Trends in the functioning of the Ukrainian insurance services market
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Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
LLC “Consulting Publishing Company “Business Perspectives”
Abstract
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.
Description
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.
Keywords
Citation
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)