{"id":17290,"date":"2022-04-20T22:28:03","date_gmt":"2022-04-20T19:28:03","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=17290"},"modified":"2022-05-12T21:46:07","modified_gmt":"2022-05-12T18:46:07","slug":"trends-in-the-insurance-market","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/trends-in-the-insurance-market\/","title":{"rendered":"Allahverdiyeva I. Trends in the Development of the Insurance Market of Ukraine in the Conditions of Transformational Changes"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification<\/strong>: G22
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V31(2022)-18<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Allahverdiyeva Iryna, <\/strong>PhD student, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-5924-2387<\/a>
\ne-mail: <\/strong>irinaallahvrd2022@gmail.com<\/a><\/p>\n

Trends in the Development of the Insurance Market of Ukraine in the Conditions of Transformational Changes<\/strong><\/h2>\n

 <\/p>\n

Abstract. Introduction<\/strong>. In modern conditions, the result of globalization processes are rapid changes in the world economic system, in particular in its financial sphere, which cause not only positive but also negative consequences. Therefore, there is an objective need to deepen research on the functioning and identify promising areas of insurance market development. After all, in the process of their activity, insurance companies ensure the formation of effective market mechanisms for attracting investment resources into the national economy.<\/p>\n

Purpose. <\/strong>The purpose of the study is to study the main trends in the insurance market of Ukraine in modern conditions of transformational change and globalization processes and substantiation of promising areas to increase its efficiency.<\/p>\n

Results.<\/strong> It is established that the main destructive factors that hinder the development of the insurance market of Ukraine include: reducing the level of solvency and liquidity; lack of a clear business model; unfounded approaches in financial risk management; uncertainty of the strategy and program of formation of financial security of the insurance market as a component of security of the non-banking financial sector and others. During 2011-2021, there is a clear trend to reduce the number of insurance companies. At the same time, the level of insurance penetration and concentration of the insurance market of Ukraine in premiums is much lower than similar world and European countries. Insurance companies belong to high-risk financial institutions. Therefore, the obligatory structural elements of the strategy of strengthening the financial security of the insurance market of Ukraine are substantiated. In addition, the principles of financial risk management in the financial security system of the insurance market are presented. It is established that in order to increase the competitiveness of insurance companies it is necessary to first adapt their business models to digital requirements, modernize major technology platforms, expand analytical capabilities of databases, improve interaction with all members of the insurance ecosystem.<\/p>\n

Conclusions.<\/strong> Modern dynamic conditions of globalization and a number of destructive factors necessitate the development of a strategy for the formation of financial security of the insurance market of Ukraine, as well as the justification of rational approaches to managing financial risks of insurance companies. It is established that the reorientation of the insurance market to digital technologies is a defining requirement of the transformational world. The period of implementation of digitalization processes causes insurers to move from outdated sales channels of insurance products to find new ways to communicate with customers, develop innovative approaches to the insurance business. We are convinced that the simultaneous development of internetization, individualization and digitalization will provide a synergistic effect in the process of digitalization of the insurance market of Ukraine and bringing it to a qualitatively new level of development in the conditions of transformational changes.<\/p>\n

Keywords:<\/strong> insurance market; globalization; transformational changes; financial risks; digitalization of insurance.<\/p>\n

