Quality Of Insurance Services Research Articles

Формування конкурентних переваг і конкурентного потенціалу компаній зі страхування життя

The article defines the competitive advantages and competitive potential of life insurance companies (LICs). It is noted that the insurance business is an important part of the financial and credit system, and the insurance market is an ideal place for the development of this industry. Attention is focused on the fact that the life insurance market in Ukraine is at the stage of formation. The current unstable socioeconomic situation, the military aggression of the russian federation, and the peculiarities of the cultural and historical traditions of Ukrainians are the main obstacles and problems for its development. Based on the carried out SWOT analysis, it is concluded that there are certain problems in the activities of LICs. Along with the spread of global trends in globalization and integration of national markets, automation of operational processes, increased competition, trends that are characteristic features of the Ukrainian insurance market are manifested. It is determined that the management of the competitive potential of LICs depends on the adoption of the right managerial decisions in the formation and use of its competitive advantages. The measures are presented in the form of program-target blocks that will provide the basis for creating a mechanism for managing the competitive potential of LICs. In addition, each of the blocks can be considered as a separate subsystem that consists of different components. The components of management of the competitive potential of LICs are defined. It is determined that the assessment of the insurer’s competitive advantages and competitive potential will be possible only with the help of a systematic assessment, which has a clear basis of comparison. This assessment should take into account not only the financial aspect, but also the results of management, the effectiveness of the use of marketing tools, the quality of insurance services and the service of the insured. Measures to increase the competitive potential of insurance services are presented. It is concluded that one of the important conditions for effective management of the competitiveness of life insurance companies is to determine the competitive advantages and competitive potential of LICs, which in the long run allows to assess the level of competitiveness of an insurance company and develop certain measures to adapt to the needs of the insurance market at all stages of operational activities and management links for a quick and prompt response to external threats.

Technical efficiency measurement in insurance companies by using the slacks-based measure (SBM-DEA) with undesirable outputs: analysis case study

PurposeThe purpose of this study is to measure the technical efficiency of 20 Algerian insurance companies from 2016 to 2020, by using slacks-based measure (slacks-based measure [SBM] data envelopment analysis [DEA]) model. This research aims to provide a comprehensive assessment of this companies' efficiency, taking into account both the desirable and undesirable outputs.Design/methodology/approachThe study uses a nonoriented, SBM model with the assumption of constant returns to scale to estimate the technical efficiency of commercial insurance companies over a five-year period. The inputs used are labor expense, agent expense and investments, while the outputs included are gross premiums and investment income as desirable outputs and gross claims as undesirable output.FindingsAmong 20 insurance companies evaluated, only 5 companies consistently achieved technical efficiency during the study period (Caisse Nationale de Mutualité Agricole [CNMA], MACIR, CARDIF, MUTUALISTE and AGLIC); so they represent the best practices in the Algerian insurance sector, with overall average of the technical efficiency is 81%. However, the reference sets analysis showed that CNMA and AGLIC had high robustness. Also, the results demonstrate the impact of ignoring the undesirable outputs on the accuracy of the assessment.Research limitations/implicationsThe sample of the study consists of the active insurance companies in Algeria, based on the Annual Insurance Reports of Algeria; there are 20 companies as shown in the table. The data are taken from the annual reports of insurance companies during the 2020 period, issued by the Algerian Ministry of Finance.Practical implicationsThe challenge for insurance company is how to find a balance between reducing claims paid and simultaneously improving the quality of insurance services. In fact, it is observed that studies evaluating their efficiency ignore claims in the analysis process. Therefore, the study highlights the importance of considering undesirable outputs within the DEA framework; this allows for a more accurate assessment of the company's performance and helps in improvement. Furthermore, although the insurance sector plays a crucial role, it has not received enough research attention compared to other financial sectors, especially in Arab and developing countries.Originality/valueThe literature on efficiency assessment in the insurance companies shows a lack of addressing undesirable outputs (such as claims) within the DEA framework; so this study aims at bridging this research gap. Also, the study provides an overview of the efficiency of Algerian insurance companies.

