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 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 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 Insurance Market Risk Management

2021 ◽  
Vol 25 (1) ◽  
pp. 142-147
Author(s):  
Olena Sukach ◽  
◽  
Svitlana Kozlovska ◽  
Keyword(s):  
Risk Management ◽  
Financial Stability ◽  
Government Regulation ◽  
Integrated Approach ◽  
Reference Points ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Number Of Factors ◽  
Wide Range

Abstract. Introduction. The modern insurance market is characterized by a negative trend of reduction of companies-participants of the market. This situation is associated with a number of factors: crisis phenomena in the economy, a decrease in solvent demand, increased risks, growth of unprofitability of the insurance sector, regulatory work of the state. Рurpose. The main purpose of the study is to analyze the domestic insurance market, to identify modern methods and approaches to risk management in the market. The research methodology is based on modern provisions of statistical and economic analysis, empirical research, as well as methods of expert assessments. Results. The article reveals the risks of insurers taking into account the specifics of their manifestation, as well as the specific features of risk management of insurance companies. The problems of managing risks that affect financial stability in insurance companies in modern conditions are examined in the article. A classification of insurance risks and their impact on insurance companies are prepared. It is shown that today a wide range of techniques for estimating the insurance risks exist. The reference points that should be included in the system of risk management of the insurance organization at the present stage are determined. Conclusions. According to the results of the study, a decrease in insurance companies operating in the market, a decrease in premiums and total assets was noted. The expediency of building an optimal risk management system that affects the financial stability of the insurance business has been determined. The application of an integrated approach to risk management of insurance companies has been substantiated. Keywords: risk; risk management; insurance; insurance market; insurer; government regulation; risk classification; risk management strategy.

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.

Efficiency of investment activities of insurance companies in the framework of state investment policy

2020 ◽  
pp. 67-74
Author(s):  
A. Kolobov
Keyword(s):  
State Regulation ◽  
Investment Policy ◽  
Insurance Companies ◽  
Investment Activity ◽  
Insurance Sector ◽  
State Investment

The article defines the essence of the investment activities of insurance companies. The peculiarities of the investment activity of insurance companies. Substantiates the basic problems of investment activity of insurance companies and offered possible solutions. The contribution of the insurance sector in the formation of investment resources. Directions of perfection of state regulation of investment activity of insurance companies in Russia.

scholarly journals COMPARATIVE ANALYSIS OF INSURANCE IN UKRAINE

2020 ◽  
Vol 1 (4(106)) ◽  
pp. 102-109
Author(s):  
І. В. Ліченко
Keyword(s):  
European Union ◽  
Comparative Analysis ◽  
Consumer Demand ◽  
System Development ◽  
Well Being ◽  
State Regulation ◽  
Insurance Market ◽  
Insurance Companies ◽  
The European Union ◽  
Insurance System

The relevance of the article is that bringing Ukrainian legislation in line with the insurance legislation of the European Union is one of the priority areas in the economy of Ukraine. The process of adaptation is a complex process given the large volume of regulations. The analysis of the comparative insurance process is the initial stage for determining the methods for implementing the norms of international cooperation at the domestic level. Insurance during the crisis (covid-19) and other negative political and economic events, the decline in the material well-being of the population has created a problem of significant reduction in consumer demand for insurance services. The problem of supporting consumer demand and the competitiveness of insurance companies is especially relevant today. The article provides a comparative comparative analysis of Ukrainian insurance legislation, the purpose of which is to identify regulatory relationships based on a comparison of national legislation and international regulations of one or different historical periods. It is concluded that significant differences in the parameters and proportions of the domestic market in accordance with the standards of the European insurance market indicate that on the path to European integration our country faces complex long-term challenges for the development of the domestic insurance system. In the EU there are unified methods and forms of state regulation of insurance activities, which are established by the relevant directives of the European Union on insurance. In this regard, the strategic perspective of Ukraine's insurance system development should be based on European standards, in particular, it is necessary to improve the work of the regulator, the legal framework, life insurance and health insurance, accident compensation limits, etc. Therefore, in order to create a proper basis for further development of the insurance market, increase its reliability, the regulatory framework should be based on clear, understandable and modern principles that will ensure proper performance of the functions assigned to them by insurers.

scholarly journals Improving state regulation of the insurance services market

2020 ◽  
Vol 45 (2) ◽  
pp. 99-107
Author(s):  
Olha Klymenko
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
State Regulation ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Regulation System ◽  
Positive Trend ◽  
The European Union ◽  
Insurance Premiums

An urgent task in the field of public administration of non-banking financial services markets is to improve the regulation of the insurance market. On the example of the insurance services market, the problems of the functioning of the financial market regulation system are highlighted. Suggestions for its improvement are presented to increase the competitiveness of these markets. The development of the Ukrainian insurance market after 2015 to the present has a positive trend, which indicates the effectiveness and managerial ability of the state regulation system. The indicators of the state of the insurance market of Ukraine in comparison with similar indicators of such markets in the countries of the European Union are considered. The dynamics of concentration of the insurance market of Ukraine over the past 15 years has been analyzed. The main trends in the development of competition in this financial sphere have been identified. The necessity of state regulation of the concentration of the insurance market is substantiated. Views on the methodology and tools used in the study of the concentration and competitiveness of the insurance market are presented. Suggestions for improving the methods are given. It is shown that from 2012 to 2019 the Herfindahl - Hirschman index for risky types of insurance and for the insurance market as a whole has been increasing. It is established that according to the gradation of financial market concentration levels using the Herfindahl - Hirschman index, the insurance market of Ukraine corresponds to the degree of low concentration. According to the value of the Herfindahl - Hirschman indicator, the concentration of the life insurance market during 2003 – 2019, with the exception of 2015, is moderate. But the total share of gross insurance premiums collected by the three largest insurance companies in 2017 – 2019 exceeded 50 % of all gross insurance premiums. According to the Ukrainian law, such a market is considered a monopoly. It is shown that when analyzing the state and development of the insurance market of Ukraine, it is advisable to supplement the values of the Herfindahl - Hirschman index with corrective coefficients that take into account regional characteristics of the market, types of insurance, additional indicators of its functioning efficiency. Measures are proposed to accelerate the development of the insurance market of Ukraine by improving its regulation system.

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.

Life Insurance Potential in India: An Economic Approach

2002 ◽  
Vol 6 (2) ◽  
pp. 11-18
Author(s):  
Ashok Thampy ◽  
S. Sitharamu
Keyword(s):  
Life Insurance ◽  
Business Strategy ◽  
Insurance Coverage ◽  
Insurance Companies ◽  
Public Confidence ◽  
Insurance Sector ◽  
The People ◽  
Building Activities ◽  
The Government ◽  
The Individual

The market for life insurance in India has evolved in the context of the specific socio-economic and political environment that existed over the years. Prior to nationalisation, although the insurance business had grown considerably, it remained an essentially urban phenomena. This limited spread of life insurance was also marked by many malpractices, deficiencies and frequent liquidation of insurance companies, shaking public confidence in purchasing insurance. The objectives of nationalisation were to spread insurance coverage, to provide a stable environment thus increasing the confidence of the people in insurance, and to harness the resources generated for nation building activities as determined by the government. The purpose of this paper is to estimate the size of the individual life insurance market that exists in India. In this study, we have not provided an estimate of the potential for group life insurance. It is hoped that these estimates will help to plan the business strategy and set goals in the life insurance sector.

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