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Economy, finances, management: Topical issues of science and practical activity

space SCIENTIFIC JOURNALS OF VINNITSA NATIONAL AGRARIAN UNIVERSITY

Issue №: 4 (44)

Published: 2019.08.08
DOI: 10.37128/2411-4413-2019-4


Description:
The magazine deals with the problems of the agricultural sector of the economy in the context of integration and processes of globalization. Attention is paid to the issues of development of digital economy, rural territories, technologies of enterprise management and organization of accounting, problems of legal support of economic processes, market tendencies of development of various branches of economy. Particular attention is paid to green tourism as a promising segment of the national economy.

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CURRENT STATE AND PROBLEM ASPECTS OF SUSTAINABLE DEVELOPMENT IN INSURANCE MARKET IN GLOBALIZATION CONDITIONS

DOI: 10.37128/2411-4413-2019-4-7
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MARTSENYUK-ROZARYONOVА Olena - Candidate of economic sciences, associate professor of department of finance and credit, Vinnytsia national agrarian University (21008, Vinnitsa, 3, Soniachna str., e-mail: ovm-r@i.ua.

Annotation

In modern conditions, the functioning of the world financial insurance system is an objectively necessary attribute of a market economy and provides reliable guarantees for the restoration of violated property rights and interests in cases of losses caused by fire, natural disasters, man-made accidents, transport accidents and other unpredictable cases. Due to the mechanism of insurance protection for all market actors, equal rights are created, there is the possibility to benefit, there is a desire to take risks, incentives for increasing labor productivity, technical upgrading of production capacities, and investment in business development are provided. At the same time, insurance not only prevents the state from the cost of damages in the event of occurrence of insurance events, but also significantly affects the consolidation of state finances and is an effective form of accumulation of citizens' funds and a significant and stable source of long-term investment. The insurance market, which has a significant impact on the socio-economic stability of society, is one of the factors that directly determines the level of economic security of the country.

The intensive globalization of the world insurance market requires from the national insurance markets adaptation to the new regime of international trade in insurance services, which is determined by the processes of liberalization of insurance supervision and state regulation of insurance markets. Today, an important task is to assess the causes, forms and trends of globalization of the insurance environment, which will allow optimally to form the direction of development of the insurance market in Ukraine.

The globalization of insurance relations is a process of eradicating legislative and economic barriers between national insurance markets, which is under the influence of changes in the global economy, and aims to form a global insurance space. This phenomenon is eloquent in the following processes: the concentration of insurance and reinsurance capital; merging of bank and insurance capital; concentration on the market of insurance intermediaries; concentration of consumers of insurance services; change in demand for "mass" insurance services, increased participation of insurers in pension insurance; expanding the scope of private commercial insurance; changes in traditional forms and types of insurance services that lead to a combination of insurance and financial services; change of the market environment in the conditions of full computerization of consumers of insurance services.

Ukraine's insurance market is at the stage of formation, gradually adapting to the requirements of European and world markets. We have many gaps in insurance activity, but we are actively trying to eliminate them. For this purpose, the Ukrainian insurance market must be connected to foreign insurance experience and change its own operating models. One such option is Ukraine's cooperation in insurance with the countries of the European Union.

Thus, today the insurance market of Ukraine is at the development stage and has certain advantages and a significant number of shortcomings: the growth rate of the insurance market lags behind the growth rate of the economy, and its share in the GDP of the country is insignificant. But the Ukrainian insurance market has a great potential for development. In our opinion, the implementation of the above recommendations should strengthen the financial potential of the Ukrainian insurance market. The formation of a developed market of insurance services in Ukraine will provide favorable conditions for market transformation and stable development of the national economy, development of the world economy and international relations. In view of the preservation of the difficult situation in the economy, the volatility of the operating environment, as well as unresolved issues in the East of the country, one can expect the pressure on the insurance market to be maintained in the near future. This can be manifested as a further reduction in solvent demand for individual insurance services by domestic consumers (both the population and companies), as well as reducing the liquidity and profitability of the insurers themselves.

