Development Of Insurance Market Research Articles

Towards economic growth in Sub-Saharan Africa: is there a synergy between insurance market development and ICT diffusion?

ABSTRACT This study contributes to the literature by investigating the intervening role of information and communication technology (ICT) diffusion on insurance and economic growth in Sub-Saharan Africa (SSA). This study uses the generalized method of moments technique based on 36 countries, spanning 2007–2020. First, the empirical findings reveal that insurance penetration (i.e. total, life and nonlife) and ICT diffusion induce economic growth in SSA. Second, the evidence suggests that ICT boosts the role of insurance in affecting economic growth. Third, the individual ICT variables such as fixed broadband, telephone and internet propel the impact of total and life penetration on growth. Additionally, fixed broadband was remarkable in enhancing the effect of nonlife penetration on growth. The findings imply that though insurance enhances economic growth, its impact is more revealing through the intervening role of ICT infrastructure. Therefore, insurers must embrace technology and leverage ICT development to improve their performance on growth.

Problems and Prospects of Social Insurance in India

The fair transfer of the risk of loss from one entity to another in exchange for a payment, known as a premium, is what is meant by insurance (NCAER). A type of risk management called insurance is used to protect or hedge against the possibility of an unforeseen and contingent loss. In the economy, the insurance industry serves as a risk manager, investment activity booster, financial market stabilizer, mobilizer of funds, and financial middleman. According to the Financial Stability Forum, insurance services are categorized into three major categories: social insurance, non-social insurance and reinsurance. The social insurance sector helps in providing risk cover, investment and tax planning for individuals; the non-social insurance industry provides a risk cover for assets. Under reinsurance, developing countries often find themselves in the position of being buyers of reinsurance (UNCTAD 2007). The development of the social insurance market is playing an increasingly substantial role within the insurance industry due to the existence of insurance-growth relationship with the increased share of the insurance sector in the financial sector (Beck and Webb, 2003). Social insurance is civilization’s partial solution to the problems that caused by death; which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of breadwinner. In short, social insurance is concerned with two hazards that stand across the life-path of every person: firstly, that of dying prematurely is leaving a dependent family to fend for itself, and secondly, that of living till old age without visible means of supports (LIC, website). A well-developed social insurance sector is a boon for economic development as it provides long term funds for infrastructure development at the same time strengthening the risk taking ability of a country. Social insurers are custodians and managers of substantial investments of individuals; and policy holders need to be confident that their insurer will be able to meet its promised liabilities in the event that claims are made under a policy Regulatory authorities therefore seek to ensure that the financial soundness and performance of social insurance companies is in sound condition. Insurance is a big opportunity in a country like India with a large population and 2 untapped potential. In this current scenario of growing customer base, one of the principal concerns underlying the regulation of the insurance companies is the need to protect the interest of and secure fair treatment to policyholders (Charumathi, 2011) The risk absorption role of insurers promotes financial stability in the financial markets and provides a “sense of peace” to economic entities. The business world without insurance is unsustainable since risky business may not have the capacity to retain all kinds of risks in this ever changing and uncertain global economy (Ahmed et al., 2010). Insurance companies’ ability to continue to cover risk in the economy hinges on their capacity to create profit or value for their shareholders. The economic significance and recently increasing importance of the insurance industry for financial stability requires for adoption of risk-based supervisions of its undertakings. The Insurance Regulatory and Development Authority (IRDA), the regulatory body of the Indian insurance industry, has therefore intensified its supervision, on-site examinations and off-site surveillances. All of these regulatory measures are to ensure that the financial performance of insurance companies is in sound condition. Insurers’ financial performance is influenced by both internal and external factors. Whereas internal factors focus on an insurer’s-specific characteristics, the external factors concern both industry features and macroeconomic variables. The performance of insurance companies can also be appraised at the micro, meso and macro levels of the economy. The micro level refers to how firm-specific factors such as size, capital, efficiency, age, and ownership structure affect financial performance. The meso and macro levels refer to the influence of support-institutions and macroeconomic factors respectively. At the micro level, profit is the essential pre-requisite for the survival, growth and competitiveness of insurance firms and the cheapest source of funds (Buyinza et al., 2010). Without profits no insurer can attract outside capital to meet its set objectives in this ever changing and competitive globalized environment.

