Vyshnevska Olga, Doctor of Economics, Professor, Dean of the Faculty of Accounting and Finance, Mykolayiv National Agrarian University, Mykolayiv

ORCID ID: 0000-0003-1996-4590
e-mail: olganykk@gmail.com

Insurance Development Priorities: Corporate Social Responsibility

Abstract. Introduction. The development of the insurance sector is related to the social needs and challenges of society and the global world. The practice of recent years proves that the field of insurance is changing the format of activity due to the expansion of the provision of personal and medical insurance services, taking into account the challenges of the pandemic.

Purpose. The purpose of the study is to assess the essence and priorities of the development of the insurance sector, taking into account the practice of effective interaction between participants, increasing the level of trust and the needs of individuals and society in the protection of interests. The main task of the research is to identify opportunities and priorities in the development of insurance activities on the basis of corporate social responsibility and focusing on the trust of insurance market participants.

Results. The author has researched the essence and priorities of the development of the field of insurance in view of global processes and phenomena, individual needs of the individual and obligations, health protection and risk bias. The significance of the development of corporate social responsibility in the insurance sector has been proven. The priority directions of the development of the insurance sector have been determined, taking into account international and European practices of interaction.

The relevance of spreading systemic approaches to corporate social responsibility in the field of insurance is determined. It is stipulated that increasing the level of trust in insurance activity will contribute to the dynamics of the insurance market development and the socio-economic development of the state, individual regions, spheres of activity, will expand the possibilities of attracting investors and the implementation of social projects.

Conclusions. The author states the need to use best practices in the field of insurance to ensure effective interaction between participants and increase the level of trust in the services of insurance companies. The priority of the value-oriented approach in the conduct of insurance activity was determined, taking into account the international practices of interaction between participants and society.

The author proved that the implementation of tasks in the field of insurance can be supplemented by effective interaction between participants, which will contribute to increasing the level of trust in view of the existing trends and the need for the socio-economic development of the state.

Keywords: adaptation; globalization; trust; corporate policy; partnership; social responsibility; socio-economic security; insurance; insurance services; insurance market.

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