Insurance Market Research Articles

Development of Islamic Insurance (Takaful) in Bangladesh: Legal Barriers and Challenges

This study delves into the concept of Takaful, an Islamic insurance model, and its legal framework, focusing on its role and potential within the insurance market of Bangladesh. It examines the challenges and opportunities posed by Takaful, considering its alignment with Islamic principles and its growth compared to conventional insurance systems involving ribā (interest) and ghrār (uncertainty), which raises concerns about Islamic law. The traditional system of insurance's concerns over compatibility with Islamic law has paved the way for Takaful, an alternative insurance model rooted in Islamic finance principles. Given Bangladesh's Muslim-majority population and substantial market for Islamic banking, understanding and enhancing the Takaful industry's potential is crucial. This study addresses the need for an ethical and Sharia-compliant insurance solution while contributing to the broader discourse on Islamic finance. The primary objective of this study is to assess the significance of Takaful in the context of the Bangladeshi insurance market. It aims to evaluate Takaful's alignment with Islamic principles, its market growth, and its legal framework. By identifying challenges and opportunities, the study seeks to provide recommendations for policymakers and insurance practitioners to promote Takaful effectively in Bangladesh. This study employs a mixed-methods approach. The research assesses Takaful's market share, growth trajectory, and comparison with conventional insurance products. In addition, qualitative analysis is used to identify legal and commercial challenges hindering Takaful's growth. Recommendations are formulated based on the research findings, aiming to enhance Takaful's role through policy adjustments within the Insurance Act 2010 and addressing challenges related to Islamic commercial law. By scrutinizing the significance of Takaful in the specific context of Bangladesh's insurance market, this study provides valuable insights to stakeholders, guiding the growth and development of the Takaful industry while respecting Islamic principles and ethical considerations.

Fractal analysis of the medical insurance market: Theoretical and practical aspects

The latest experience obviously reflects that social-economic systems increasingly demonstrate an unforecastable behaviour. Financial markets are characterised by extremely guick change and crisis phenomena. Use of traditional modelling methods (in particular, the effective market hypothesis) provides no opportunity to obtain efficient forecasts about state and development of financial markets. One of promising methods in researching and modelling financial markets is the fractal analysis. Various natural and social phenomena posess fractality properties, namely there are similar structures on different scales. Generality of the fractal analysis methods allows their applying to study systems of any nature – from physical to economic and social ones. Fractality attributes of time series provide its dynamics pre-forecast and assess the time series predictability. The fractal analysis consists in establishing the extent of time series similarity to the fractal ones and defining a relation between the trend line and fractal dimension. The Hurst exponent assessment (persistence or anti-persistence of time series) predicts the further process development on the preliminary data basis. The fractal analysis efficiency during the unstable market periods is applicable for studying different social-economic systems (in particular, the Ukrainian medical insurance market). The research object is time series of gross insurance rewards on the Ukrainian medical insurance market. The research topic is the time series fractal analysis. The paper deals with peculiarities of the time series fractal analysis, the R/S analysis for time series of gross insurance rewards on the Ukrainian medical insurance market (via the MS Excel software). The Statistica 10.0.228.2 application generated the ARIMA model to predict dynamics of the gross insurance rewards on the Ukrainian medical insurance market. The obtained results may be used to conduct the R/S analysis of financial time series. In particular, that concerns those time series that describe the insurance market. Also, dynamics of the financial time series may be forecasted via these results as well.

FINANCIAL RISK MANAGEMENT SYSTEM

Through the rapid development of the insurance market in Uzbekistan, by the end of 2022, respectively, compared to 2018, the share of insurance services in the gross domestic product (GDP) will be 2.0; the volume of total insurance premiums is 3.3; total assets of insurance organizations 2.1; to increase the number of types of insurance services by 1.7 times” determination requires the strengthening of the role of the insurance market and the wide use of insurance tools. Accordingly, during the comprehensive classification of the content of the "financial risk" category and the systematic research of its theoretical, methodological and practical aspects, the study of the causes of its occurrence, as well as the research of activities aimed at eliminating or minimizing its consequences, is considered one of the urgent topics.