Financial Capacity of Insurance Companies as a Factor of Stable Development of the Ukrainian Insurance Market

Abstract The relevance of the article is based on an in-depth study of the financial potential of insurers and its impact on the insurance market, which provides valuable information for the stakeholders of the insurance industry. Therefore, this study aims to determine approaches to revealing the essence of the financial capacity of insurers, based on the scientific tools of financial science. The leading approach to the study of this problem is the analysis of the dynamics of liabilities (raised and borrowed funds) and equity capital of insurers and the relationship between them, which enables a comprehensive look at the impact of these indicators on the development of insurance market and internal and external factors that have both an objective and subjective impact on the financial capacity of insurers and the insurance market. The article defines the stages and methodology of assessing the financial condition of insurers. In particular, the normative method, the comparative method, the static method, the formallogical method, the economic-mathematical method, the method of analysis and synthesis became the leading research methods. These assessment methods are crucial for the timely determination of the current state of financial capacity and its potential. Using a multivariate correlation-regression model, the authors demonstrate the importance of various components of financial capacity. The presented results will be useful to various stakeholders in the insurance industry as they provide a deeper understanding of their financial strength, including the dynamics of liabilities, equity and leveraged funds. First of all, it was established that financial resources are the basis of financial capacity. Secondly, the definition of the insurance company’s financial resources as a source and component of the company’s functioning is formulated. Thirdly, it is shown that the insurer’s financial capacity is logically dependent on its investment capacity, which is determined by the amount of financial resources. It was also determined that financial capacity is a dynamic quantity and is manifested only in the process of its use and ideally should be accompanied by its growth. Among them, it was proved that the main components that significantly affect the formation of the financial potential of insurers and the growth of the insurance market of Ukraine are insurance reserves and authorized capital. These conclusions can easily become the basis for the formation of further state insurance policy, which will be followed through legislative reforms, increased competition in the insurance market and will result in an increase in the level of trust among the population.

Effects of social relations on family’s participation in commercial insurance—based on the perspective of strong and weak relations

ABSTRACT Social relations, as a form of informal insurance system, exert both a promotional and a substitution effect on household participation in commercial insurance market. This study, rooted in social relation theory, categorizes social relations into strong and weak relations. Through establishing a social network model, we demonstrate the opposing effects of strong and weak relations on commercial insurance participation. By utilizing the data from the CHFS in 2015, we identify these contrasting influences and their mechanisms. It has been found that social relations can significantly enhance the likelihood and extent of household’s participation in commercial insurance. Strong relations exert a substitution effect on household commercial insurance participation, while weak relations have a promotional effect. Strong relations enable household risk sharing through the mechanism of social reciprocity, consequently significantly reducing the household’s demand for commercial insurance. Meanwhile, weak relations significantly increase household commercial insurance participation through information dissemination and peer effect mechanisms. This research provides a fresh perspective on how emerging economies and developing countriese can properly handle the relationship between traditional culture and modern market systems, thereby promoting the development of the commercial insurance market.

The impact of the systemic competitiveness of the economies of the Visegrad Group countries on the development of their non-life insurance markets in 2004–2020

The aim of the article is to assess the impact of selected factors of systemic competitiveness of the Visegrad Group economies on the development of their non-life insurance markets in 2004–2020. The study analyzes the literature on the subject, as well as the methods of descriptive statistics and econometric analysis, for the needs of which synthetic indicators of the development of non-life insurance markets of the analyzed countries were constructed. Based on the conducted research, it was found that Poland’s position within the Visegrad Group in terms of the development of the non-life insurance market was leading, despite the fact that the Czech Republic was characterized by the highest level of systemic competitiveness. Moreover, there were similarities between the markets of both countries. They were shaped in a positive, statistically significant way by the same components of systemic competitiveness (property rights and freedom of the labor market). The next places were taken by the Hungarian and Slovak markets. Keywords

