The Problems of Increasing the Level of Consumption of Insurance Services in Ukraine

Анотація

The main aim of the research is substantiating the reasons for the low level of insurance services consumption and carrying out a regression analysis to determine the impact of independent factors on the penetration of insurance into the country’s economy. The research presents solutions to the following tasks: the key indicators of development of the insurance market in Ukraine in 2012-2019 are analyzed, financial results of the activities of domestic insurers are defined, the impact of the insurance market indicators on the penetration of insurance into the economy is researched using the correlation-regressive analysis. The author has made an attempt to identify the reasons for the low activity of insurers in the market for insurance contracts compared to developed countries. The publication applies the correlation-regressive analysis to confirm assumptions about the influence of factors that do not have a direct effect on the resulting indicator. As the the resulting indicator has been chosen the penetration of insurance into the economy by the «non-life» (Y1) and the «life» insurance (Y2). The results of the research identified the reasons for restraint of relations between insurers and insured customers, including: low incomes of citizens, high, and sometimes unreasonable, insurance rates, lack of insurance culture in society, unfair attitude to insurers regarding the payment of compensation under contracts with the State Insurance of the USSR on the part of the State, financial and economic crises in society. The carried out analysis allowed to build models of multiple regression according to the indicators of insurance penetration into the country’s economy by the «non-life» and the «life» insurance. An acceptable link between the resulting indicators and independent factors has been identified: the number of insurers in the market and the US dollar exchange rate against the national currency. The results of the research allow to increase the activity of insurers in the market by means of: eliminating regulatory obstacles on the part of the State, determining the financial relationship between insurers and intermediaries as transparent and open, evaluating the impact of factors on the ability to increase the proportion of insurance in GDP, substantiating the role of the NBU as a future regulator in the insurance market.

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