Abstract
This paper summarizes the arguments and counterarguments within the scientific discussion on the key indicators of the insurance market. The research’s primary purpose is to conduct a comprehensive analysis of the main indicators of the insurance market of Western Europe with the visualization of the results. Insurance markets are adapting to a single trade regime in insurance services. It is formed under the influence of national and regional economic development strategies. The experience of integration in the insurance markets of the European Union shows that not all countries benefit equally from integration processes. The relevance of the decision of this scientific problem is caused by сomparative analysis of the share of European countries in the world market by volume insurance premiums. It showed a broad scope, reflecting the high-level asymmetries in the development of the insurance market, as the most developed to less developed countries of Europe. Investigation of the topic of theoretical principles of insurance in the paper is carried out in the following logical sequence: selection of input indicators; analysis of the dynamics and structure of indicators of the insurance market of Western Europe; research of insurance market indicators using correlation and regression analysis; visualization of the results. The research methods’ methodological tools were basic descriptive statistics, correlation, and regression analysis. The period of research is 2009-2019. Given the results obtained, we can say that the dynamics of change in the studied indicators are abrupt. Some indicators have a clear trend to change, in particular, the share of life insurance. Given the structural analysis, the following results were obtained. The largest share of the country’s insurance market share among OECD countries is observed in the following countries: Germany and France. The Czech Republic and Latvia occupy the smallest share in this indicator. Correlation-regression analysis shows an increase in the total number of insurance premiums (fees for the insurance company’s services) shows an increase in the general interest of the population in insurance services, which will contribute to the growth of all areas of insurance.
Highlights
With the intensification of globalization, there is a need for cooperation between countries to increase the resilience of national financial systems
Insurance markets are adapting to a single trade regime in insurance services, which is formed under the influence of national and regional economic development strategies
To conduct a structural analysis, we examine the share of the country's insurance market among OECD countries and the volume of insurance premiums to the total population in Western Europe
Summary
With the intensification of globalization, there is a need for cooperation between countries to increase the resilience of national financial systems. Regulatory oversight is being strengthened, and new reporting requirements are being formulated, forcing insurers to reconsider how they manage performance.The work aims to conduct a comprehensive analysis of the leading indicators of the insurance market of Western Europe with the visualization of the results. To achieve this goal it is necessary to solve the following tasks: to form tasks and the insurance market array indicators of Western Europe; to analyze the dynamics and structure of indicators; to study the indicators using correlation and regression analysis; to visualize the results of the analysis
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