Bìznes Inform (Sep 2019)
The Institutional Structure of the Life Insurance Market in Ukraine: the Status and Prospects for Development
Abstract
The article is aimed at studying the status and development prospects of the institutional structure of the national life insurance market. A comparison of the main indicators of the activity of insurance companies in the developed countries in the segment of life insurance and national insurers is carried out. The leaders in the global life insurance market and the current tendencies of its development are defined. The author estimates the status of development of the life insurance market in Ukraine for 2014-2018, its institutional structure. The range of services offered by domestic insurance companies in the life insurance market is researched. The specifics of conclusion of the reinsurance contracts in life insurance for further diversification of risks are defined. The role of mediation in the life insurance segment is substantiated. Most domestic insurance companies engage in services of a third-party agency network, and the number of contracts with brokerage offices decreases annually. Associations of insurers occupy an important place in the institutional structure of the insurance market. The need for their activities to operate the life insurance market more efficiently and to ensure their reliability is proved. Based on the carried out analysis, a number of problems in the activities of national insurance companies and other institutions in the life insurance market are identified. Measures to create favorable conditions for the functioning of companies and further development of the institutional structure in the segment of the life insurance market are substantiated.
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