Analysis of The Influence of Personal Factors and The Quality of Health Facilities Services and The Quality of Insurance Services on The Intention to Pay Health Insurance Contributions With Participant Satisfaction as an Intervening Variable

Willingness to pay BPJS Health contributions in a timely and continuous manner is very necessary to ensure the sustainability of the JKN program. Personal factors, quality of health facility services, quality of insurance services and customer satisfaction are important factors that influence JKN participants to pay BPJS Health contributions. The aim of this research is to analyze the influence of personal factors and the quality of health facility services as well as the quality of insurance services on the intention to pay health insurance contributions with participant satisfaction as an intervening variable. This research used a purposive sampling method for 286 BPJS Health participants. This research uses an SEM approach using the SmartPLS 3.0 program. The research results show that the quality of insurance services and the quality of health facilities services have a positive and significant effect on participant satisfaction. Apart from that, personal factors also have a positive and significant effect on participant satisfaction. In the context of intention to pay contributions, insurance service quality, service quality and personal factors have a positive and significant influence. The suggestion from this research is to expand the sampling population and types of health facilities to gain broader insight. The managerial implication is that BPJS Health must maintain and improve the quality of services provided to participants, both health facility services and BPJS insurance services themselves. Personal factors of BPJS participants need to be considered, so that they can influence satisfaction and intention to pay contributions consistently

Aspects Influencing Personal Life and Health Insurance Purchase

The study aims to identify the factors that influence the purchase decision of life & health insurance in Indonesia and determine how those factors influence. The method used in this study is qualitative method with semi-structured interviews. A total of 17 respondents were interviewed from insurance customers, non-insurance customers, and insurance agents in Bandung City. The result of this study indicates that demographic factors such as income level, assets, educational background, financial dependency, and health status directly influence life & health insurance purchase decisions. Insurance product benefits, price, trust in insurance companies, trust in insurance agents, and perceived value insurance were found to influence life & health purchase decisions too directly. Additionally, multiple factors were found to influence insurance trust. These factors include the insurance company brand, selling practices used by insurance agents, perceived service quality of insurance, and insurance literacy. Furthermore, insurance perceived value was also influenced by other factors such as insurance literacy, culture, and environment. Above all aspects, the insurance agents have direct control over the selling practices, service quality, and insurance literacy that someone experience. This study also proved that insurance agents were responsible for the insurance industry’s bad reputation in Indonesia. This result will equip insurance agents to know their customers better and adjust their selling practices to suit potential customers. Insurance agents are also strictly prohibited from mis-selling insurance products.

SERVQUAL METHOD IN STUDYING SERVICE QUALITY OF TRAVEL INSURANCE

Background: The study which consists of two parts: theoretical and empirical ones, and contains the analysis of the concept of insurance service quality in relation to travel insurance by employees of insurance institutions as well as by individual customers. Methods: The research was conducted by means of the SERVQUAL method among individual customers who hold travel insurance contracts in Świętokrzyskie, Małopolskie Lubelskie and Podkarpackie voivodships. The aim of the study was to identify the factors of travel insurance service quality in the conditions of the changing tourist market in Poland, as well as to define the hierarchy of their importance. Result: Moreover, on the basis of the SERVQUAL method, some discrepancies were established between customer expectations and the perceived services. This study is a continuation of the research conducted and another study of the series of studies of service quality in the market of property insurance in the voivodeships of eastern Poland.

Protection of the consumer rights on the Polish insurance market

Motivation: The insurance market in Poland has undergone intensive changes resulting from the development of the market economy model. Poland’s membership in the EU imposes adaptation of the domestic legal order to legislation introduced at the level of the European Community. Consequent on this insurance companies function in the constantly changing legal and economic conditions. Apart from the strive to become more competitive, to increase the demand for the insurance services, insurers must care for the correct relationships with their clients and respect their rights resulting from the signed contract.Aim: The objective of the article is to analyse the factors determining changes in the protection of consumer rights on the Polish insurance market. For a long time, this issue was a secondary subject of regulatory standards, practices and business initiatives introduced in Poland. Along with the progressive modification of the supervisory system and the introduction of new global solutions, the issue of protection of consumer rights has become particularly important.Results: The conducted research indicates that the emergence of new threats and challenges faced by the insurance sector significantly affected the scope of protection, range of insurance products, their distribution channels and way in which the consumer rights are respected. The development of cross-sectoral cooperation, the creation of international capital groups, the spread of the bancassurance phenomenon, have tightened the system of supervision over the financial market. It has become necessary to implement new law regulations that will ensure the availability and high quality of insurance services and the safety of using them.

