Insurance Market in Ukraine and Europe: Current Parallels
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Date
2019
Journal Title
Journal ISSN
Volume Title
Publisher
Granada, Spain
Abstract
The article presents the results of the comparative analysis of insurance market development in
Ukraine and Europe on the basis of its quantitative characteristics (in the context of the number of
insurance companies, size of insurance premium and insurance payment) and macroeconomic
indicators (indexes of insurance penetration and density, the level of insurance payments).The current
state of above-mentioned insurance markets in general and in the context of their segmentation (life
insurance and non-life insurance) was estimated. It has been determined that the European insurance
market is characterized by a high level of organization and efficiency and differs considerably in its
structure from the Ukrainian one.The results of the research enabled us to detect the number of
problems in the development of Ukrainian insurance market and to determine the key ones among
them: formation of imbalanced structure of the insurance portfolio of some insurance companies that
lead to the disproportions in the development of different types of insurance; low level of insurance
payments and the problem of moral responsibility of insurance companies; distrust of the population
in insurance companies and low interest in insurance products; insufficiency of reliable and liquid
financial tools to implement the investment activity of insurance companies
Description
Keywords
insurance, insurance market, development trends, Ukraine, Europe
Citation
Olena PROKOPCHUK, Mykhaylo MALYOVANYI, Nataliia BONDARENKO, Lesia BARABASH and Svitlana VLASYUK. Insurance Market in Ukraine and Europe: Current Parallels. Vision 2020: Sustainable Economic Development and Application of Innovation Management / Proceedings of the 33rd International Business Information Management Association Conference (IBIMA), 10-11 April 2019 Granada, Spainр. 969–979