Analysis of insurance companies‘ activity in the financial market of Ukraine: the comprehensive approach
Journal Title: Економічний вісник університету - Year 2017, Vol 1, Issue 33
Abstract
In developed countries insurance activity is an important component of economic security and state financial system. In financial market insurance companies operate as insurers and financial intermediaries, and also as financial managers and investors. Insurance companies insure risks of other financial market‘s subjects increasing the level of financial security there. At the same time Ukraine's insurance market performs its functions particularly as the financial market‘s subject partly slowly adapting to European and international standards. Domestic insurance companies operate in difficult conditions of systemic political and economic crisis, the military situation and the social tension, stagnation and total poverty. However mostly their activity is being slowed down through immaturity and instability of Ukraine's financial market. Therefore to ensure comprehensive development of the insurance companies‘ activities in the financial market of Ukraine belongs to the most actual public tasks. The object of the study is a complex of indicators that characterize the insurance companies' activities in the financial market of Ukraine and the factors that affect them. The aim of the study is comprehensive analysis of the insurance companies' activities in the financial market of Ukraine and determination of proposals for improving their efficiency. Methods of observation, analysis and comparison, and also methods of generalization and extrapolation are applied in the study. The macroeconomic indicators characterizing the primary (insurance), financial and investment activity of insurance companies in Ukraine are analyzed. Allocation of the assets of insurance companies and insurance reserves is analyzed. The basic indicators of risks insurance in the financial market are considered. Insurance companies' investments in Ukraine's economy in terms defined by the Cabinet of Ministers of Ukraine are characterized. Financial results of several directions of the insurance companies' activity in Ukraine are estimated and results of insurers' financial transactions are specified. According to the study it is concluded there is a worsening situation in the insurance sector by both the general indicators of insurance companies' activity and their financial results. It's determined that the most insurance companies are operating by low efficiency, especially as investors and they almost don't participate in investing in Ukraine's economy. At the same time insurance companies in Ukraine are rather active participants in the financial market as the financial results of their financial operations have had stable positive dynamics, although with a slight increase. Basing on the results of the analysis and the results of previous researches a complex of recommendations for improving the efficiency of the main activities of the insurance companies in the financial market of Ukraine is proposed. It is emphasized that the practical implementation of the proposed recommendations will help to bring the legislative provision of insurance to European standards, to intensify primary (insurance), financial and investment activities of insurance companies, to improve financial indicators of insurance activity and to strengthen the financial security of the financial market. The results of the study can be used to prepare measures of state financial policy, to draft amendments and additions to the Ukraine's legislation regulating the insurance sphere, to prepare state programs of financial and insurance markets development.
Authors and Affiliations
Olena Voronkova, Tetyana Kishuk
Keywords
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