Since the limits of globalization are unrealistic, the only right option in these circumstances is to develop new approaches to regulating processes in the national insurance market and to form effective models of insurance relations management in Ukraine. In view of this, you need:

-     to determine the main parameters and trends of the development of the modern world insurance space and the place of the insurance market of Ukraine in it;

-     to form a system of economic regulation instruments that would promptly react to probable significant changes in the insurance business;

-     ensure a gradual narrowing of the scope of the use of fiscal mechanisms for regulating insurance relations by maximizing the tax burden on the financial performance of insurers through the introduction of taxation principles in the field of insurance in the countries of the European Union;

-     to adapt the conceptual tools of the national insurance law to the conceptual apparatus of the international agreements regulating the trade in insurance services in the conditions of globalization of the world insurance market;

-     to adapt the classification of types of insurance activity, the rules for the formation of insurance reserves and their investment in accordance with the requirements of the global insurance market;

-     continue work on improving the system and structure of management of the institutions of the national insurance market, to study the causes, forms and experience of merging financial, banking and insurance capital.

Keywords: insurance, insurer, insurance market, insurer's assets, insurance premiums, insurance payments, stability of the insurance company, globalization.

List of references
  1. Aloshyn V. (2012) Problemy ta perspektyvy rozvytku strakhovoho rynku v konteksti novoi redaktsii Zakonu Ukrainy "Pro strakhuvannia" [Problems and prospects of development of the insurance market in the context of the new edition of the Law of Ukraine "On Insurance"] Retrieved from: http://ufin.com.ua/analitmat/strah_rynok/029.htm.  [in Ukrainian]. 
  2. Bazylevych V.D. (2008) Strakhuvannia [Insurance] K.: Znannia [in Ukrainian]. 
  3. Hryshchenko V. (2011) Kryza  − tse chas «samoochyshchennia» restrukturyzatsii i vyiavlennia slabkykh mists strakhovoho rynku [The crisis is a time of "self-cleaning" the restructuring and identifying the weak points of the insurance market] Retrieved from: http://forinsurer.com/public/15/02/11/4710. [in Ukrainian]. 
  4. Zakon Ukrainy Pro strakhuvannia :  vid 04.10 2001 roky № 2745-III (iz zminamy i dopovnenniamy) [Law of Ukraine On insurance N 2745-III (2001, October 4) (with amendments and supplements)]. [in Ukrainian]. 
  5. Kneisler O.V. (2015) Formuvannia systemy upravlinnia finansovymy potokamy strakhovykh kompanii [Formation of the system of management of financial flows of insurance companies] Skhid. – East, 5, 55-59 [in Ukrainian]. 
  6. Mykhailov R. V.(2016) Kilkisno-yakisni parametry funktsionuvannia strakhovoho rynku Ukrainy: vidpovidnist yevropeiskym kryteriiam  [Qualitative and qualitative parameters of functioning of the insurance market of Ukraine: compliance with European criteria]. Kyivskyi natsionalnyi universytet imeni Tarasa Shevchenka – Kyiv National Taras Shevchenko University Retrieved from: http://www.economy.nayka.com.ua  [in Ukrainian]. 
  7. Ofitsiinyi sait Lihgu strahovuh orhanizatsiy Ukrainu [Official site of the League of Insurance Organizations of Ukraine]. Retrieved from: http://forinsurer.com. [in Ukrainian]. 
  8. Postanova KMU "Pro Kontseptsiiu adaptatsii zakonodavstva Ukrainy do zakonodavstva Yevropeiskoho Soiuzu" vid 16.08.1999 № 1496 [Regulation of the Cabinet of Ministers of Ukraine "About the Concept of Adaptation of the Legislation of Ukraine to Legislation of the European Union" N1496 (1999, August 16]. Retrieved from: http://zakon2.rada.gov.ua. [in Ukrainian].
  9. Prokopeva E.L. (2016) Otsenka effektyvnosty strakhovoho sektora: metodu y podkhodu [Evaluation of the effectiveness of the insurance sector: methods and approaches] Fynansu y kredyt – Finance and credit, 12. Retrieved from: https://cyberleninka.ru/article/n/otsenka-effektivnosti [in Ukrainian]. 
  10. Rozvytok rynku strakhovykh posluh v Ukraini [Development of insurance market in Ukraine] Retrieved from:  http://prezi.com/832r6mv8uctu/presentation/.  
  11. Rud I.Iu. (2016) Analiz strakhovoho rynku Ukrainy [Analysis of the insurance market of Ukraine] Visnyk Mykolaivskoho natsionalnoho universytetu imeni V.O. Sukhomlynskoho – The Bulletin of Nikolayev National University named after V.O. Sukhomlynsky, 856-859. 
  12. Tkachenko N.V. (2009) Zabezpechennia finansovoi stiikosti strakhovykh kompanii: teoriia, metodolohiia ta praktyka : monohrafiia [Ensuring financial stability of insurance companies: theory, methodology and practice: monograph] Nats. bank Ukrainy, Universytet bankivskoi spravy. – Cherkasy: «Cherkaskyi TsNTEI» - National Bank of Ukraine, Bank Unions. affairs. - Cherkasy: "Cherkasy CSTEI", 570 [in Ukrainian]. 
  13. Ukrainska federatsiia ubezpechennia : "Stratehiia rozvytku strakhovoho rynku Ukrainy na 2012– 2021 rr", zatverdzheno Zahalnymy zboramy Chleniv "Ukrainska federatsiia ubezpechennia" vid 25.05.2011 roku № 9 [Ukrainian federation of insurance: "Strategy for the development of the insurance market of Ukraine for 2012-2021 r" (2011, May 25] - Ukrainska federatsiia ubezpechennia  - Ukrainian federation of insurance.  https://doi.org/10.21511/ppm.7(1).2009.01 [in Ukrainian].
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About journal