ASSESSMENT OF LIFE INSURANCE SERVICE QUALITY DIMENSIONS AND CUSTOMER SATISFACTION THROUGH THE SERVPERF MODEL

The present research focused on assessing the life insurance service quality and customer satisfaction through the SERVPERF model. In the wake of Liberalization, privatization, and Globalization (LPG) has significantly impacted the insurance industry in India. This leads to the emergence of private and foreign players in the country. The private and foreign insurance companies established in the country provide effective service using the latest technology. All foreign players operated in India through joint ventures with private players. In this cutthroat competition among life insurance companies, consumers are very much aware of the alternatives available concerning services and the provider organization. Now consumer expectations are rising, and service provider organizations should be aware of these expectations. The present study's objective is to compare and analyze the service quality perception of customers about public and private sector life insurers through the SERVPERF model. A total of 400 respondents completed the field survey conducted in Chennai city. Out of 400 respondents, 100 were from LIC, and the rest 300 respondents were from private sector life insurance companies of ICICI Prudential, SBI Life, and HDFC Life Insurance Company Limited. The private players have been adopted based on their market share. The collected data are analyzed with the help of SPSS package version 21. Based on the analysis researcher found that both public and private sector life insurers offered quality services to customers equally.

The Criteria Followed by Manufacturing Companies in Selecting Insurance Companies (An Applied Case on Industrial Companies in the Bethlehem Governorate)

The current study aimed to identify the criteria industrial companies follow when selecting insurance companies to purchase insurance services. The study employed the descriptive approach to achieve the study's objectives and answer its questions. Statistical analyses were used to analyze the data through the Statistical Package for Social Sciences (SPSS) program. The study population consisted of (150) factories in the Bethlehem Governorate, the possible sample (appropriate for the study) was used, and it consisted of (102) factories. The study also used the interview method to ensure that the selection criteria for companies in the questionnaire were in line with the practical reality. Four interviews were conducted with some managers who influence the purchase decision in industrial companies and managers from insurance companies. The study was concluded with several results. First. the most important criteria that affect the decision to choose the industrial companies for the insurance company when purchasing insurance services are the standards of the quality of insurance services, precisely the insurance company's credibility with compensation after the accident. Second, the price standards follow the critical quality standards, specifically the payment facilities standard. Third, the study indicates that the most important environmental factor for industrial companies is the standard of avoiding legal accountability with an arithmetic average (4.12), which suggests that industrial companies follow the laws. Finally, the religious factor has an arithmetic average of (3.27) and political conditions with an arithmetic average of (3.14) suggesting that these factors are less critical for industrial companies. The study recommends that insurance companies should keep improving the quality of insurance services they provide to industrial companies, especially the credibility of service performance. Also, insurance companies should be interested in offering payment facilities to industrial companies to encourage them to buy their services. Finally, the study recommends that industrial companies apply the selection criteria recommended by the study when choosing insurance companies to be able to select the appropriate insurance company.