Farmers’ Satisfaction towards the Agriculture Insurance: A Case of Chitwan and Kaski Districts of Nepal

Purpose: Subsidy based agriculture insurance schemes is flagship insurance program of Nepal which was started in Nepal one decade before. This paper aims to identify the factors influencing the satisfaction of agriculture insurance policyholders.
 Design/Methodology/Approach: Primary data were collected in Bharatpur and Pokhara metropolis of Nepal using structured questionnaire among 400 agriculture insurance policyholders who have already received claims or whose claim was in settlement process or whose claim was rejected by the insurer. Sample was selected using purposive and cluster sampling methods. Data were analysed through Mean, ANOVA, Wilk's Lamda and MANOVA tools.
 Findings: Age, landholding size, self-reported perception of insurance companies' service quality, and agriculture insurance types are insignificant while location of respondents, education level, food sufficiency of family, size of the farming, and respondents' assets are significant factors for policyholders' satisfaction towards the agriculture insurance. Timely settlement of claims increases the level of satisfaction. Nepal Insurance Authority and the Ministry of Agriculture Development need to review the existing directives to improve the agriculture insurance program. Insurance companies are suggested to offer prompt and quality services to policyholders and carry out educational campaign to increase customer awareness.
 Originality/Value: The study identified pertinent variables significant and indifference to farmers' satisfaction towards agriculture insurance. It also digs out the role of financial and nonfinancial aspects of insurance services. The study opens the door for further research on similar issues to enhance the existing body of knowledge.
 Implications: The demand for agriculture insurance is not increased significantly even large amount of subsidy in premium was provided. Present study may be useful to insurance companies, agents, regulators, the Ministry of Agriculture Development, researchers, and practitioners. The study can be used as a reference by managers of insurers to formulate the future strategies to enhance the agriculture insurance market.

The relevance of financial analysis in performance assessment: the case of an Algerian insurance company

Insurance companies are in a special position because of their ability to assess and mitigate the risks faced by their customers. They are susceptible to a series of uncertainties, given their role in protecting individuals, professionals, and businesses. By providing comprehensive coverage and assistance in the event of unforeseen events such as natural disasters, accidents, or loss of life, insurance companies play a vital role in providing financial assistance and mitigating the adverse effects of such events. Insurance companies play a vital role in the economy by providing financial assistance and mitigating the negative effects of unforeseen events. Financial performance indicators, such as financial ratio analysis to measure the health of the insurance company, are essential tools for assessing the financial stability and growth potential of insurance companies. This study found that SAA, the leader of the Algerian insurance market, had good financial performance from 2019 to 2021. Evaluating the financial performance of an insurance company was the objective of this research, with a particular focus on the case of SAAs from 2019 to 2021 by performing an analysis using the ratio method. The case of this study focused on the preparation of financial statements and the presentation of financial performance indicators of SAA, which is the leader of the Algerian insurance market. The results reveal that SAA demonstrated good financial performance over the three-year study period.SAA’s financial analysis indicates that the company’s financial structure is solid. This research contributes to the field of financial analysis, highlighting the advantages of using financial ratios to assess the financial performance of insurance companies.

온라인 플랫폼의 보험상품 비교·추천 서비스에 대한 연구

The online insurance product comparison and recommendation service is a new sales method that changes from the existing face-to-face sales method of insurance agencies to an online service. In addition, large online platform companies such as Naver Pay, Kakao Pay, and Toss are also trying to enter new businesses. The online platformʼs entry into the insurance industry has advantages such as innovation in the insurance market due to increased competition, expansion of consumer accessibility and choice, and customer satisfaction through provision of customized services. On the other hand, there are disadvantages such as heated competition between platform companies and insurance companies, commission issues, financial alienation issues, and monopoly by a few dominant platforms. The main purpose of financial authorities introducing this service is to increase consumer convenience, so the service should be operated and regulated in a way that ensures maximum consumer interest and protection. In the case of the EU and UK, it is clarified that acts such as comparing insurance products and providing information using media such as the Internet correspond to “insurance sales” through “insurance Distribution Directive,” and non-insurance companies are required to register as insurance brokers to sell insurance. In addition, we regularly evaluate the impact of the spread of insurance price comparison sites on the insurance industry and continuously announce system improvement plans to correct problems occurring in the recruitment market. It is necessary for Korean financial authorities to identify problems with price comparison websites occurring in the UK and preemptively prepare guidelines or clear regulatory standards for compliance and prohibitions of comparative service providers. Lastly, it is necessary to carefully consider allowing Big Tech to enter the insurance industry after monitoring cases such as those in the UK and establishing regulations to offset risks to some extent.

