Current trends of the assistance development in the insurance market of Ukraine
DOI:
https://doi.org/10.21847/1728-9343.2016.1(141).61812Keywords:
assistance, assistant service, assistant activities, insurance market, liquidation costs, costs of services provided assistanceAbstract
The main indicators of assistance activity in the insurance market in Ukraine have been analyzed. Beneficial and negative trends of its development have been shown. The dynamics of the insurers' liquidation expenses structure and the payment of services expenses of the assistance establishments have been highlighted. Their structure has been shown due to the types of voluntary and compulsory insurance. The main problems hindering the effective development of the assistance services market have been characterized and the prospects of its development have been offered.
The aim of the research is to carry out comprehensive analysis of the current market of assistance services, to identify the main problems of their implementation and to point out the prospects of insurance market development.
The dynamics of insurance bonuses and benefits including insurance compensation and services and the insurers' operating expenses concerning the payment of services of the assistance establishments has been analyzed on the basis of a sample survey of the main indicators of insurance market development due to the statistic data of National Committee of Financial Services. It has been revealed that majority of the insurance services provide settlement of insurance claims by offering assistance service. Alongside increasing of the share of insurance payment due to the contract providing the insurance service, allows the majority of insurance claims to be settled due to the payment of insurance compensation.
Expenses on assistance services were the highest and the court expenses were the lowest in the structure of the insurer's liquidation expenses during 2011-2014. Expenses on services of the non-residential assistance establishments are low but they are increasing. It shows that emergency assistance to our citizens in the country and outside is being increased.
Structure of assistance services in the voluntary and compulsory insurance market has been analyzed; main trends of assistance activity development according to the separate insurance services have been highlighted. In particular it was found out that the greatest amount of assistance services were provided due to the voluntary medical insurance, medical costs insurance, land transport insurance and compulsory insurance of civil liability of the owners of vehicles.
On the basis of conducted analysis, we can draw a conclusion about the low level of assistance services market development. It is affected by negative trends of economic and political crisis, low solvency of insurers and the quality of insurance services, a lack of guaranties to provide emergency assistance in time, imperfect state regulation of assistance services provision, and a low level of institutional support. We offer to intensify the interaction between the insurers and assistance companies while providing insurance services including additional ones, insurance compensation, and settlement of insurance claims by ensuring emergency assistance in monetary and natural-material form. This will promote the increasing of quality of the insurance protection.References
Zaletov О. М. (2012), Insurance market assistance: essence and role, Finance, accounting and audit, no.19, pp. 64-71(ukr).
Zaivenko Т. О. (2008), Advantages, disadvantages and current insurance assistance in Ukraine, Economics, finance and law, no.5, pp. 15-16 (ukr).
Okhrimenko О. О. (2008), Tourist sector of the insurance market of Ukraine: Current trends and development techniques, monograph, Institute of Demography and Social Research of NAS of Ukraine, Кyiv, 502 p. (ukr).
Tkachenko N. V. (2015), Intensification of interaction between insurers and assistance companies in modern economy, The World of Finance, no.2, pp. 84-93 (ukr).
Filoniuk A. F., Zaletov А. N. (2008), Insurance industry in Ukraine: Strategy of development, monograph, International agency «BIZОN», Кyiv, 448 p. (rus).
National Commission executing the state regulation in the field of finance, available at: http://nfp.gov.ua/ (ukr).
On approval of the order of making a report of the insurers data. Resolution of the State Commission for Regulation Financial Services in Ukraine (2004), no.39, available at: http://zakon3.rada.gov.ua/laws/show/z0517-04 (ukr).
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Copyright (c) 2016 Olga Kaminska
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