Insurance market development trends in medium-term documents of the Bank of Russia

Insurance market development trends in medium-term documents of the Bank of Russia

The Necessity and Feasibility of Usage-Based Insurance for New Energy Vehicles in China

Aims: With the continuous development and growth of China's new energy automobile market, new automobile owners desire exclusive auto insurance. However, most insurance companies use traditional automobile commercial auto insurance to cover them. Under this pricing model, there is little overall difference in premiums, regardless of whether the driver's driving behavior is good or not. This paper wants to implement usage-based insurance (UBI) in China because it can add more auxiliary pricing factors, adjust according to the driver's driving behavior changes, and make auto insurance pricing more scientific and fair.
 Study Design: This paper employs the literature review and market research methods to analyze the current product supply and consumer demand in the Chinese auto insurance market. Firstly, introduce the current situation of the development of the new energy automobile insurance market in China and its problems. Then, discuss the necessity and feasibility of developing UBI auto insurance for new energy vehicles in China. Finally, based on the reality of China's new energy vehicle UBI auto insurance gives some programs.
 Conclusion: This paper finds that from the perspective of insurance companies, consumers, and the social level, UBI auto insurance for new energy automobiles is necessary, and it is also the direction of future auto insurance reform and development. Subsequently, combined with China's current relevant policies and technologies, it is concluded that the development of UBI auto insurance for new energy vehicles in China is feasible.

Can insurance ensure economic growth in an emerging economy? Fresh evidence from a non-linear ARDL approach

PurposeThis study aims to explore the nexus between insurance penetration and economic development in Vietnam, one of the fastest-growing economies over the past two decades.Design/methodology/approachThis study uses an updated data set of the insurance sector in Vietnam from 1996 to 2020. The autoregressive lagging distribution and cointegrating non-linear autoregressive lagging distribution (NARDL) models are used to explore the nexus between the insurance market development and economic growth.FindingsThis study confirms the unidirectional causality and positive impacts of insurance market development on economic growth both in the short and long term, supporting the “supply-leading” hypothesis. Nonlife insurance has more significant but slower impacts on contributing to economic development in the long run. From the NARDL approach, this study also discloses the asymmetric relationship between the insurance industry and economic growth. Aggregate and life insurance display short- and long-term asymmetric impacts, whereas nonlife insurance shows long-term asymmetry.Originality/valueTo the best of the authors’ knowledge, this is the first study to examine the hidden asymmetries of the insurance-growth nexus in Vietnam from non-linear models. Notwithstanding the theoretical contributions to the prior literature, several practical implications are proposed for insurance businesses, policymakers and investors.

Страхування життя як додаткове соціальне забезпечення

Introduction. Life insurance arises from the need for individuals to provide financial protection and security for themselves and their families. It can be used as a tool for accumulating financial resources and as a means of pension planning. Life insurance in Ukraine remains less developed compared to other European countries due to low confidence in insurance companies, a difficult economic situation in the country, and the lack of proper legislative regulation in this area of insurance. Problem Statement. The increasing proportion of elderly people, according to demographic projections, determines the corresponding requirements for reforming primarily the social security sphere, and life insurance could become one of the effective ways of supplemental social security. Purpose. To highlight the potentialities of using life insurance as supplemental social security. Methods. We used general scientific and special methods, i.e. analysis, synthesis, grouping, description, comparison, theoretical generalization, and abstract-logical methods. Results. It is emphasized that life insurance inherently aims at additional protection and support of the financial and social welfare of the population. It is noted that in most developed countries, life insurance is integrated into the social security system. It is proved that life insurance in Ukraine is not a mandatory part of the social security system, but is available on a voluntary basis through insurance companies. The number of insured citizens and life insurance contracts concluded by life insurers in Ukraine during the last 5 years has been analyzed. Research of the voluntary life insurance market in Ukraine has been conducted and an overview of the programs offered by insurance companies according to the classes of insurance has been made. Conclusions. Life insurance as an opportunity for supplemental social security has a significant potential in our country. However, the impact of some negative factors, in particular, military aggression, and an underdeveloped stock market hinders the development of the voluntary life insurance market and the possibility to expand the share of the insured population of our country. Taking into account statistics, which are aggravated by the military situation in the country, there is a need for clearly defined legislative conditions for the use of life insurance as a supplemental method of social security.

