Condition of the Market of Insurance Services of the Autonomous Republic of Crimea and the City of Sevastopol in the New Conditions of Operation
Journal Title: Бізнес Інформ - Year 2015, Vol 8, Issue 0
Abstract
The article provides an estimation of condition of functioning of the non-bank financial services market of the Autonomous Republic of Crimea under the annexation of the latter. The main trends in the insurance markets of the AR of Crimea and the city of Sevastopol have been displayed. Information about functioning of this market, as for reportable data from the National Commission on Financial Services Markets of Ukraine and according to the Central Bank of Russia, has been summarized to be concluded that the reduction of the insurance market in 2014 makes up almost two times compared to the previous years. The main reason for this reduction is seen in a substantial narrowing of the analyzed market because of withdrawal of all domestic participants, as well as the lack of motivation for worldwide brands in entering the insurance market of the peninsula because of the sanctions by the International Community. It has been concluded about impossibility of quick adaptation to the new realities of other non-bank financial services market participants (pawnshops, credit unions and finance companies), indicating limited consumer access to non-bank financial services.
Authors and Affiliations
Robert Bacho
Keywords
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