Uman NUH | today: 04/15/2024
| Author(s) |
Драган О. О., , , Ткаченко К. В. , , , Артімонова І. В., , , |
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|---|---|---|---|
| Category | Economics | ||
| year | 2023 | issue | Issue number 103. Part 2 |
| pages | 39-49 | index UDK | 368.89: 336.7 | DOI | 10.32782/2415-8240-2023-103-2-39-49 (Link) |
| Abstract | Introduction. The financial services market of Ukraine is undergoing multiple transformational changes, which determines the need to change approaches to risk insurance. Ukraine faces challenges not only of the post-war restoration of the housing stock and property of business entities, infrastructure and economic activity, but also the restoration of activity on the financial services market in the context of the entry into force of the updated requirements of the current legislation. The purpose of the article is the research of risk insurance in the market of financial services based on the analysis of retrospective trends in the spread of risk insurance in the market of financial services and the justification of prospects in accordance with the innovations of the current legislation. Research methodology. General scientific methods of research are used: dialectical, analysis and synthesis, as well as statistical methods for analyzing the dynamics of indicators of the insurance market of Ukraine. Special attention is paid to the development of current and prospective legislation, since significant changes in the provision of financial services, including risk insurance for such services, are foreseen from January 2024. The results. In the financial services market of Ukraine, the following types of insurance are used in the long-term dynamics: credit insurance (including the borrower’s liability for loan default), investment insurance, financial risk insurance, insurance of issued guarantees (sureties) and accepted guarantees. An analysis of statistical data on risk insurance indicators on the financial services market in 2012–2022 was carried out. Provisions of legislative acts that will enter into force in 2024 were summarized (Law of Ukraine "On Insurance" dated 11/18/2021 No. 1909-IX, Law of Ukraine "On Financial Services and Financial Companies" dated 14.12.2021 No. 1953-IX) and developed a matrix of relationships between types of financial services (provision of funds and bank metals on credit, attraction of funds and bank metals subject to return, financial leasing, factoring, provision of guarantees, trading in currency values, financial payment services, financial services provided within the scope of professional activity on the capital markets) and insurance classes (class 14 – credit insurance, class 15 – surety insurance (guarantees), class 16 – insurance of other financial risks (except those defined by classes 14, 15). Conclusions. It was concluded that the potential of risk insurance in the market of financial (banking) services is underutilized and its decrease in the medium-term dynamics, as the number of insurance premiums, concluded insurance contracts and other indicators are decreasing. It is proposed to adapt the insurance products of insurance companies of Ukraine in accordance with the Law of Ukraine "On Insurance" dated 18.11.2021 No. 1909-IX, the Law of Ukraine "On Financial Services and Financial Companies" dated 14.12.2021 No. 1953-IX. This will contribute to achieving a synergistic effect for the financial services market. Because financial institutions (commercial banks, credit unions, pawnshops, leasing companies, factoring companies, companies providing services in the securities market), insurance companies, consumers of financial services, the state will receive additional financial and non-financial advantages | ||
| Key words | insurance, financial risks, financial services, financial services market. | ||