ЦИФРОВИЗАЦИЯ ДЕЯТЕЛЬНОСТИ КОМПАНИИ В ОБЛАСТИ СТРАХОВАНИЯ НА ОСНОВЕ АРХИТЕКТУРНОГО ПОДХОДА

The article investigates the possibility of applying an architectural approach to digitalization of the company’s activities in the field of insurance. The conducted research is based on modern requirements dictating the insurance business new rules of behavior in the market, namely, the need to ensure a quick response to constant changes in environmental conditions and improve the quality of insurance services to consumers. It is proved that the goal can be achieved by eliminating problems arising in the functional abilities of the organization by considering the company’s activities at the level of strategy, business and information technology

SERVICE QUALITY IN INSURANCE COMPANIES

Insurance services are a special category of services, characterized by a high standardization and at the request of customers to protect themselves from a number of financial losses that they may suffer as a result of risks. For this reason, it is very important that insurers provide quality services to customers. Customer satisfaction is paramount for attracting new customers and retaining existing ones, thus achieving a loyal customer base. They will recommend the insurance company and other potential customers if they are satisfied, thus increasing the market share of the insurance company. The quality of insurance services and the relationship between the insurance company and the client have been the subject of many studies over time, most often being followed by the impact that the quality of services has on their behavior. Starting from the identified problem, I set out in this paper to look at how consumers’ perceptions of the quality of insurance services influence their perceptions of their relationship with the insurance company and implicitly their behaviour towards it.Starting from these approaches, we aimed in this paper to see what is the meaning given by the consumers of the insurance services of the company Allianz Țiriac to the concept of quality of insurance services.Our study consisted of an extensive process, carried out in several stages of work, namely: elaboration of the questionnaire addressed to the insurance company’s clients, establishing the sample, collecting data based on questionnaires, centralizing and processing the data and interpreting the results.The case study took place over a month, on a sample of 300 people, most of the respondents are between 26 and 45 years old, who work in the private sector and came monthly between 1800-290 lei. The GAP analysis highlights some aspects of the services offered by Allianz Țiriac. A negative GAP highlights the unfavorable aspects of the services provided by the insurance company and raises an alarm about the situation of the company.

TTHE PROBLEMS OF THE DOMESTIC REINSURANCE DEVELOPMENT IN CONDITIONS OF FINANCIAL INSTABILITY

Abstract. Financial instability stems from the excessive volatility in the financial markets, the weakness of financial institutions and the inability of financial sector companies to fulfill their obligations, and it is no exception to insurance companies that do not have sufficient financial resources to reinsure. In modern conditions, reinsurance provides stability to the development of the insurers and is one of the most important tools that provides effective protection against various natural, man-made and other risks. The lack of financial resources of the insurance companies objectively determines the limitations of their ability to insure large risks. Reinsurance enables the insurance companies, by attracting funds from other insurers, to ensure the honest fulfillment of their obligations to insure payment at the onset of an insured event, while maintaining the stability of their financial situation. Admission to the insurance of expensive objects is dangerous for the individual insurer’s financial stability through the coverage of losses in the insured event. Admission to the insurance of expensive objects is dangerous for the individual insurer’s financial stability through the coverage of losses in the insured event. The need for reinsurance is due, among other things, to regulatory requirements for capital and assets and provides tools for rapid development of the insurance portfolio. Simultaneously reinsurance enables to protect the insurance portfolio from the influence on it of a series of large insurance risks, including catastrophic, so that the payment of insurance compensations on them does not pose a heavy burden on the one insurance company, but is carried out collectively by all participants in reinsurance. As a result, reinsurance allows you to take insurance risks that far outweigh the insurer’s own financial resources. Thus, the reinsurance system is a guarantee of financial stability of any insurance company, providing protection of its capital, and the basis for increasing the volume and quality of insurance services. In Article, the essence and significance of reinsurance in the conditions of globalization of the world economy were considered, as well as analysis of the main tendencies of the domestic reinsurance market development and the problems of its development in Ukraine were revealed. Keywords: insurance, financial instability, volatility, financial market, reinsurance, commission remuneration. JEL Classification E44, G20, G22, O16 Formulas: 0; fig.: 2; tabl.: 4; bibl.: 15.

