Uman NUH | today: 10/15/2024
| Author(s) | Пономаренко О. В., , , | ||
|---|---|---|---|
| Category | Economics | ||
| year | 2023 | issue | Issue number 102. Part 2 |
| pages | 36-47 | index UDK | 368.013:138 | DOI | 10.32782/2415-8240-2023-102-2-36-47 (Link) |
| Abstract | Insurance culture can be considered as a key element of insurance market development, as it has a significant impact on insurance demand, insurance product development, determines public perception of insurance services, and thereby increases the capacity of the insurance market and ensures its successful functioning and development in ensuring financial stability and protection against risks. However, over time, there are changes in cultural values, behavioral norms and beliefs of the population that may affect the perception of insurance services. There are dynamic changes in technologies and forms of insurance, which can affect the way people, perceive insurance services. The study of transformational changes in insurance culture, namely the identification of key driving forces that lead to changes in the insurance industry and the understanding of how these changes affect insurance culture, is significant to the successful adaptation of the insurance market to new challenges. Although the global insurance industry has developed rapidly over the past three decades, the Ukrainian insurance market is still underdeveloped compared to the global insurance market in terms of penetration and density of insurance services. Insurance culture receives extremely little attention, is not talked about much, and is not considered a priority. Society, as a rule, does not possess even basic skills and competencies in insurance processes to form rational behavior in the insurance market. As a result, the society underestimates or completely ignores the benefits of risk insurance, does not understand the essence of insurance, does not trust and does not see the need to purchase insurance coverage. The article analyzes the cultural factors that influence the insurance market, summarizes the constituent elements of insurance culture and their use to achieve greater insurance security. The author identifies aspects of the insurance culture phenomenon, key factors influencing the transformation of insurance culture and their role in shaping insurance decisions. The cultural differences in relation to insurance and their impact on the level of insurance penetration in the global insurance market are investigated. Recommendations for insurance companies and regulators to take into account cultural factors in insurance market development strategies are developed. | ||
| Key words | insurance, insurance market, insurance culture, transformation, behaviorism | ||