Insurance Contracting with Adverse Selection and Moral Hazard

Most of the previous research in the asymmetric information problem treats adverse selection and moral hazard separately, though they may coexist and interact with each other. We build a principal-agent model to examine optimal contracts in a competitive insurance market facing adverse selection and moral hazard simultaneously. We apply the change-of-variable method and the Kuhn-Tucker conditions to solve the optimization programs. Our model yields richer separating Nash equilibria than pure moral hazard and pure adverse selection models, although separating Nash equilibria may not exist in some cases. It also retains some properties, for example, no full insurance and the positive correlation between insurance coverage and risk type, in those benchmark models. Our study on comparative statics indicates that, under some conditions and with some exceptions, the optimal indemnity and premium decrease with disutility from effort, increase with potential loss, and decrease with the initial wealth of the insured.

DIGITIZATION AS A FACTOR OF MTPL DEVELOPMENT

This article reveals the concept, essence and significance of compulsory motor third party liability insurance (MTPL). The topic of digitalization is touched upon as a factor in the development of compulsory motor liability insurance and the use of more advanced information technologies in order to simplify the process of carrying out work in insurance activities. The article highlights and describes the characteristic features of compulsory motor liability insurance in Russia and in foreign countries. The idea of introducing digitalization as a factor in the development of compulsory motor third party liability insurance in Russia is substantiated. The article discusses the methods of digitalization in the development of compulsory motor liability insurance, the scheme of its functioning, and also develops new ways of introducing digitalization as a factor in the development of compulsory motor liability insurance. The article also analyzes the features of the development of compulsory motor liability insurance in Russia, the size of insurance premiums and payments by type of insurance. The article substantiates the main problems of the development of digitalization in the auto insurance market (including compulsory motor liability insurance), which were identified in the process of studying scientific articles, information sources and educational literature. Activities are being developed that are aimed at increasing the interest of vehicle owners in complying with traffic rules and accident-free driving through the amount of the insurance premium, which is paid when concluding an MTPL insurance contract.

Health Insurance Claims Management Issues in Georgia

In the insurance market, the study of the adjustment of the amount requested by the medical organization is vital to ensure the stability of the industry and customer satisfaction. The research aims to analyze the adjustment process in the insurance market and to study the factors affecting the effective management of losses. According to research, the cost of the work performed by the medical institution is adjusted according to three main criteria: reimbursement, deadlines and discount. During adjustment, the following problems are identified: failure to consider the terms of the contract, neglect of its clauses, provision of disorderly documentation, and demand for compensation in an unscrupulous manner. The largest share of adjustments comes from hospitals, followed by pharmaceutical companies, outpatient clinics, and finally dental clinics. Although human health is important for medical organizations and insurance companies, their main goal is to increase revenues and make the right distribution for future purposes. It is important that insurance companies and medical institutions integrate software to eliminate problems, which will reduce deadlines, the risk of providing unnecessary services and other factors that cause adjustments.

The Life and Non-Life Insurance Market in the European Union

The article discussed on the situation of the life and non-life insurance market in the European Union as seen at the end of 2022. The market analysis was based on data derived from the European Insurance and Occupational Pensions Authority (EIOPA) and the Organization for Economic Cooperation and Development (OECD) and included such factors as the number of insurers, the division into life insurance and non-life insurance, and the key market indicators (written premium, density and penetration rates, and concentration index). The collected data shows the life and non-life insurance market in 27 European Union Member States. The largest number of insurers is in the French, German and Luxembourg markets, the smallest in the Slovak, Estonian, Lithuanian and Latvian markets. It was noted that the more insurers sell insurance in a country, the lower the concentration ratio. Germany and France had the largest share of the global business insurance market in 2022 from EU countries. Overall, EU residents in 2022 spent more on life insurance (€652.2 billion) compared to non-life insurance (€495.2 billion). Residents of EU countries spend most of their life insurance money on index-linked and unit-linked insurance and insurance with profit participation. The largest share of EU residents’ non-life insurance spending is in: Fire and other damage to property insurance, Motor vehicle liability insurance and Other motor insurance. Just as these countries differ significantly in economic terms, they also do so from the life and non-life insurance market standpoint.