COMPETITIVE ADVANTAGES OF INSURER IN THE CONTEXT OF DIGITAL TRANSFORMATIONS OF INSURANCE BUSINESS IN UKRAINE

The paper substantiates the need to ensure the competitiveness of insurance companies as an imperative of their successful functioning and innovative development. It is noted that in the context of the development of digitalization and changing the conditions of market competition, the key task is the presence of competitive advantages in the insurer – its unique characteristics, skills, resources, results and opportunities that allow withstanding the competition that exists in the insurance market. Based on indicators of insurance companies assessment by potential consumers of insurance services, internal and external competitive advantages are systematized as the main competences of ensuring the competitiveness of the insurer. It has been established that the current stage of the development of the insurance business is accompanied by a large-scale digital transformation in all spheres of economic activity, and the progressive digitalization of insurance relations is a key competitive advantage of insurance companies. The necessity of changing traditional business models and introduction of technological innovations to ensure a new level of quality of insurance services and preservation of competitive positions in the insurance business environment is substantiated. The directions of providing competitive advantages of the insurer on the basis of digitalization are proposed, among them the development of online communications through the Internet and social networks, a flexible approach to the offer of insurance services, automation of the insurer's key business processes, underwriting on the basis of big data and advanced analytics, interaction with InsurTech companies. The advantages and disadvantages of the insurance business development on the basis of digitalization are determined. Keywords: digitalization, competitiveness, competitive advantages, competencies, insurance business, technological innovations.

ACHIEVING CUSTOMER SATISFACTION DEPENDING ON THE QUALITY OF SERVICE REQUIREMENTS OF INSURANCE COMPANIES IN IRAQ

The issue of service quality has become a constant concern of writers and researcers as it affects all economic sectors. The level of services that the insurance company provides may be one of the factors that affect attracting the insured, especially if we take into consideration the multiplicity of insurance companies and the openness of Arab markets to international companies that offer the same insurance products. Accordingly, the quality of service is one of the most important variables that distinguish any company from its competitors. The most important factor in attracting new customers or retaining existing ones. Therefore, insurance companies seek to increase the quality of their services in order to increase their market share, enhance their competitiveness, and ensure survival. The descriptive approach was used in the research, and the questionnaire and interviews were among the most important tools used as well. The statistical program (SPSS) was used to analyze the results of the applied research and test hypotheses, and the National Insurance Company was the subject of the research study. A sample of (39) people were selected who received compensation from the fire insurance portfolio. For the purpose of testing hypotheses, many statistical methods were used, which helped in reaching specific results. In light of these results, a number of conclusions were reached, the most important of which is the existence of a correlation relationship between the variables of insurance service quality and customer satisfaction in the company in question. The results were consistent with the research hypotheses. Finally, the researcher put forward a set of recommendations to the company depending on the results of the research. Among the recommendations that were made is the establishment of a unit in the organizational structure that is concerned with the quality of organizational performance and is attached directly to the higher management. It should be called a department or unit of quality and reliability assurance

A Study on the Quality of Insurance Services in Romania

A Study on the Quality of Insurance Services in Romania

Integrating Servqual-Kano-QFD for Social Insurance Service Quality Improvement in Surabaya

For companies engaged in the service-providing sector, good service by meeting customer's desires and needs is a must in order to thrive competitively. This case study was conducted on service provided by the government social insurance company engaged in traffic accident insurance services in Surabaya. As an industry that provides service, customer satisfaction is of importance in order to gain trust from the public, reduce negative opinion in public, and support the objective of good governance. This study integrated the SERVQUAL-Kano method to evaluate customer satisfaction concerning 18 service attributes related to service provided by the social insurance company. Further efforts were then made to find solutions for service attributes with low satisfaction scores by using the Quality Function Deployment (QFD) method. Therefore, the results can help to improve the quality of service. The results were in the form of a priority improvement design for strategic decision recommendations that can be implemented by the company to increase customer satisfaction.

