scholarly journals WORLD MARKET OF INSURANCE SERVICES IN THE CONDITIONS OF CHANGE THE PARADIGM OF GLOBAL ECONOMIC DEVELOPMENT

2017 ◽  
pp. 48-59
Author(s):  
Halyna KULYNA ◽  
Yaroslav FARION
Keyword(s):  
Rapid Development ◽  
Developed Countries ◽  
World Market ◽  
Cyber Attacks ◽  
Insurance Market ◽  
Insurance Companies ◽  
Global Changes ◽  
New Paradigm ◽  
Cyber Insurance ◽  
European Insurance

Introduction. Global changes in society and the rapid development of financial technologies identify major trends in the global insurance market. At the same time there are changes to the functioning of the global insurance market and the organization of insurance companies it according to the new paradigm of the economic community. Purpose. The aim of the research is to evaluate the trends of the global insurance market, identifying characteristics and problematic aspects of its operation in the changing paradigm of progress, to identify key priorities for further evolution in the regional dimension. Results. The features and problems outlined aspects of the global insurance market in terms of a paradigm shift. The estimation of trends in its evolution in terms of developed and developing countries. The basic innovations in insurance-related robotics market development and risks of cyber-attacks, information and digitalization society. The basic priorities of the further evolution of the global insurance market in regional terms. The ways of improvement principles Solvensy II, which will improve the efficiency of the European insurance market. Conclusion. For today for the world market of insurance services characteristic are next tendencies and range of problems of further advancement: acceleration of increase of volume of insurance bonuses, that get insurers from the risk types of insurance, life-insurance and reinsurance; activations of demand are on insurance services in countries that develop, especially in China, to South Korea and others like that; declines of cost of insurance products in the field of commercial insurance and strengthening of insurance interest in cyber-insurance and insurances of robots; consolidations of leading insurers are in a few highly developed countries.

scholarly journals ROADMAP FOR THE INTRODUCTION OF CYBER INSURANCE IN UKRAINE

2021 ◽  
pp. 217-226
Author(s):  
N.V. Prykaziuk ◽  
◽  
L.S. Gumenyuk ◽  
Keyword(s):  
Cyber Security ◽  
Customer Orientation ◽  
Cyber Attacks ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Cyber Insurance ◽  
Current State ◽  
Mechanism Of Interaction ◽  
Goals And Objectives

The article examines the process of implementing cyber insurance in the world and proposes a Roadmap for implementation in Ukraine. The key goals and objectives facing the insurance market of Ukraine and the regulator in order to achieve this goal are considered. Approximate deadlines for the necessary measures to prepare for the introduction of cyber insurance in the Ukrainian economy are outlined. The key features of regulations in the field of cyber security in the EU and Australia are highlighted and ways to adapt them in Ukraine are proposed. Promising means to increase the security of individuals and legal entities in the digital space on the example of the mechanism of interaction between insurers and expert organizations in Australia. The main vectors of cooperation between insurance companies and expert organizations in the field of cyber security in the Ukrainian and global insurance markets are listed. A system of interaction between the subjects of cyber-insurance relations with the positioning of the insured in the center of relations as a key participant in insurance has been developed, which proves the high customer orientation of this area of ​​insurance business. The current problems of the Ukrainian insurance market are substantiated and the ways of their solution through the mechanism of cyber insurance implementation are offered: modeling of the mechanism of estimation of losses from cyber attacks, monitoring of the current state of insurers, development of ways to minimize cyber incidents. The dynamics of cyber incidents in 2020 is analyzed and the correlation between the occurrence of global lockdowns caused by COVID-19 and the growth in the number of cyber attacks is revealed. Based on the analysis, it is proved that the introduction of cyber insurance in Ukraine is a necessary tool to protect all participants in insurance relations from cyber risks and for the development of the insurance market as a whole.

The cyber-insurance market in Norway

2019 ◽  
Vol 28 (1) ◽  
pp. 54-67 ◽  
Author(s):  
Hayretdin Bahşi ◽  
Ulrik Franke ◽  
Even Langfeldt Friberg
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Supply Side ◽  
Insurance Company ◽  
Marine Insurance ◽  
Structured Interviews ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Cyber Insurance ◽  
General Data

Purpose This paper aims to describe the cyber-insurance market in Norway but offers conclusions that are interesting to a wider audience. Design/methodology/approach The study is based on semi-structured interviews with supply-side actors: six general insurance companies, one marine insurance company and two insurance intermediaries. Findings The Norwegian cyber-insurance market supply-side has grown significantly in the past two years. The General Data Protection Regulation (GDPR) is found to have had a modest effect on the market so far but has been used by the supply-side as an icebreaker to discuss cyber-insurance with customers. The NIS Directive has had little or no impact on the Norwegian cyber-insurance market until now. Informants also indicate that Norway is still the least mature of the four Nordic markets. Practical implications Some policy lessons for different stakeholders are identified. Originality/value Empirical investigation of cyber-insurance is still rare, and the paper offers original insights on market composition and actor motivations, ambiguity of coverage, the NIS Directive and GDPR.