Topics of the journal:

051 Economics

071 Accounting and taxation

072 Finance, banking and insurance

073 Management

075 Marketing

076 Business, trade and exchange activities

241 Hotel, restaurant and catering 

281 Public administration

 

Key information:
ISSN (print): 2411-4413
DOI: 10.37128

The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine". 

The scientific edition is assigned the Category "Б" in the field of economics in specialties 051, 071, 072, 073, 075, 076, 241, 281

(Order of the Ministry of Education and Science of Ukraine No. 249, March 17, 2020).

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The editorial board of the journal is guided by the principles of scientific, objectivity, professionalism, informational support of the most significant innovative researches, observance of standards of publishing ethics.

The purpose of the journal "Economics, finances, management: Topical issues of science and practical activity» is the coverage of leading scientific ideas in the economic, financial and management activities of the sectors of the national economy and the involvement of representatives of the domestic and foreign scientific professional community.

 

Objectives of the journal:

  • publication of research findings on innovation in the economy, financial and management spheres, innovation of production processes;
  • expanding partnerships with international scientific publishing organizations;
  • enhancing the culture of reviewing and annotating published material;
  • adherence to editorial ethics.

 

Article publishing is a paid service. Cost for printing in professional publications in accordance with the Decree of the Cabinet of Ministers of Ukraine of August 27, 2010 No. 796 "On approval of the list of paid services that can be provided by state educational institutions, other institutions of the educational system belonging to state and communal ownership" and the order Rector of the Higher Education University Mazura VA dated March 14, 2018 No. 93 “On setting the cost of printing in professional editions of the University”.

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History of journal:

It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.

From 2015 ”Economy, finances, management: Topical issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 of PR as of December 31, 2014)

According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.