Impact of the COVID-19 pandemic on selected indicators in the Slovak and Czech insurance market

Vzájomnému porovnávaniu vývoja poistných trhov sa nevenuje dostatočná pozornosť a autori sa väčšinou zameriavajú na jednu sledovanú krajinu. Cieľom príspevku je zhodnotiť výsledky komparatívnej analýzy vývoja slovenského a českého poistného trhu za posledných päť rokov, v ktorých sledujeme aj dopady pandémie COVID-19. Daný cieľ práce bude naplnený pomocou vedeckých metód: výpočet a následné porovnanie fundamentálnych ukazovateľov poistných trhov vrátane trhovej koncentrácie, porovnanie trhového podielu a ROA, vývoj hrubého poistného v životnom a neživotnom poistení, penetrácia poistenia a poistná hustota. Pri analýze sa vychádza z údajov Slovenskej a Českej asociácie poisťovní, Slovenského a Českého štatistického úradu, národných bánk sledovaných krajín a ministerstiev financií. Na spracovanie dát bude použitý aj štatistický softvér Statgraphics Centurion XVIII.

The Current State and Growth Potential of Voluntary Health Insurance Market in Russia

In the article the authors consider the current state of voluntary health insurance (VHI) in Russia and assess the factors of influence its further development using general theoretical and statistical methods. Significant influence of the corporate sector on the VHI market was substantiated. It has been found that VHI, being a market product, depends significantly on demand and supply. In particular, VHI depends from the solvency of insured persons and inflation fluctuations where the increase in the cost of paid health care is of particular importance. Years of pandemics and geopolitical phenomena in Russia affected the incomes of citizens and businesses (especially for outbound tourism). This mirrored the losses and slow growth of the Russian VHI market. The decline in insurance premiums in the corporate sector on the VHI market significantly aggravates the position of this segment in the personal insurance market. Improving the insurance culture, affordability of VHI and stimulation of demand (incl. in the form of tax credits) remains a pressing issue, as the market has potential. Population welfare, insurance culture, availability and quality of insurance protection become starting points for the emerging VHI market in Russia.

Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine

The paper examines, using the example of Ukraine from 2003 to 2020, how and to what extent the development of various segments of the insurance market (risk insurance, life insurance, and reinsurance) influences the overall level of social progress. It also identifies the time gaps through which this influence manifests. The study creates a single measure that looks at various aspects such as social class differences, spending patterns, income changes, and government social spending (their standardized values, weighed by the principal component method, integrated through additive convolution). Using VAR modeling, the impact of the development indicators of different segments of the insurance market (risk insurance, life insurance, and reinsurance) at the current moment and with lags of one, two, and three years is investigated, as well as the level of social progress in Ukraine in previous years. The modeling confirms that social reforms yield significant results for social progress only after three years, similarly to the increase in the number of insurance companies. Given insurers’ assets and payout levels, their growth in life insurance has a faster impact on social progress than in risk, while the opposite is true for premiums. Insurance premiums transferred to Ukrainian reinsurers negatively and slowly (over three years) affect social progress, and to non-resident reinsurers – positively and faster (within a year). Across most indicators, life insurance not only influences Ukraine’s social progress more quickly than others but also provides a more substantial social effect.

WAYS TO IMPROVE THE MECHANISM OF PROPERTY INSURANCE IN THE REPUBLIC OF UZBEKISTAN

The article is devoted to the essence of insurance and the mechanism of realization of property insurance at the present stage of economic development in the Republic of Uzbekistan. Insurance is an important element of the functioning of the financial system of the state, capable of ensuring the continuity of social reproduction, depending on the negative consequences of natural disasters, accidents, natural and man-made disasters and other unforeseen events that cause high risks of property loss, as well as to guarantee social protection of the population. to stabilize the process of investing in the economy. Today, property insurance in Uzbekistan is an insurance industry in which the object of insurance relations are property interests and property in various forms (for example, buildings, structures, equipment, and so on). The property insurance market in our country is developing quite rapidly, and if there are no serious turning points in society in the future, then after a while insurance may become one of the main factors protecting the interests of citizens and legal entities owning any property.

