ASSESSMENT OF SOCIETY'S READINESS FOR MODERN CHALLENGES OF THE INSURANCE MARKET

Tetiana Vasylieva; Iryna Didenko; Natalia Sidelnyk; Alina Yefimenko; Victoria Bozhenko

doi:10.32782/mer.2022.97-98.09

Tetiana Vasylieva Sumy State University (Ukraine); Silesian University of Technology (Poland); The London Academy of Science and Business (UK)
Iryna Didenko Sumy State University
Natalia Sidelnyk Sumy Representative Office of the Insurance Company “VUSO”
Alina Yefimenko Sumy State University
Victoria Bozhenko Tübingen University (Germany)

DOI: https://doi.org/10.32782/mer.2022.97-98.09

Keywords: insurance market, financial relations, challenges, globalization, factor analysis, integral indicator

Abstract

The article summarizes the theoretical aspects of the insurance market. The authors systematize the main approaches to determining the specifics of the insurance sector based on a review of publications of foreign and domestic scientists. The aim of the study is to assess the readiness of society to the challenges of the insurance market as one of the leading elements of the financial system. The article identifies the main trends in the activities of insurance companies. The authors have analyzed the following indicators: the volume of insurance premiums to the total population, the share of life insurance, the ratio of total insurance premiums to GDP, the volume of total insurance premiums to the number of employees in the insurance sector, the ratio of reinsurance and the share of insurance premiums kept on the accounts of insurance companies. To achieve the purpose of the study, factor analysis, principal components method, built on the basis of statistically significant indicators, integral index of the degree of readiness of society to modern challenges of the insurance market for OECD countries were used. The methods of generalization, comparison, analysis, synthesis, tabular and graphical research tools were also used. The results of the factor analysis confirmed the statistical significance of the analyzed indicators of insurance activity. This leads to constant monitoring of the insurance sector in the context of various services and products offered.

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