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

    \n
  1. Fischuk, V. V. (2018). Ukraine 2030E is a country with a developed digital economy. Ukrains’kyj instytut majbutn’oho<\/em>. Retrieved from https:\/\/strategy.uifuture.org\/kraina-z-rozvinutoyu-cifrovoyu-konomikoyu.html#6-2-2 [in Ukr.]<\/li>\n
  2. Forinsurer (2022). Official web-site.<\/em> Retrieved from https:\/\/forinsurer.com\/theme\/77 [in Ukr.]<\/li>\n
  3. Global insurance market in 2021-2022. Results and forecasts of development. Retrieved from https:\/\/forinsurer.com\/news\/21\/07\/14\/40018 [in Ukr.]<\/li>\n
  4. Insurance in the digital age (2021). Atlas Magazine<\/em>. Retrieved from https:\/\/www.atlas-mag.net\/en\/article\/digitalization-and-insurance-the-importance-of-assurtech-and-startups [in ]<\/li>\n
  5. Insurance Top (2021). Journal of Insurance and <\/em>Insurtech<\/em>. Retrieved from https:\/\/forinsurer.com\/files\/file00715.pdf [in Ukr.]<\/li>\n
  6. Motor (transport) insurance bureau of Ukraine (2021). Official web-site<\/em>. Retrieved from http:\/\/www.mtsbu.ua\/ua\/ [in Ukr.]<\/li>\n
  7. National Bank of Ukraine (2021). Official web-site<\/em>. Retrieved from http:\/\/www.nbu.gov.ua [in Ukr.]<\/li>\n
  8. National Commission for State Regulation of Financial Services Markets (2017). About the statement of Amendments to the Situation on features of the conclusion of contracts of obligatory insurance of civil liability of owners of land vehicles (Order No. 3631, August 31). Retrieved from https:\/\/zakon.rada.gov.ua\/laws\/show\/z1197-17#Text [in Ukrainian].<\/li>\n
  9. Podra, O. & Petryshyn, N. Ya (2020). Peculiarities of development of the domestic insurance market and directions of intensification of insurance activity in the conditions of formation of digital economy. Efektyvna ekonomika<\/em>, 5. doi: 10.32702\/2307-2105-2020.5.76.<\/li>\n
  10. Poltorak, A. & Korol, I. (2018). Financial risk management as a strategic direction for improving the level of economic security of Ukraine. Baltic Journal of Economic Studies.<\/em> 4, 1, 235-241 [in English].<\/li>\n
  11. Poltorak, A. S., Mel’nyk, O. I. & Baryshevs’ka, I. V. (2021). Financial security of the insurance market of Ukraine. Modern Economics<\/em>, 28, 119-126. doi: https:\/\/doi.org\/10.31521\/modecon.V28(2021)-17.<\/li>\n
  12. Results of insurance companies for 2020. Retrieved from https:\/\/www.nfp.gov.ua\/files\/OgliadRinkiv\/SK\/2020_rik\/sk_%202020.pdf. [in Ukr.]<\/li>\n
  13. Statistics of the insurance market of Ukraine (2021). Retrieved from https:\/\/forinsurer.com\/stat [in Ukrainian].<\/li>\n
  14. The Economist Intelligence Unit. Digital Adoption in the Insurance Sector from Ambition to Reality?. EIU. 2015. P.3. Insurance Market Outlook 2017\/2018 [in ]<\/li>\n
  15. White Paper \u00abFuture regulation of the insurance market in Ukraine\u00bb Retrieved from https:\/\/bank.gov.ua\/ua\/news\/all\/bila-kniga-maybutnye-regulyuvannya-rinku-strahuvannya [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 08 January 2022<\/p>\n

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    Allahverdiyeva I. (2022). Trends in the insurance market in the context of transformational change . Modern Economics, 31(2022), 135-. DOI: https:\/\/doi.org\/10.31521\/modecon.V31(2022)-18.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [vc_row][vc_column][vc_column_text] JEL Classification: G22 DOI: https:\/\/doi.org\/10.31521\/modecon.V31(2022)-18 [\/vc_column_text][vc_column_text]Allahverdiyeva Iryna, PhD student, Mykolayiv National Agrarian University, Mykolayiv, Ukraine ORCID ID: 0000-0001-5924-2387 e-mail: irinaallahvrd2022@gmail.com Trends in the Development of the Insurance Market of Ukraine in the Conditions of Transformational Changes   Abstract. Introduction. In modern conditions, the result of globalization processes are rapid changes in the world economic
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