Trends in the functioning of the Ukrainian insurance services market

Немає доступних мініатюр
Дата
2022
Автори
Prokopchuk Olena
Nepochatenko Olena
Malyovany Mykhailo
Ulyanich Yuliya
Bilan Yuriy
Назва журналу
ISSN журналу
Назва тома
Видавець
LLC “Consulting Publishing Company “Business Perspectives”
Інструкція
The Ukrainian market of insurance services is at the stage of formation and development in the absence of a clearly defined model for further functioning. The purpose of the paper is to analyze the trends in the functioning of the Ukrainian insurance services market in the period of 2010–2021. The results of the study reveal the general trends in the functioning of the Ukrainian insurance services market in terms of transformational features of the market composition (a significant reduction in the number of insurers – by 2.5 times), concluded insurance contracts (a significant increase by 3.5 times), market concentration (moderately concentrated), the level of insurance penetration (the average value was 1.64%). Considerable attention is paid to the interpretation of the main indicators of market activity and their dynamics, in particular, in terms of insurance premiums and payments (the level of insurance payments was 32.2%), assets of insurers (increase by 1.5 times), formed insurance reserves (a noticeable increase by 3 times), digital transformation (in terms of internetization, individualization, digitalization). The study made it possible to form promising vectors for the development of the Ukrainian insurance services market based on the model of social responsibility of participants in the insurance process with clear digitalization outlines and the formation of insurance relations based on innovative approaches.
Опис
There is a number of problems, in particular, of a financial, economic, political and social nature, which collectively affect the development of the Ukrainian financial market. The market of insurance services occupies an important place in the system of financial mechanisms for protecting the public from adverse events and phenomena. It is also an important component of the state’s economic infrastructure. Indicators of development of the insurance services market provide an opportunity to outline the current key trends, the main financial processes and promising vectors for the development of the state’s economy as a whole. In fact, the development of the latter is a barometer for the development of the country’s economy.
Ключові слова
Бібліографічний опис
Prokopchuk, O., Nepochatenko, O., Malyovany M., Ulyanich, Yu. and Bilan, Yu. (2022). Trends in the functioning of the Ukrainian insurance services market. Insurance Markets and Companies, 13(1), 47-65. doi:10.21511/ins.13(1).2022.05. (Scopus)