ENSURING THE COMPETITIVENESS OF THE INTERNATIONAL INSURANCE MARKET ON THE BASIS OF COMPARATIVE DETERMINANTS
DOI:
https://doi.org/10.32689/2523-4536/66-2Keywords:
competitiveness, international insurance market, insurance sector, market determinants, financial stability, rank correlationAbstract
As a result of the conducted research, the relevance of the declared topic was demonstrated, which confirmed both theoretical and practical works that remain on the agenda of the international insurance community. In connection with the fact that the achievement of the set goal is based on a careful study of international experience, the activities of individual national insurance markets, their infrastructure and participants, clarification of concepts and the development of development directions, the author uses a comprehensive approach that takes into account the manifestations of globalization in financial markets, as well as specific features of the development of national insurance markets. The theory and practice of Michael Porter's "diamond of competitiveness" was used in order to determine the main determinants and indicators embedded in them that affect the development and functioning of the national insurance sector, based on which, through the prism of methodological aspects of international competitiveness, the place of the national insurance market in the world economy is determined. Based on the results of the correlation analysis of the selected components, a conclusion is made about the effectiveness of applying to the experience of the countries of Central and Eastern Europe and to China, because their insurance markets are at the closest possible distance and actively participate in the process of implementing international standards. According to the results of the analysis of the insurance market of Central-Eastern Europe, it is concluded that the lack of a ready-made material and technical base requires the expansion of the preparatory stage and sets the task of accumulating capital in the industry, improving the qualifications of personnel, as well as attracting external experts. The most successfully set tasks were solved in the insurance market of China, whose experience is worthy of implementation in the strategy of managing the solvency of insurance companies. The expediency of using a differentiated approach (principle of proportionality) regarding the level of requirements, as well as recognition of the need for parallel work on quantitative and qualitative components through the institution of the regulator, is substantiated.
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