БЛОЧНО-МОДУЛЬНАЯ МОДЕЛЬ АУДИТА ЭФФЕКТИВНОСТИ СИСТЕМЫ ВНУТРЕННЕГО КОНТРОЛЯ

The internal control system (ICS) organized in insurance companies in the context of the development of innovative processes and the digitalization of the economy does not always meet the requirements of the modern industry, which leads to the need to assess the effectiveness of the ICS and its compliance with new standards. This position involves the modernization of essential theoretical and methodological approaches to the formation and implementation of the audit model of the effectiveness of internal control of companies. The article is devoted to the issue of introducing new approaches to the performance audit of ICS in insurance companies, based on the construction of a block-modular scheme, which should be translated into certain modules. The block-modular scheme proposed by the author can be used to assess the ICS and identify the risks of insurance companies. The studies were based on the existing options for the methodological construction of assessing the effectiveness of the internal control and audit system. The presented model sets a benchmark in the field of risk assessment and verification of the internal control system. The effectiveness of the new approach in assessing the effectiveness of the ICS is evidenced by the fact that the description of the specifics of the activities of insurance companies, as well as the compilation of a register of possible risks for planning the audit of the effectiveness of the internal control system lead to remarkable results that allow truly assessing the effectiveness of the ICS. Areas and methods of audit, control procedures, relationships between business processes and relationships between employees, which were not noticed or were ranked as unimportant events, turn out to be key for the effective operation of the company and the conduct of internal control at a high professional level. The advantage of the block-modular model of the audit of the effectiveness of the ICS of the insurance company is that the correct and accurate route of the work of the controlling body is built, the control flags are correctly placed at all the stages of the audit, which implies that there are no delays at one stage or another and the identification of shortcomings in the work of the internal control. Today we are talking not at all about the quality of insurance services, but rather about the quality of the insurance business, its organization and timely adaptability to changes in the environment of the insured. In this regard, the development of the methodology for assessing the ICS of insurance companies requires new approaches and models

Problems of functioning of the insurance services market in the conditions of COVID-19 distribution

In the center of contradictions and risks, as well as structural changes in the socio-economic system of the country due to the spread of COVID-19, the development of the insurance market will depend on its adaptation to environmental variability, ability to carry out permanent institutional and organizational transformation, optimization of business processes and introduction of innovative insurance products and services. The purpose of the paper is to develop new approaches to substantiate the dominance of the insurance market in a pandemic conditions and to outline prospects for its progress. The problems of functioning of the insurance services market in the conditions of realization of risks as a result of coronary crisis are considered, which is confirmed by the data on the dynamics of unprofitability of insurance products and refusals to pay insurance indemnity. The parameters of uncertainty of the quality of insurance services are identified, the trends of functioning are tracked, the threats for the parties during the performance of the insurance service are determined. This has greatly simplified the methodology for assessing quality in “regression selection”. Losses from business interruptions caused by the spread of COVID-19 are not covered by standard insurance contracts. In addition, pandemics are an extreme type of risk. Insurers generally clearly prescribe a pandemic as an exception, therefore do not intend to cover them with insurance policies, which provides protection against business interruption and do not include a premium for them in the policy value, without forming reserves for their coverage. It is substantiated that one of the ways to minimize moral risk and regressive selection of both insurers and policyholders in the context of the spread of COVID-19 is the widespread use of insurance protection and decency, which is inherent in highly developed business. This is especially true for insurance services and financial products, which are difficult to assess directly at the time of purchase.

