THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE
The need to ensure the state's financial security in the conditions of the growing number of global challenges, risks, dangers and threats as a prerequisite for restoring and preserving the stability of the national economic system was substantiated. The purpose of the article is to assess the...
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| Format: | Article |
| Language: | English |
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FINTECH Alliance LLC
2023-02-01
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| Series: | Фінансово-кредитна діяльність: проблеми теорії та практики |
| Subjects: | |
| Online Access: | https://fkd.net.ua/index.php/fkd/article/view/3976 |
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| author | Svitlana Onyshchenko Oleksandra Maslii Oleksandr Kivshyk Anna Cherviak |
| author_facet | Svitlana Onyshchenko Oleksandra Maslii Oleksandr Kivshyk Anna Cherviak |
| author_sort | Svitlana Onyshchenko |
| collection | DOAJ |
| description |
The need to ensure the state's financial security in the conditions of the growing number of global challenges, risks, dangers and threats as a prerequisite for restoring and preserving the stability of the national economic system was substantiated. The purpose of the article is to assess the impact of the insurance market and key indicators of its development on the level of Ukrainian financial security in order to determine the priority areas of its provision. The dependence of the state financial security level on a set of factors that have a close connection and mutual influence was studied. War is a massive structural shock to the Ukrainian economy since the total losses of the Ukrainian economy because of war, according to the general estimates of the Ministry of Economy and KSE, considering both direct losses and indirect losses (decrease in GDP, cessation of investment, the outflow of labour, additional spending on defence and social support, etc.) range from $564 billion to $600 billion. It was established that the growing number of negative security factors determine the impact of the insurance market on the financial, economic and social stability of society because an effectively functioning insurance market enables minimizing threats to individuals, society and the state as a whole. The mutual influence of the insurance market on the state's financial security is studied, which is manifested in the possibility of maintaining financial stability and stimulating economic development at the macro level through the accumulation of a significant amount of investment resources. The study of methodological and practical aspects of the impact of the insurance market on the state's financial security in the context of global hybrid threats was updated. The identification and assessment of the impact of threats associated with the state and trends in the insurance market of Ukraine were carried out using an indicator approach based on the Guidelines for assessing the Ukrainian economic security level. The limitation of the range of indicators used in it to assess the impact of insurance development on the level of financial security is proved. It is proposed to expand the list of indicators of the development of the insurance market, taking into account international experience. On the basis of correlation and regression analysis, the most significant factors of financial security in the field of insurance were identified. The results obtained can be used to substantiate the priorities for the insurance market development in the formation of the concept of Ukrainian financial security.
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| first_indexed | 2024-03-12T04:26:33Z |
| format | Article |
| id | doaj.art-1998eb4e49ac4bdd8a60e3de05b85b02 |
| institution | Directory Open Access Journal |
| issn | 2306-4994 2310-8770 |
| language | English |
| last_indexed | 2024-03-12T04:26:33Z |
| publishDate | 2023-02-01 |
| publisher | FINTECH Alliance LLC |
| record_format | Article |
| series | Фінансово-кредитна діяльність: проблеми теорії та практики |
| spelling | doaj.art-1998eb4e49ac4bdd8a60e3de05b85b022023-09-03T10:17:35ZengFINTECH Alliance LLCФінансово-кредитна діяльність: проблеми теорії та практики2306-49942310-87702023-02-0114810.55643/fcaptp.1.48.2023.3976THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINESvitlana Onyshchenko0Oleksandra Maslii1Oleksandr Kivshyk2Anna Cherviak3D.Sc. in Economics, Proferror of Finance, Banking Business and Taxation Department, National University «Yuri Kondratyuk Poltava Polytechnic», Poltava, UkraineCandidate of Economy Sciences, Assistant Professor of Finance, Banking Business and Taxation Department, National University «Yuri Kondratyuk Poltava Polytechnic», Poltava, UkraineCandidate of Technical Sciences, Doctoral Student of Finance, Banking Business and Taxation Department, National University «Yuri Kondratyuk Poltava Polytechnic», Poltava, UkrainePhD in Economics, National University «Yuri Kondratyuk Poltava Polytechnic», Poltava, Ukraine The need to ensure the state's financial security in the conditions of the growing number of global challenges, risks, dangers and threats as a prerequisite for restoring and preserving the stability of the national economic system was substantiated. The purpose of the article is to assess the impact of the insurance market and key indicators of its development on the level of Ukrainian financial security in order to determine the priority areas of its provision. The dependence of the state financial security level on a set of factors that have a close connection and mutual influence was studied. War is a massive structural shock to the Ukrainian economy since the total losses of the Ukrainian economy because of war, according to the general estimates of the Ministry of Economy and KSE, considering both direct losses and indirect losses (decrease in GDP, cessation of investment, the outflow of labour, additional spending on defence and social support, etc.) range from $564 billion to $600 billion. It was established that the growing number of negative security factors determine the impact of the insurance market on the financial, economic and social stability of society because an effectively functioning insurance market enables minimizing threats to individuals, society and the state as a whole. The mutual influence of the insurance market on the state's financial security is studied, which is manifested in the possibility of maintaining financial stability and stimulating economic development at the macro level through the accumulation of a significant amount of investment resources. The study of methodological and practical aspects of the impact of the insurance market on the state's financial security in the context of global hybrid threats was updated. The identification and assessment of the impact of threats associated with the state and trends in the insurance market of Ukraine were carried out using an indicator approach based on the Guidelines for assessing the Ukrainian economic security level. The limitation of the range of indicators used in it to assess the impact of insurance development on the level of financial security is proved. It is proposed to expand the list of indicators of the development of the insurance market, taking into account international experience. On the basis of correlation and regression analysis, the most significant factors of financial security in the field of insurance were identified. The results obtained can be used to substantiate the priorities for the insurance market development in the formation of the concept of Ukrainian financial security. https://fkd.net.ua/index.php/fkd/article/view/3976insurance marketfinancial systemfinancial security of the statesecurity of the non-banking financial sectorthreatinsurance penetration |
| spellingShingle | Svitlana Onyshchenko Oleksandra Maslii Oleksandr Kivshyk Anna Cherviak THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE Фінансово-кредитна діяльність: проблеми теорії та практики insurance market financial system financial security of the state security of the non-banking financial sector threat insurance penetration |
| title | THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE |
| title_full | THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE |
| title_fullStr | THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE |
| title_full_unstemmed | THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE |
| title_short | THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE |
| title_sort | impact of the insurance market on the financial security of ukraine |
| topic | insurance market financial system financial security of the state security of the non-banking financial sector threat insurance penetration |
| url | https://fkd.net.ua/index.php/fkd/article/view/3976 |
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