Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19
Given the growing threats to the financial sustainability of businesses during the COVID-19 period, anti-crisis development strategies are the basis for ensuring successful operation and maintaining competitiveness in the markets. Insurance companies formulate and implement anti-crisis strategies in...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2020-12-01
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| Series: | Insurance Markets and Companies |
| Subjects: | |
| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14484/IMC_2020_01_Polinkevych.pdf |
| _version_ | 1819238516342652928 |
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| author | Oksana Polinkevych Ryszard Kamiński |
| author_facet | Oksana Polinkevych Ryszard Kamiński |
| author_sort | Oksana Polinkevych |
| collection | DOAJ |
| description | Given the growing threats to the financial sustainability of businesses during the COVID-19 period, anti-crisis development strategies are the basis for ensuring successful operation and maintaining competitiveness in the markets. Insurance companies formulate and implement anti-crisis strategies in accordance with the requirements of the circular economy. Thus, the purpose of this study is to identify the main anti-crisis development strategies that insurance companies adhere to during COVID-19. The features of strategies that existed before the pandemic and were formed during the pandemic are identified. Tourism and hotel and catering business is an activity that considers the conditions of the circular economy. It is in this industry that the highest risks arise during the period of COVID-19. An anti-crisis development strategy of insurance companies during a period of pandemics and crises is understood as a tool for resolving contradictions in the development of a company in the event of a crisis or its threat. Moreover, the development process of the insurance company is inevitable, given the manifestations of the circular economy. As a result, insurance companies changed and consolidated anti-crisis development strategies during COVID-19. The newly created concentrating effort strategy combined the strategy of long-term planned changes and the strategy of balancing the interests of the insurance company and stakeholders. Instead, new strategies have emerged to innovate and maintain an adequate level of financial sustainability. It is especially worth highlighting the marketing strategy that ensures the image of insurance companies. |
| first_indexed | 2024-12-23T13:37:28Z |
| format | Article |
| id | doaj.art-ec396d3491234489b6403fc516d031c7 |
| institution | Directory Open Access Journal |
| issn | 2616-3551 2522-9591 |
| language | English |
| last_indexed | 2024-12-23T13:37:28Z |
| publishDate | 2020-12-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Insurance Markets and Companies |
| spelling | doaj.art-ec396d3491234489b6403fc516d031c72022-12-21T17:44:58ZengLLC "CPC "Business Perspectives"Insurance Markets and Companies2616-35512522-95912020-12-01111212910.21511/ins.11(1).2020.0314484Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19Oksana Polinkevych0https://orcid.org/0000-0001-6924-7296Ryszard Kamiński1https://orcid.org/0000-0001-5110-8300Doctor of Economics, Professor, Professor of the Department of Tourism, Hotel and Catering Industry, Lutsk National Technical University, Ministry of Education and Science of Ukraine, LutskDoctor of Economics, Professor, Professor of the Department of Economics, Adam Mickiewicz University in Poznan, Ministry of Science and Higher Education, PoznanGiven the growing threats to the financial sustainability of businesses during the COVID-19 period, anti-crisis development strategies are the basis for ensuring successful operation and maintaining competitiveness in the markets. Insurance companies formulate and implement anti-crisis strategies in accordance with the requirements of the circular economy. Thus, the purpose of this study is to identify the main anti-crisis development strategies that insurance companies adhere to during COVID-19. The features of strategies that existed before the pandemic and were formed during the pandemic are identified. Tourism and hotel and catering business is an activity that considers the conditions of the circular economy. It is in this industry that the highest risks arise during the period of COVID-19. An anti-crisis development strategy of insurance companies during a period of pandemics and crises is understood as a tool for resolving contradictions in the development of a company in the event of a crisis or its threat. Moreover, the development process of the insurance company is inevitable, given the manifestations of the circular economy. As a result, insurance companies changed and consolidated anti-crisis development strategies during COVID-19. The newly created concentrating effort strategy combined the strategy of long-term planned changes and the strategy of balancing the interests of the insurance company and stakeholders. Instead, new strategies have emerged to innovate and maintain an adequate level of financial sustainability. It is especially worth highlighting the marketing strategy that ensures the image of insurance companies.https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14484/IMC_2020_01_Polinkevych.pdfanti-crisis strategyCOVID-19crisisdevelopmenthotel and catering businessimage |
| spellingShingle | Oksana Polinkevych Ryszard Kamiński Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19 Insurance Markets and Companies anti-crisis strategy COVID-19 crisis development hotel and catering business image |
| title | Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19 |
| title_full | Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19 |
| title_fullStr | Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19 |
| title_full_unstemmed | Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19 |
| title_short | Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19 |
| title_sort | anti crisis development strategies of insurance companies in ukraine and poland in the context of covid 19 |
| topic | anti-crisis strategy COVID-19 crisis development hotel and catering business image |
| url | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14484/IMC_2020_01_Polinkevych.pdf |
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