Abstract
In the context of the crisis in Ukraine, it is important to increase the competitiveness of the insurance sector as a measure of its stability and dynamism under various scenarios of economic development. The purpose of this paper is to assess the competitiveness of the insurance sector and determine the impact on its level of factors caused by economic crises. Using the method of integrated analysis, the index of competitiveness of the insurance industry is built, which considers the number of businesses, employment, sales, capital investment in the industry, insurance sector performance, share of profitable enterprises, and profitability of the insurance sector in Ukraine for 2012–2020. The results showed that the impact of the 2014–2015 crisis due to endogenous factors, namely political instability in the country and the devaluation of the hryvnia, led to a significant reduction in the competitiveness index of the insurance sector. At the same time, during the pandemic, the insurance sector is stabilized, as evidenced by the growth of sales and the share of profitable enterprises, as well as increasing profitability of insurance activities. The competitiveness index did not change significantly during the pandemic. To analyze the dependence of the integrated indicator of the competitiveness of the insurance sector on economic fluctuations during the crisis, regression equations are constructed. It is proved that the greatest impact on the competitiveness index of the insurance sector in times of crisis is exerted by changes in employment and the amount of capital investment.
Highlights
The insurance sector as an integral part of the financial market is a kind of financial stabilizer of market relations, which creates the basis for sustainable economic growth and provides compensation for disasters, catastrophes and other unforeseen events that adversely affect the welfare of the population, businesses and states.In recent years, Ukraine’s insurance industry has reached a certain level of competitiveness and is represented by leading transnational insurance groups from Austria, Belgium, Britain, Israel, the Netherlands, Germany, Poland, Russia, Slovenia, USA, France, Sweden, but has not yet become a factor in national stability of economics (Ruda, 2020)
The results showed that the impact of the 2014–2015 crisis due to endogenous factors, namely political instability in the country and the devaluation of the hryvnia, led to a significant reduction in the competitiveness index of the insurance sector
It is proved that the greatest impact on the competitiveness index of the insurance sector in times of crisis is exerted by changes in employment and the amount of capital investment
Summary
Ukraine’s insurance industry has reached a certain level of competitiveness and is represented by leading transnational insurance groups from Austria, Belgium, Britain, Israel, the Netherlands, Germany, Poland, Russia, Slovenia, USA, France, Sweden, but has not yet become a factor in national stability of economics (Ruda, 2020). The reason for this is the difficult political situation and the crisis in the economy, which reduces the level of competitiveness and financial stability of sectors of the national economy. This necessitates a study of the competitiveness of Ukraine’s insurance sector to find competitive advantages and increase its level
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