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 Insurance offer and the reason for the underdeveloped market in Serbia

2020 ◽  
Vol 8 (4) ◽  
pp. 51-59
Author(s):  
Milorad Pušara
Keyword(s):  
Risk Premium ◽  
Technology Development ◽  
Business Management ◽  
Developed Countries ◽  
World Market ◽  
Insurance Market ◽  
Insurance Risk ◽  
The World ◽  
The Developed Countries ◽  
Good Standard

This paper presents the current condition of the insurance market by creating an unpretentious review and pointing to the current deficiency of the insurance system in Serbia. It outlines some ideas that might solve certain issues and improve the current situation. Referred innovations that were introduced last year in the world market are very useful and can also serve as a good standard for joining the global insurance. Last but not least, the paper addresses the segment of insurance frauds as alarming incidences in need of attention. If we consider the "Basic Elements of Insurance", risk, premium, and indemnity, and if we follow the development of the insurance throughout the world, we recognize that technology development and reduced business costs imply greater risks, a growing range of new products, decreased premium, and stimulating increase of the Indemnity. This leads us to the conclusion that we must enter the race with the developed countries and accept the way of their business management by following the latest innovations in the insurance market in order to be competitive and competent.

scholarly journals INSTITUTIONAL COMPONENTS OF THE BRAND-ORIENTED ECONOMY

2021 ◽  
Vol 116 (3) ◽  
pp. 23-35
Author(s):  
OLEINIKOV Yurii ◽  
SYEROVA Liudmyla
Keyword(s):  
Rapid Development ◽  
Institutional Support ◽  
World Market ◽  
Production Equipment ◽  
State Regulation ◽  
The State ◽  
Insurance Companies ◽  
National Brand ◽  
Scientific Publications ◽  
Industrial Enterprises

Background. The development of the national brand correlates with the development of the country, its economic condition and political system, cultural and social development, the level of national security, geostrategic priorities, and integ­ration aspirations. The rapid development of Ukraine as a full-fledged partner of international economic relations is manifested in strengthening its position in the world market of goods and services, actualizing the development of the national brand. Analysis of recent research and publications has shown that despite the existence of some scientific achievements, an important scientific and practical problem of the institutional components of a brand-oriented economy remains unresolved. The purpose of the article is to explore the areas of institutional support for the formation of brand-oriented economy of Ukraine, as well as on their basis to propose management decisions for further formation of a comprehensive system of state incentives for brand-oriented industries. Materials and methods. The methods of scientific research were used: analysis, synthesis, comparison, grouping, generalization, statistical methods of estimation of dynamics and structure. The information base contains scientific publications of domestic scientists (monographs, scientific periodicals), regulations of Ukraine. Results. The analysis of directions of institutional support of formation of brand-oriented economy of Ukraine is carried out. Based on the results of this study, a set of proposals was developed, in particular: introduction of simplified customs procedures for import for own use of production equipment that is not manufactured in Ukraine; creation on a voluntary basis at the expense of enterprises of funds to support export production; introduction of preferential lending for brand-oriented industries; creation of a system of specialized insurance companies; providing real assistance to industrial enterprises to save jobs through partial unemployment benefits, simplifying the mechanism for obtaining it; regulatory and legal support for confirmation of the fact of force majeure during the COVID-19 pandemic; creation of a system of protection of intellectual property rights, etc. Conclusion. In the conditions of the whole complex of factors that determine the state and prospects of the domestic national brand, there is a need for urgent steps to further form a holistic system of measures of state stimulation of brand-oriented industries. This, on the one hand, will contribute to the effective overcoming of existing problems and obstacles in their financial and economic activities, on the other hand, will maximize the positive changes in the economy and foreign economic policy of Ukraine in the interests of national brand development. These provisions require further research on the mechanism of institutional support for the formation of a brand-oriented economy of Ukraine, which will determine the European and international mechanisms of state regulation of brand-oriented industries. The active position of the state in these issues, along with the effective use of existing competitive advantages in the policy of promoting brand-oriented production, will allow Ukraine to form a decent competitive national brand to ensure the balance of mutual interests in order to consistently strengthen Ukraine’s geoeconomic position.

scholarly journals Innovative Opportunities for Insurance Development in a New Financial Paradigm