Initial Conditions for the Formation of Insurance Protection as the Basis for the Construction of the Concept of Insurance of Private Households

High-quality insurance protection of households contributes to ensuring their financial security in the face of possible negative changes leading to budget imbalance. At the same time, the formation of insurance plans should take into account the specifics of building insurance relations, determined by the type of household and other key parameters that affect the quality of insurance coverage provided. The scientific novelty of the research lies in solving a local scientific problem associated with the consistent development of the theoretical foundations for the formation of insurance protection for private households and obtaining results that are of practical importance for the full implementation of insurance functions in relation to a specific institutional group. The purpose of the study was to identify and summarize key positions that can have a potential impact on the content, volume and completeness of insurance coverage provided to private households. At this stage, the researcher had two tasks: to identify operational differences between insurance protection of monosubject and polysubject households; to generalize factors that can influence the volume of insurance protection being formed and its orientation. The author came to the conclusion that among them can be attributed the functional orientation of insurance protection; the level of formation of the insurance plan; the behavioral attitude of potential policyholders and the motives of their activity in local segments of the insurance market.

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.

Polish system of business insurance in agriculture and related areas during the accession processes and EU membership. Selected aspects. Part II: The period of Poland’s EU membership

The preparation period for Poland’s membership in the European Union, which lasted nearly 15 years and involved both the transposition of EU legislation, including insurance legislation, and the structuring of the national insurance system for the broadly defined agriculture and rural areas, failed (despite the adoption of the European model) to effect changes that would sufficiently help the agricultural insurance system recover from the long-lasting crisis it had faced since 1990. The opportunities offered by the Community policy, related i.a. to the expansion of the insurance portfolio to include modern types of insurance covering various types of risks, as well as the traditional form of risk transfer well-known from earlier periods in the history of Polish insurance, such as insurance mutuality, were not fully utilised either. In the post-accession period, it has been accompanied by a significant expansion of the group of structural tools for agricultural risk management, which extend beyond the area of insurance. The reasons for the structural crisis of business insurance in agriculture and related areas (in the years 1990–2004) lay both in statutory reasons (abolishment of the statutory agricultural insurance system) and mistakes in the implementation of the market insurance model in Poland. The latter were particularly manifested in the dogmatic and selective approach to the underlying principle of systemic freedom of contract in agricultural insurance, with a simultaneous approval of the legal and economic obligation to conclude such contracts in other types of insurance cover. The subject of the issues included in the present study (Parts I and II)2 is the analysis of the establishment and implementation of the insurance model of the indicated sectors against the background of legislation and practice in the unified agricultural insurance market during the implementation of processes preparing Poland’s accession to the European Union (EU) – Part I of the study, and then the implementation of the new insurance system in the market model – Part II of the study. The authors’ analysis of the legal and organisational regulations of the agricultural insurance system in force in the years 2004–2022, taking into account the regulations and other instruments of influence offered/implemented by the EU authorities and institutions, proves and confirms the claim that the negative effects of political and market transformations of the early period of market economy have been evident throughout the entire period of Poland’s membership in the EU to date. These were further aggravated by external natural and social phenomena and a range of internal causes3. The latter, related to the conclusion and execution of insurance contracts, are marked by a profound commercialisation of the contractual relationship and imbalance between the parties to the contracts under civil law (in favour of the supply side), which is characteristic of the liberal economy system. By analysing selected legal acts, available reports and scholarly literature on the subject, as well as drawing on their own experience as participants in the business insurance market in Poland, the authors of the study point first and foremost to systemic and, consequently, organisational solutions as one of the basic sources of the crisis of the business insurance system in Polish agriculture and related areas. In view of the above, the aim of Part II of the study is, therefore, first of all to identify the symptoms of irregularities causing increasing exposure to risk, and located in insurance legal relationships established in the agricultural insurance sector after Poland’s accession to the EU. They invariably demonstrate the need for a continuous modernisation of the system, taking into account both the benefits and the problems associated with common agricultural policy and agricultural risk management in the single European market. Key words: insurance crises, Polish agricultural insurance system, agricultural insurance system in the EU, agricultural insurance, risk management in agriculture.