Problems of Development of the Agricultural Insurance Market in Ukraine

Insurance is an effective tool for reducing financial risks for agricultural producers. Agricultural insurance allows to ensure a stable income for producers regardless reduce the risk of financial losses in case of negative impact of natural factors. The article explores the issues of agricultural insurance in Ukraine and in foreign countries. The authors analyze various aspects of agricultural insurance, from ensuring the financial stability of farmers to supporting sustainable agricultural development. The purpose of the article is to analyze the current state of agricultural insurance in Ukraine and determine the prospects for its development, as well as to compare the experience of other countries with agricultural insurance. The main scientific results of the study are an analysis of the activities and services of Ukrainian insurance companies, a review of the state support program for agricultural insurance in Ukraine, and a comparison of foreign experience in agricultural insurance in countries such as Germany, the United States, Canada, Spain, and Poland. The article uses scientific methods of analysis, synthesis and generalization to study the theoretical and practical aspects of the problem of agricultural insurance in Ukraine and the world. An analysis of foreign experience in this area was also conducted. The article examines the concept of "agri-insurance". A detailed analysis of the activities and services of the Ukrainian insurance companies ASKA, Universalna, Persha Insurance, and UPSK is carried out, and it is concluded that agricultural products are most often insured in Ukraine, and less often machinery and animals. The foreign experience of agricultural insurance in Germany, the USA, Canada, Spain and Poland is studied, their differences are identified, and the goal is to ensure the financial stability of farmers and support sustainable agricultural development, although each country uses different mechanisms to support agricultural insurance. The program of state support for agricultural insurance, which is currently being implemented by the Ukrainian government, is considered. The draft order "On a standardized insurance product for insurance of winter grain crops with state support against agricultural insurance risks for the entire period of cultivation" is analyzed. The study identifies prospects for the development of the Ukrainian agricultural insurance market, including the development of the insurance market, expansion of insurance coverage, use of the latest technologies, and development of new insurance products. The study is original in nature, as the authors consider the issue of agricultural insurance in a comprehensive manner and draw attention to its importance for the sustainable development of agriculture. The results of the study can be applied in decision-making practice for the development of agricultural insurance in Ukraine.

АНАЛИЗ ПОКАЗАТЕЛЕЙ РАЗВИТИЯ ДОБРОВОЛЬНОГО МЕДИЦИНСКОГО СТРАХОВАНИЯ И ПРОГРАММ СТРАХОВАНИЯ ЛЕКАРСТВЕННОГО ОБЕСПЕЧЕНИЯ

The purpose of the study is to determine the direction of development of the voluntary medical insurance market and pharmaceutical insurance for the population of Russia. The materials of the study were the data of the statistical reporting form of insurers (reporting of the Bank of Russia); statistical indicators and information about individual subjects of the insurance business; the register of licenses issued to insurance companies, Insurance Rules, data on the population of the Federal State Statistics Service. The method of content analysis, the method of analysis of time series, methods of analysis, synthesis and generalization of information were used. It is revealed that the voluntary medical insurance market in 2022 is characterized by the following trends: a decrease in the volume of insurance premiums, a stable number of insurance contracts, the growth of the corporate segment, a decrease in the amount of payments, a decrease in the number of insurers working in the field of health insurance, high monopolization of the market. A significant increase in the share of corporate voluntary medical insurance shows not only the unwillingness and/or inability of individuals to purchase insurance policy, but also the alertness of insurance companies to this insurance sector in times of turbulence. The top 10 (by the amount of insurance premiums) companies operating in the field of voluntary medical insurance have been identified. Drug insurance in the form of a separate program is offered by 6 companies from the top 10 offer a separate drug insurance program; all 6 companies apply a franchise, the level of which ranges from 10% to 100%; 2 companies include the provision of biologically active additives and medical products, 1 company offers the provision of specialized nutrition products. The basic tariff rates for drug insurance programs are significantly higher than those for medical care insurance.