2021 ◽  
Vol 93 ◽  
pp. 02016
Author(s):  
Mano Mgeryan ◽  
Gilyan Fedotova ◽  
Vyacheslav Borulko ◽  
Alexandr Kulakov ◽  
Yuliya Kapustina
Keyword(s):  
Regional Development ◽  
Insurance Market ◽  
Insurance Companies ◽  
New Paradigm ◽  
Current State ◽  
Insurance Development

This article examines and analyses innovative opportunities for insurance development in Russia. Thanks to innovative opportunities in a new paradigm, it is possible to move from traditional insurance products to new ones, which in turn will become the basis for regional development. Based on the analysis of the current state of the insurance market, the authors have concluded that insurance products/services need to be continuously improved, which will allow insurance companies to increase the flow of insured, to maximize the financial results of insurance companies.

scholarly journals Legal problems of insurance protection against cyber risks in space activities

2021 ◽  
pp. 268-276
Author(s):  
Nataliia Krasilich
Keyword(s):  
State Regulation ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Cyber Insurance ◽  
Insurance Contracts ◽  
Cyber Threats ◽  
Risk Insurance ◽  
Cyber Risk ◽  
Space Activities ◽  
Insured Event

General global trends in space activities are largely related to the need to protect space information technology from possible cyber threats. The issue of cybersecurity in space activities needs to be thoroughly studied and resolved, as the current state of space activities and existing mechanisms of international and state regulation do not provide a sufficient solution. Disruption of the process of receiving and exchanging information through space information systems can lead to significant consequences. The growing number of cyber threats is becoming more common and destructive. Therefore, the assessment of cyber vulnerabilities in space systems is an important task that must be addressed both at the stage of creation and development, and in the operation of such systems. This, in turn, requires the availability of tools to address the above tasks and qualified personnel. One of the legal ways to protect against the negative effects of cyber threats, including in the field of space activities, may be cyber risk insurance, as a financial and legal mechanism for compensation, loss of losses caused by cyber attacks. In Ukraine, cyber insurance is in its infancy and needs to develop innovative approaches to further development, taking into account the accumulated positive experience of foreign countries in this area. At the moment, insurance companies are only developing the practice of cyber risk insurance and such insurance contracts are isolated. In the current environment, as a rule, the issue of cyber risk insurance is included in comprehensive property insurance contracts, liability insurance, financial risks, which significantly limits the compensation of damages. The main difficulty in the process of indemnification under a cyber risk insurance contract is to record the fact of the insured event, the amount of damage and prove the causal link between the insured event and the claimed losses, as the amount of damage must not only be calculated but also documented. Space information technologies, which are increasingly penetrating economic and social processes, necessitate the development of a segment of cyber insurance in the field of space activities, which will provide adequate insurance protection and compensation for damages to the insured due to cyber incidents. Cyber risk insurance issues should be reflected in national legislation.

Development of the Insurance Market in Ukraine in the Context of Transformation Changes

2021 ◽  
Vol 26 (1) ◽  
pp. 185-189
Author(s):  
Nataliia Shyshpanova ◽  
◽  
Olena Bodnar ◽  
Keyword(s):  
Information Technologies ◽  
New Technologies ◽  
Digital Technologies ◽  
Developed Countries ◽  
Insurance Market ◽  
Insurance Companies ◽  
Change Models ◽  
Innovative Technologies ◽  
The Developed Countries ◽  
The Individual

Abstract. The article substantiates the feasibility of ensuring the development of the insurance market in Ukraine in the context of digital transformations. It has been determined that the latest digital technologies are penetrating deeper into the global insurance market, without bypassing any area of activity, but the volume of the insurance market in Ukraine is several times less than in the developed countries of the world. The indicated factors which restrain the development of the insurance market in Ukraine and characterized existing problems of the insurance market lead to low confidence in the companies of the sector and do not allow it to develop properly. It has been established that in modern conditions of digital transformations, insurance companies widely use innovative technologies that ensure the achievement of both short-term effects and long-term competitive advantages. The directions of digitalization of the insurance market in Ukraine have been characterized and it has been substantiated that the processes of digital transformation based on the development of information technologies of insurance companies contribute to increasing competitiveness. In order to improve the situation in the domestic insurance market and maintain competitive positions, insurance companies should actively use European and world experience, introduce and change models of insurance functioning, and intensively introduce innovative technologies in insurance activities. The use of new technologies and management models in practice will increase the efficiency of the provision of insurance services, require insurance companies to develop new insurance products, taking into account the individual wishes of customers, and will also contribute to expanding the scope of using insurance as a method of risk transfer in an integrated risk management system, as well as will ensure the creation of a unique competitive advantage for those insurance companies that are able to introduce innovative digital technologies in accordance with the individualized requests of customers

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