Insurance market transparency research trends: Bibliometric analysis

Transparency is a fundamental necessity for the insurance market in the modern fast-changing and digital world. The study aims to establish, based on bibliometric analysis, the research trends and subject areas of the insurance market transparency, including the impact of digital technologies, regulatory initiatives, and the internal policies of insurance companies. A bibliometric analysis of papers published in the journals indexed by the Scopus database for the years 1988–2023 was conducted to achieve this goal. Five clusters have been identified based on the analysis of the shared use of keywords, demonstrating the multidisciplinary nature of the research subject. They cover government regulation and risk management; ethics; technological innovations in increasing transparency; transparency of prices and costs in health insurance; and state medical insurance transparency. The analysis of insurance market transparency trends has allowed identifying four key stages of development: post-crisis regulatory mechanisms (2013–2016), Solvency II regulation effectiveness (2017–2019), transparency during the pandemic (2020–2021), and the impact of digital innovations since 2021. Spatial clustering made it possible to identify five groups of countries whose representatives are co-authors of research on insurance market transparency. The leading countries in research on insurance market transparency are the USA, the UK, and Germany. AcknowledgmentThis research was funded by the Ministry of Education and Science of Ukraine (projects No. 0122U000774 “Digitalization and transparency of public, corporate and personal finance: the impact on innovation development and national security”, No. 0123U101945 “National security of Ukraine through the prevention of financial fraud and money laundering: war and post-war challenges”). This research was funded under the research subsidy of the Faculty of Organization and Management of the Silesian University of Technology in Poland for the year 2023 (13/990/BK_23/0178).

Does Insurance Sector Matter for Economic Complexity?

The study examines the impact of the insurance market on economic complexity in 28 OECD nations within a period of 1995–2020. The study also examines whether the impact of life insurance on economic complexity would be different from that of the non-life insurance sector within the insurance market. The results based on pooled mean group (PMG) estimators reveal that the insurance sector influences economic complexity positively. This finding is further substantiated after employing panel co-integrating regression and method of moment quantile regression (MM-QR). The study concludes that the insurance sector is a key instrument in upgrading the economic complexity of an economy. Since the distributional impact of economic complexity also depends on economic and financial risk, the insurance sector can assist in mitigating the risks and uphold the productive knowledge structure needed to enhance national product sophistication.

HOUSEHOLD INSURANCE AWARENESS VS. INSURANCE SALES IN POLAND

The insurance market world-wide is developing dynamically. New products are being created, but current offers are also being improved; albeit they come with new areas of responsibility. Changes in the market and insurance products are also visible in Poland. Although they are not so dynamic as in the countries of Western Europe, an increase in sales of mainly non-life insurance has been noted year on year. That said, the dynamics of these changes is much lower than in other European countries; as is the expenditure on insurance. So the question arises, what is the cause of this situation? Could it be due to low insurance awareness? Insurance awareness is not only defined in the work as the state of knowledge of the insurance company’s client, but also as the ability to find and use this knowledge and information, to choose a product consciously, to assess this product properly, and the ability to make independent decisions based on objective information, and not subjective opinions and views. The article attempts to assess insurance awareness and the factors that define and influence the same. The work uses the available bibliography, statistical data from the Central Statistical Office, as well as the data from the Polish Chamber of Insurance and the Polish Financial Supervision Authority. An original survey was also conducted, and its results are presented in the last part of the article. As a result of the study, it turned out that insurance sales in Poland are growing. If only on this basis, insurance awareness is assessed, it can be said that the sales are also growing year on year. The respondents of the conducted survey highly assessed their knowledge of the insurance market and products. Unfortunately, the verification of their actual knowledge did not confirm this self-assessment. The average grade was only “satisfactory”; if we followed school grades. The dominant sources of information on insurance, apart from the knowledge of insurance agents, are, primarily, the Internet, as well as friends and family. These sources cannot be treated as fully objective.