽  
Persons With Disabilities ◽  
The Social

The article analyses the main sources of financial provision for the social protection of persons with disabilities in Ukraine, including their own resources, budget resources at all levels and resources of enterprises of all forms of ownership; social trust funds, funds of charitable and social organizations and other sources. It is justified that socially oriented objects of expenditure are growing and account for a significant share in the structure of expenditure of the state budget. An analysis of the expenditure of local budgets on the social protection of persons with disabilities showed that expenditure in this area has been increasing since 2015, owing to the reform of decentralization. An evaluation of the activities of civil society organizations of persons with disabilities showed a decrease in the number of persons with disabilities who are employed and in the proportion of expenditures allocated to the social needs of persons with disabilities. Measures to improve the social protection and welfare of persons with disabilities in Ukraine are also financed from social welfare funds. Analysis of the provision of medical and social services by the Social Insurance Fund of Ukraine shows an increase in the number of persons with disabilities as a result of an industrial accident and an increase in the cost of medical and social services. It has been established that financial provision for the social protection of persons with disabilities from charitable organizations is provided in most cases in the form of targeted charitable assistance. The structure of the recipients of charitable assistance by category showed that the proportion of people with special needs among the recipients of charitable assistance was about 10 per cent. On the basis of the study, a number of problems affecting the well-being of persons with disabilities have been identified. Priorities have been set for the development of financial provision for the social protection of persons with disabilities. These include improving the targeting of social assistance, development of locally funded social protection programs, enhancing the social and labour integration of persons with disabilities, gender mainstreaming in the financial provision of social protection for persons with disabilities.

scholarly journals Economic component in the field of livestock as a factor of formation of sustainable development in the context of rural areas

2020 ◽  
pp. 91-99
Author(s):  
V. Moskalenko ◽  
V.P. Kolosha
Keyword(s):  
Sustainable Development ◽  
Rural Areas ◽  
Social Situation ◽  
Developed Countries ◽  
Environmental Problems ◽  
Social Needs ◽  
Livestock Sector ◽  
The Social ◽  
Definition Of ◽  
Constituent Elements

The article deals with the problems of the influence of the livestock sector on the formation of sustainable development of rural areas. It is emphasized that currently global problems have formed in the world, namely: differentiation in living standards between developed countries and ‘third world’ countries, significant differentiation of income levels among most countries, environmental pollution, limited and reduced easily accessible natural resources, degradation of agricultural lands. Today, the principles of sustainable development are recognized as strategic directions for the development of the sector by the world’s leading countries. In the process of research, dialectical methods of cognition of processes and phenomena, monographic method (analysis of views on the concept of sustainable development), abstract-logical (theoretical generalizations and formulation of conclusions) were used. The article addresses the problems of the influence of the livestock sector on the formation of sustainable development of rural areas. A brief overview of approaches and principles for the interpretation of the concept of ‘sustainable development’ was conducted. It is noted that the current situation in rural areas is critical in terms of, first of all, social and environmental problems. The livestock sector should become one of the elements of their solution. It is noted that its development allows not only to diversify production, but also to improve the social situation and solve certain environmental problems. The authors give their own definition of rural development as a development that provides an increase in the level and quality of life of rural residents with the provision of their social needs and the ability to pass on the natural biodiversity of the respective areas to future generations. It is emphasized that this definition combines economic, social and environmental development.The key principles of the state policy in development of rural territories on the principles of susta­inable development with allocation of its constituent elements are formulated. Measures for sustainable development of rural areas through the support of the livestock sector as one of the components of agricultural production are proposed. It is noted that intensive production is possible today, provided that the optimal ratio of the structure of land use and the presence of the livestock sector in the structure of production is maintained.

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