METHODS TO INCREASE THE EFFICIENCY OF UKRAINIAN INSURANCE COMPANIES’ FINANCIAL CONDITION MANAGEMENT
Journal Title: Проблеми системного підходу в економіці - Year 2017, Vol 6, Issue 62
Abstract
The article has proved the presence and development of the crisis in Ukrainian insurance market that has affected financial and economic activities of insurance companies in the country. Crisis conditions for the operations implementation and the assessment of the financial status have allowed to divide companies into three groups: those who need improvement of the financial condition (mainly big insurance companies with foreign capital); those who need implementation of anti-crisis financial management (overwhelming majority of Ukrainian insurance companies); those who need sanitation (mainly mid-sized and small companies with national capital). In such terms, the key element of competitiveness increase for Ukrainian insurance companies is to increase the efficiency of their own financial condition management. To reach this goal, the research has developed and offered to use the procedure of the financial state adjustment of Ukrainian insurance companies. The developed procedure includes the sequence of the following actions: assessment and accounting of external and internal influential factors on financial condition; study and assessment of financial condition of insurance companies; external and internal adjustment of financial condition of insurance companies; external adjustment of financial condition of insurance companies at the level of the state and local authorities; internal adjustment of financial condition of insurance companies with one of three sets of actions (a set of actions directed towards improvement of financial condition; a set of actions on anti-crisis financial management, a set of sanitation actions); prediction of financial condition of insurance companies taking into account the influence of corrective actions. It is suggested to include such sets of actions as improvement of operation, investment, financial, marketing, and innovation activities, as well as improvement of the staff management for the financial condition of insurance companies straightening. A set of anti-crisis financial management measures include financial and economic, organizational and legal, economic and technical, social ones. Sanitation measures offered in the article include financial, economic, management, social actions and those directed towards insurance company reorganization.
Authors and Affiliations
А. M. Kriventsova
Keywords
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