Uman NUH | today: 12/22/2024
| Author(s) | Prokopchuk O.T., Candidate of Economics, , Uman National University of Horticulture, Ukraine | ||
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| Category | Economics | ||
| year | 2019 | issue | Issue 94. Part 2 |
| pages | 69-85 | index UDK | 368 (477) | DOI | 10.31395/2415-8240-2019-94-2-69-85 (Link) |
| Abstract | A key component of the economic is the country's financial security, an important element of which is the financial security of the insurance market. The article assesses the level of financial security of the Ukrainian insurance services market, which is determined by a number of indicators - indicators and their comparison with thresholds, as well as the features of the functioning of the analyzed market as a whole, and in terms of its industry classification (long-term insurance - life insurance and general (risk) types of insurance). The conducted research and the conclusions drawn on the results of the obtained results provide an opportunity to state that the domestic insurance market is characterized by low level of development and low level of insurance companies' financial resources to fulfill their obligations, in particular, in the context of long-term insurance types, as well as their effective functioning. The study of the main indicators of the financial safety of the insurance market showed a general decline in market activity during 2007-2017, which was accompanied by a significant volatility of the processes that took place on it, which in turn complicates the forecasting of the future market situation. The calculations of the level of financial security of the insurance market in accordance with the «Methodology for calculating the level of economic security of Ukraine» provide an opportunity to assess the overall situation that has developed in the Ukrainian insurance market. According to the obtained values in the context of the relevant indicators, the level of financial security of the Ukrainian insurance market can be characterized as close to the dangerous with a tendency for its growth. In addition, it should be noted that none of the calculated indicators of the financial security of the insurance market of Ukraine does not reach the size of the threshold values. Investigation of the Ukrainian insurance market in terms of its industry classification has allowed us to conclude that the domination of the general-risk types of long-term insurance, which is completely opposite to international practice. According to the results of the study, there is a significant predominance of insurance premiums for general risk insurance, their share on average for the period under study was about 92%, for life insurance – 8%, respectively. At the same time, the practice of using life insurance as an instrument for the formation of savings for individuals, including for the accumulation of retirement benefits (the share of gross insurance premiums for life insurance in the total amount of gross insurance premiums is about 60% on average over the period under investigation), is common to all European countries. | ||
| Key words | insurance services market, economic security, financial security, financial security of the insurance market, key indicators of insurance activity, financial security indicators | ||