{"id":14960,"date":"2021-03-20T14:00:15","date_gmt":"2021-03-20T12:00:15","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=14960"},"modified":"2021-03-25T12:43:57","modified_gmt":"2021-03-25T10:43:57","slug":"insurance-market-risk-management","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/insurance-market-risk-management\/","title":{"rendered":"Sukach O., Kozlovska S. Insurance Market Risk Management"},"content":{"rendered":"

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JEL Classification<\/strong>: H12; G 32; G 22; O16<\/em>.
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V25(2021)-22<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Sukach<\/strong> Olena<\/strong>, <\/strong>PhD in Economics Dean of the Faculty of Economics and Management Rauf Ablyazov East European University, Ukraine<\/p>\n

ORCID:<\/strong> 0000-0001-7150-0262<\/a><\/p>\n

Kozlovska<\/strong> Svitlana<\/strong>, <\/strong>PhD in Technical Sciences Head of the Department of Management and Administration Rauf Ablyazov East European University, Ukraine<\/p>\n

ORCID:<\/strong> 0000-0002-1754-1220<\/a><\/p>\n

 <\/p>\n

Insurance Market Risk Management<\/h2>\n

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Abstract. Introduction<\/strong>. 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. \u0420urpose. 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.<\/p>\n

Conclusions.<\/strong> 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.<\/p>\n

Keywords:<\/strong> risk; risk management; insurance; insurance market; insurer; government regulation; risk classification; risk management strategy.<\/p>\n

References:<\/strong><\/p>\n

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  1. Information on the state and development of the insurance market of Ukraine. Access mode URL: https:\/\/www.nfp.gov.ua\/ua\/Informatsiia-pro-stan-i-rozvytok-strakhovoho-rynku-Ukrainy.html [in Ukrainian]<\/li>\n
  2. White Book Future Regulation of Insurance Market (2020). \u041a.: NBU. Access mode URL: https:\/\/bank.gov.ua\/ua\/news\/all\/bila-kniga-maybutnye-regulyuvannya-rinku-strahuvannya [in Ukrainian]<\/li>\n
  3. Mack, T. (2008). Mathematics of risk insurance. M.: Olympus Business. 418. [in Russian]<\/li>\n
  4. On approval of the Requirements for the organization and functioning of the risk management system of the insurer: Order of the National Commission for State Regulation of Financial Services Markets dated 04.02.2014 # 295. Access mode URL: https:\/\/zakon.rada.gov.ua\/laws\/show\/z0344-14#Text [in Ukrainian]<\/li>\n
  5. Statistics of the insurance market of Ukraine. Access mode URL: https:\/\/forinsurer.com\/stat [in Ukrainian]<\/li>\n
  6. Sukach, O., Saran L. (2016). Insurance market of Ukraine: current realities and prospects. Visnyk Skhidnoievropejs’koho universytetu ekonomiky i menedzhmentu:<\/em>1, pp. 106-113. [in Ukrainian]<\/li>\n
  7. Braun, A., Schmeiser, H., Schreibe,r F.(2017). Portfolio Optimization Under Solvency II: Implicit Constraints Imposed by the Market Risk Standard Formula. The Journal of Risk and Insurance<\/em>. 84, is. 1, pp. 177\u2013207. [in English]<\/li>\n
  8. Dardanoni, V., Forcina, A., Donni, P. (2018). Testing for Asymmetric Information in Insurance Markets: A Multivariate Ordered Regression Approach. The Journal of Risk and Insurance: <\/em>85, is. 1, pp. 107\u2013125. [in English]<\/li>\n
  9. Eling, M. (2016). Systemic Risk in the Insurance Sector: A Review and Directions for Future Research. Risk Management and Insurance Review<\/em>: 19, # 2, pp. 249\u2013284. [in English]<\/li>\n
  10. Richtlinie 2009\/138 \/ eg des europ\u00e4ischen parlaments und des rates vom 25. November 2009 betreffend die Aufnahme und Aus\u00fcbung der Versicherungs- und der R\u00fcckversicherungst\u00e4tigkeit (Solvabilit\u00e4t II) (Neufassung). Access mode URL: https:\/\/eur-lex.europa.eu\/legalcontent\/DE\/TXT\/PDF\/?uri=CELEX072009L0138-20150331&qid=1430196758293&from=DE [in German]<\/li>\n
  11. Querner, I. (2017). Solvency II: Das erste Jahr der Anwendung. Gesamtverband der Deutschen Versicherungswirtschaft (GDV).<\/em> Access mode URL: https:\/\/www.gdv.de\/resource\/blob\/9604\/baeaffab9977ac11cf80f733bca02dde\/download-der-praesentation-zum-solvencyworkshop—1246836283-data.pdf [in English]<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 09 January 2021<\/p>\n

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    Sukach O., Kozlovska S. (2021). Insurance Market Risk Management . Modern Economics<\/em>, 25(2021), 142-147. DOI: https:\/\/doi.org\/10.31521\/modecon.V25(2021)-22.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: H12; G 32; G 22; O16. DOI: https:\/\/doi.org\/10.31521\/modecon.V25(2021)-22 [\/vc_column_text][vc_column_text] Sukach Olena, PhD in Economics Dean of the Faculty of Economics and Management Rauf Ablyazov East European University, Ukraine ORCID: 0000-0001-7150-0262 Kozlovska Svitlana, PhD in Technical Sciences Head of the Department of Management and Administration Rauf Ablyazov East European University, Ukraine ORCID: 0000-0002-1754-1220
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