A target model for the Russian insurance market development: Customer-centric transformation and best practices of foreign countries

Subject. This article examines the indicators of the Russian insurance market and the key problems of its functioning. Objectives. The article aims to analyze the indicators of the Russian insurance market for 2005–2022, identify the key problems of its functioning, build a target model of market development based on the practices of foreign insurance markets, develop a set of recommendations to solve the identified problems and assess the potential effectiveness of the proposed measures by forecasting and modeling market performance indicators in the long term as a result of the implementation of the developed recommendations. Methods. For the study, I used a content analysis, correlation and regression analysis, and the expert assessment method. Results. The article finds that the key problems of the Russian insurance market functioning are due to the high level of its operating costs, which is largely a consequence of the dependence of the insurance market on the banking sector. The article proposes certain measures, including legislative reforms aimed at strengthening regulation in the field of consumer protection and regulation of types of insurance, as well as a number of measures for implementation at the level of insurance companies. The article also presents the author-developed forecasting models regarding the transformation of the market by 2027. Conclusions. To improve the efficiency of the Russian insurance market, it is necessary to implement a set of measures for its customer-centric transformation, taking into account the best practices of foreign insurance markets.

Differentiation factors of levels of regional insurance market development in Russian conditions

Subject. The article investigates causes of interregional disproportions in the level of insurance market development in modern Russian conditions. Objectives. The aim is to review the effect of economic, social, demographic, and geographical factors on the development of insurance in current realities. Methods. The study employs the regression analysis of panel data to estimate the effect of factors determining the differentiation of the levels of regional insurance markets development. Insurance premiums per capita and the ratio of insurance premiums to gross regional product in the context of various types of insurance serve as explained variables. Results. The most favorable conditions for insurance development are formed in the largest urban agglomerations with high population density, primarily, Moscow and St. Petersburg. The main driver for regional insurance markets development in Russia is the development of the banking system, which stimulates demand for insurance services from borrowers and expands channels for the sale of other insurance products. An increase in the level of education of the population is accompanied by higher risk appetite, and does not lead to increased demand for insurance services. Stable relationship between crime rate and the level of insurance market development is not revealed, which is consistent with results obtained for Eastern Europe. Conclusions. Increasing the role of insurance in the system of economic growth factors requires implementation of measures to improve the financial and insurance literacy of Russian citizens, and additional tax incentives for policyholders' expenses for insurance protection of life and property.

Air pollution, residents’ concern and commercial health insurance’s sustainable development

As Chinese residents are increasingly concerned about environmental and health issues, the importance of commercial health insurance has come to the fore. Therefore, it is necessary to study the relationship and mechanism between air pollution and commercial health insurance. This paper empirically analyzes the impact and mechanism of air pollution on the sustainable development of Chinese commercial health insurance. The analysis is conducted using the IV-probit and IV-tobit models with thermal inversion as the instrumental variable for air pollution, with Chinese households as the study population and 2018 as the study period. The results show that PM2.5 concentration has a positive and significant effect on both household participation in commercial health insurance and the level of participation, and that residents’ concern is an important channel linking air pollution and commercial health insurance, where pollution reporting plays a negative transmission role, protective behaviors play a positive transmission role, and healthy depreciation plays a positive transmission role. The results of this study contribute to the comprehensive development of China’s social security system and the sustainable development of the commercial health insurance market.

THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE

The need to ensure the state's financial security in the conditions of the growing number of global challenges, risks, dangers and threats as a prerequisite for restoring and preserving the stability of the national economic system was substantiated. The purpose of the article is to assess the impact of the insurance market and key indicators of its development on the level of Ukrainian financial security in order to determine the priority areas of its provision. The dependence of the state financial security level on a set of factors that have a close connection and mutual influence was studied. War is a massive structural shock to the Ukrainian economy since the total losses of the Ukrainian economy because of war, according to the general estimates of the Ministry of Economy and KSE, considering both direct losses and indirect losses (decrease in GDP, cessation of investment, the outflow of labour, additional spending on defence and social support, etc.) range from $564 billion to $600 billion. It was established that the growing number of negative security factors determine the impact of the insurance market on the financial, economic and social stability of society because an effectively functioning insurance market enables minimizing threats to individuals, society and the state as a whole. The mutual influence of the insurance market on the state's financial security is studied, which is manifested in the possibility of maintaining financial stability and stimulating economic development at the macro level through the accumulation of a significant amount of investment resources. The study of methodological and practical aspects of the impact of the insurance market on the state's financial security in the context of global hybrid threats was updated. The identification and assessment of the impact of threats associated with the state and trends in the insurance market of Ukraine were carried out using an indicator approach based on the Guidelines for assessing the Ukrainian economic security level. The limitation of the range of indicators used in it to assess the impact of insurance development on the level of financial security is proved. It is proposed to expand the list of indicators of the development of the insurance market, taking into account international experience. On the basis of correlation and regression analysis, the most significant factors of financial security in the field of insurance were identified. The results obtained can be used to substantiate the priorities for the insurance market development in the formation of the concept of Ukrainian financial security.

РИСКИ МОНОПОЛИЗАЦИИ РЫНКА СТРАХОВАНИЯ ОПАСНЫХ ПРОИЗВОДСТВЕННЫХ ОБЪЕКТОВ В РОССИИ

The article considers the main trends in the development of the compulsory insurance market for hazardous production facilities in Russia. An analysis of the reduction in the number of participants in the insurance market was carried out, the reasons for the voluntary surrender of a license for this by insurers were identified. The main changes that are planned in 2023 due to changes in legislation on mandatory insurance of hazardous production facilities are analyzed. The main possibilities of policyholders in connection with changes in insurance amounts and payment limits are considered. Assumptions are made about the prospects for the development of this insurance market in connection with legislative changes. Separately, the stability of the indicators of insurance fees, the number of contracts concluded and the amount of insurance payments for this type of insurance as one of the reasons for monopolization in this area are considered.

INSURANCE COMPANIES AS PRODUCERS OF INVESTMENT FINANCIAL SERVICES

Introduction. Insurance companies are among the largest investors in countries with developed insurance markets. At the same time, it is legitimate to consider them as institutional investors. In today's conditions, foreign insurance companies demonstrate the intensification of life insurance, which, in turn, determines the need to improve existing insurance products and/or introduce non-traditional products, which include investment life insurance. The latter are a popular instrument in the market of insurance and investment services, primarily due to the combination of such features as insurance protection and profitability. The successful operation of life-insurers in a constantly dynamic and competitive environment is associated with their ability to quickly respond to the challenges of the external and internal environments, and not only to adapt to them, but also to use new circumstances for increasing the competitiveness and capitalization of the company, as well as preserving and expansion of own client base. The purpose of the article is to study the specifics of the activity of insurers as institutional investors, on the one hand, and their ability to produce investment financial services, in particular investment life-insurance services, to identify the attributes of the latter, differences from classical life insurance and outline the prospects for the development of investment-oriented life insurance on the domestic insurance market. Results. It is identified the features of the functioning of insurance companies as institutional investors. The definition of “investment potential of an insurance company” was defined and deepened. The specifics of investing insurance reserve funds and investment opportunities for non-life and life insurers are argued. Modern trends in the development of the life insurance market and, accordingly, the latest formats in the management of assets of life insurers have been revealed. The specifics of investment life insurance are clarified and its attributes are formulated. The differences between classic mixed life insurance and investment life insurance are systematized according to the following criteria: motivation for concluding the contract; placement of insurance premium; the principle of calculating insurance premiums; obligations of the insurer; the amount of the redemption amount; the possibility of receiving additional payments; the dynamics of increasing the premium reserve. Trends in the development of investment life insurance in Europe and on the Polish insurance market have been analyzed. Conclusions. Modernity requires the implementation of the latest approaches to the activities of insurance companies, in particular in the area of production of investment financial services, namely investment life insurance. Classical standards in life insurance are gradually being abandoned, which contributes to the dynamic development of insurance worldwide, which provides for the payment of insurance coverage depending on the dynamics of stock values. The need to develop investment life insurance on the domestic insurance market – a financial instrument that embodies both insurance protection and an accumulation opportunity with the help of investments – has been proven.

