Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine
The paper examines, using the example of Ukraine from 2003 to 2020, how and to what extent the development of various segments of the insurance market (risk insurance, life insurance, and reinsurance) influences the overall level of social progress. It also identifies the time gaps through which thi...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2023-12-01
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| Series: | Insurance Markets and Companies |
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| Online Access: | https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/19443/IMС_2023_01_Uzik.pdf |
| _version_ | 1797348290127200256 |
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| author | Ján Užík Olha Yeremenko Natalia Sidelnyk Tetyana Koriahinа Mykola Mormul |
| author_facet | Ján Užík Olha Yeremenko Natalia Sidelnyk Tetyana Koriahinа Mykola Mormul |
| author_sort | Ján Užík |
| collection | DOAJ |
| description | The paper examines, using the example of Ukraine from 2003 to 2020, how and to what extent the development of various segments of the insurance market (risk insurance, life insurance, and reinsurance) influences the overall level of social progress. It also identifies the time gaps through which this influence manifests. The study creates a single measure that looks at various aspects such as social class differences, spending patterns, income changes, and government social spending (their standardized values, weighed by the principal component method, integrated through additive convolution). Using VAR modeling, the impact of the development indicators of different segments of the insurance market (risk insurance, life insurance, and reinsurance) at the current moment and with lags of one, two, and three years is investigated, as well as the level of social progress in Ukraine in previous years. The modeling confirms that social reforms yield significant results for social progress only after three years, similarly to the increase in the number of insurance companies. Given insurers’ assets and payout levels, their growth in life insurance has a faster impact on social progress than in risk, while the opposite is true for premiums. Insurance premiums transferred to Ukrainian reinsurers negatively and slowly (over three years) affect social progress, and to non-resident reinsurers – positively and faster (within a year). Across most indicators, life insurance not only influences Ukraine’s social progress more quickly than others but also provides a more substantial social effect. |
| first_indexed | 2024-03-08T12:02:37Z |
| format | Article |
| id | doaj.art-6b00f9eac69a4c8192b670c95d242b5a |
| institution | Directory Open Access Journal |
| issn | 2616-3551 2522-9591 |
| language | English |
| last_indexed | 2024-03-08T12:02:37Z |
| publishDate | 2023-12-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Insurance Markets and Companies |
| spelling | doaj.art-6b00f9eac69a4c8192b670c95d242b5a2024-01-23T14:14:25ZengLLC "CPC "Business Perspectives"Insurance Markets and Companies2616-35512522-95912023-12-0114115316810.21511/ins.14(1).2023.1319443Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of UkraineJán Užík0https://orcid.org/0000-0001-6678-2285Olha Yeremenko1https://orcid.org/0009-0007-2886-5590Natalia Sidelnyk2https://orcid.org/0000-0002-9628-3011Tetyana Koriahinа3https://orcid.org/0000-0002-6756-2484Mykola Mormul4https://orcid.org/0000-0002-8036-3236Ph.D., Assistant Professor, University of Economics in Bratislava, SlovakiaPh.D. Student, Faculty of Economics, Sumy State University, UkraineDirector of the Sumy Representative Office of the Insurance Company “VUSO”Candidate of Science in Public Administration, Associate Professor of Social Security and Tax Policy Department, University of Customs and Finance, DniproPh.D., Associate Professor, Associate Professor of the Department of Computer Science and Software Engineering, University of Customs and Finance, UkraineThe paper examines, using the example of Ukraine from 2003 to 2020, how and to what extent the development of various segments of the insurance market (risk insurance, life insurance, and reinsurance) influences the overall level of social progress. It also identifies the time gaps through which this influence manifests. The study creates a single measure that looks at various aspects such as social class differences, spending patterns, income changes, and government social spending (their standardized values, weighed by the principal component method, integrated through additive convolution). Using VAR modeling, the impact of the development indicators of different segments of the insurance market (risk insurance, life insurance, and reinsurance) at the current moment and with lags of one, two, and three years is investigated, as well as the level of social progress in Ukraine in previous years. The modeling confirms that social reforms yield significant results for social progress only after three years, similarly to the increase in the number of insurance companies. Given insurers’ assets and payout levels, their growth in life insurance has a faster impact on social progress than in risk, while the opposite is true for premiums. Insurance premiums transferred to Ukrainian reinsurers negatively and slowly (over three years) affect social progress, and to non-resident reinsurers – positively and faster (within a year). Across most indicators, life insurance not only influences Ukraine’s social progress more quickly than others but also provides a more substantial social effect.https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/19443/IMС_2023_01_Uzik.pdfinsurance marketintegrated indicatorsocial progresssocial stratificationtime gapsVAR modeling |
| spellingShingle | Ján Užík Olha Yeremenko Natalia Sidelnyk Tetyana Koriahinа Mykola Mormul Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine Insurance Markets and Companies insurance market integrated indicator social progress social stratification time gaps VAR modeling |
| title | Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine |
| title_full | Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine |
| title_fullStr | Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine |
| title_full_unstemmed | Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine |
| title_short | Time gap of the impact of risk insurance, life insurance and reinsurance on social progress: The case of Ukraine |
| title_sort | time gap of the impact of risk insurance life insurance and reinsurance on social progress the case of ukraine |
| topic | insurance market integrated indicator social progress social stratification time gaps VAR modeling |
| url | https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/19443/IMС_2023_01_Uzik.pdf |
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