СТРАХУВАННЯ ЦИВІЛЬНО-ПРАВОВОЇ ВІДПОВІДАЛЬНОСТІ ВЛАСНИКІВ АВТОТРАНСПОРТНИХ ЗАСОБІВ У КОНТЕКСТІ ІННОВАЦІЙНИХ ТРАНСФОРМАЦІЙ

Insurance plays a stabilizing role in economic development, so it is an important financial area in an era of new challenges and threats. This leads to increased attention to insurance in general and the introduction of innovations in such an important area as liability insurance. The specific features of this industry require the development of important recommendations for improving the compulsory civil liability insurance of owners of motor vehicles (CCLIOMV) in Ukraine. The methodology and methods of work involve the use of a systematic approach, analysis, comparison, forecasting in the development of improved regulation of the liability insurance market. The condition for the successful functioning of the insurance market in Ukraine is a decent level of quality of insurance services based on such innovations in car insurance as telematics, namely Usage-based insurance (UBI), is a special program that allows discounts to drivers by tracking their mileage. Another new vector is mobile technology, which allows you to remotely control devices, develop the implementation and maintenance of insurance services with their help. The methods of encouraging the use of motor third party liability insurance services, as well as the approximation of the existing system CCLIOMV to European standards is the use of a bonus-malus – a correction factor for the size of the insurance premium. The need and effectiveness of the introduction of an electronic policy is the ability to independently choose a reliable insurer, provide a guarantee of the acquisition of legitimate insurance protection, the introduction of non-cash using Internet acquiring technology forms of payment for insurance services and more. The scientific research carried out in the work allowed to determine the forecast indicators of the introduced innovations in the insurance market. The results of calculations of the forecast model on the dynamics of sales of electronic policies CCLIOMV in Ukraine show that their volume is constantly growing and in 2022 will amount to about 7 million units. This allows us to forecast the coverage of electronic policies CCLIOMV up to 70% of all vehicles in Ukraine.

FORMAL AND INFORMAL INSURANCE MARKET INSTITUTIONS

Purpose. The purpose of the article is to defining the nature, types, and role of formal and informal insurance market institutions. Methodology of research. The methodological basis of the work has become a systematic approach to the study of the formation and functioning of formal and informal insurance market institutions; as well as a dialectical method of cognition and grouping to determine the types of formal and informal institutions that have formed and ensure the development of insurance relationships. Methods of induction and deduction have been used to generalize the essence and role of insurance market institutions under the provisions of economic theory and insurance business. The differences between formal and informal insurance market institutions have been established by a comparative method. To make theoretical generalizations, to form conclusions from the study, an abstract reasoning method has been used. Findings. The article presents the results of empirical analysis of formal and informal institutions, under the influence of which the insurance market has been formed and is currently functioning. Formal insurance market institutions are clearly defined, regulated by public protection mechanisms, and mandatory for all economic entities involved in the insurance process. Informal insurance market institutions are unwritten and undocumented norms and rules that shape the behaviour of economic entities of the insurance market regarding the creation, purchase and sale, and consumption of insurance services. Both formal and informal insurance market institutions should be divided into basic and specific ones, taking into account the peculiarities of the insurance market and the specifics of insurance relationships. Originality. Given the peculiarities of the insurance business, formal and informal insurance market institutions are clearly distinguished, with their subsequent division into basic and specific ones. Practical value. The results of the study can serve as a basis for further research in this area and will be useful for insurers, supervisory authorities, and other participants in the insurance market in terms of improving the quality of insurance services, identifying areas of the insurance market, and efficiency of its participants, which will increase confidence in the insurance market. Key words: institution, formal institution, informal institution, insurance market, basic insurance market institution, specific insurance market institution.

PROBLEMS OF AGRICULTURAL INSURANCE IN UKRAINE AND WAYS THEIR SOLUTIONS

The article is dedicated to the current trends of the agricultural insurance market in Ukraine. It has been established that for silskogospodarske, in accordance with the specific features and skills of the middling community, the need for a proper insurance business from a variety of derivative businesses in the case of uncomfortable natural businesses of unfair natural businesses. It is established that the risks inherent in agricultural production are systemic and create significant fees for most agricultural producers at the same time, which can lead to large insurance payments, so there is a system of regulation of complex economic processes in agriculture is insurance of agricultural products. The analysis of the legislative and normative protection of insurance claims has been completed. The payments were made, which is one of the important incentives for effective government insurance. The main indicators of insurance activity are analyzed, the development trends of the regions of Ukraine are determined, the problems of insurance and agricultural insurance are considered in the context of the participants in the events. A copy was made for the inexplicable activation of agricultural insurance as a key to the growth of the potential of the agricultural sector of the economy. In addition, the system of agricultural insurance is based on the protection of economic interests of the participants of the insurance companies (insurers, insurance and powers) and the short-term insurance of small losses in the aeronautical spheres. Based on an improved agricultural insurance system, affordability, improving the quality of insurance services, forming an effective insurance market infrastructure, a high degree of trust in insurers by policyholders, diversification of insurance products by special industry, the state's ability to provide real financial support for agricultural production.