Functioning of the insurance market of Ukraine: new challenges and threats

The domestic insurance market can be described as a complex system of interconnections between insurance entities. Modern events give rise to new challenges and threats to the functioning and development of the insurance market of Ukraine. Therefore, despite the existence of a number of publications in the sphere of functioning of the insurance market, the study of this issue should be systematic, since the balanced operation of the insurance market has a significant impact on the entire economic system of the state as a whole. In the research process, the authors considered the interpretation of scientists and practitioners to determine the essence of the concept of «insurance market». The authors systematized the definition of scientists and formed scientific approaches. The insurance market category was also proposed. In order to understand the current state of the insurance market of Ukraine, statistics were analyzed, which best characterize the functioning of the market. The analysis showed that against the background of reducing the number of insurance companies, and fluctuations in the dynamics of gross insurance premiums and payments for the analyzed period, the insurers were able to increase assets and increase the volumes of the formed insurance reserves. Despite the crisis caused by the coronavirus pandemic, as well as the extreme conditions of martial law, the insurers were able to resist the challenges and continue to continue their activities. The level of insurance payments in the Ukrainian market is lower than the generally accepted world practice by more than 17%. This indicator indicates a low level of insurance culture in Ukraine. The structure of the insurance portfolio of the Ukrainian market is represented in general CICL, life insurance, continuous health insurance, accident insurance and property insurance. In recent years, the proportion of continuous health insurance has been constantly reduced due to low solvency as well as the emigration of the population abroad due to hostilities. One of the main indicators that illustrates the level of insurance market development, the level of insurance penetration is extremely low compared to countries such as the United States, Italy, France, the United Kingdom, and the Netherlands. Modern insurance products designed to protect against military risks are considered. The authors propose a few measures, the implementation of which will improve the functioning of the insurance market of Ukraine and increase its level of development.

Development of the Polish non-life insurance market and macroeconomic stabilization of the Polish economy in 2000-2020

The paper presents the results of research on the relationship between the deve-lopment of the Polish non-life insurance market and macroeconomic stability of the Polish economy in 2000-2020. The research was based on The Method of Zero Unitarization (construction of a synthetic indicator of the Polish non-life insurance market development), the Pentagon of Macroeconomic Stabilization and a cross-correlogram (study of the relationship between the two variables).

Insurance with telematics as an insurance market driver: regulation and prospects

Currently, the insurance market is actively using modern technologies, which allows companies to compete with each other and attract customers. However, the possibilities of introducing artificial intelligence and big data (AI and DB) into the regulated sphere, which is insurance, are usually limited compared to unregulated sectors. The purpose of the study is to substantiate the need and develop measures to regulate the use of AI in insurance, in general, and auto insurance, in particular, as well as to determine the prospects and risks of the spread of the use of AI technologies in insurance. The research used scientific works of domestic and foreign scientists in the field of AI and DB development in insurance, regulatory legal acts and program and strategic documents for the development of the Russian insurance market, as well as data generated by the authors on the basis of official statistical materials. For analytical data processing, the method of statistical analysis, the system-logical method, as well as such general scientific methods as induction, deduction and synthesis are used. The slowdown in the growth rate of the insurance market at the present time is due to both the tightening of the regulator’s requirements for the financial stability of insurers, and the lack of prospects for development, the complexity of the introduction of AI and DB in insurance. A competent state approach to regulating the activities of subjects in the topic under consideration entails a number of benefits and advantages, will allow to neutralize or reduce the influence of the identified constraining factors.