Voluntary medical insurance in Ukraine: state and prospects of development

Abstract

Aim. The paper analyzes the state of the voluntary medical insurance in Ukraine and identifies the tendencies of its development. Material and Methods. The research was conducted on the basis of consolidated reporting data of the National Commission for State Regulation of Financial Services Markets using statistical methods, structural-logical analysis and systematic approach. Results and Discussion. According to the results of the study, the permanent health insurance is a dominant segment in the market of voluntary medical insurance in Ukraine; however the medical expenses insurance shows a steady upward trend. During the study period, the number of concluded contracts by type of medical insurance increased by 3.1 times. The increase in contracts on health insurance against disease turned out to be the most significant: in 2019, 4.7 times more contracts were concluded than in 2015. The dominance of corporate medical insurance in the segment of the market of permanent health insurance was established, while the insurance premiums made by individuals prevailed in the segment of health insurance against disease and medical expenses insurance. When studying the level of payments under voluntary medical insurance contracts, it was found that the highest level of payments had been recorded for permanent health insurance (56.95% - 62.12%). In the result of analyzing the level of reinsurance in the voluntary medical insurance market, a reduction in the ratio of insurance premiums transferred to non-resident reinsurers was established. On the basis of which it can be affirmed that the inwards reinsurance in Ukraine is being formed. The formation of the inwards reinsurance market in Ukraine has significant prospects, as it will ensure the attraction of funds into the national economy and promote integration into the international reinsurance space. Conclusions. The development tendencies study of the voluntary medical insurance is of practical importance for assessing and increasing the competitiveness of the medical insurance market in Ukraine

Keywords

• insurance, insurance contract, insurance premiums, reinsurance