Economics of Development
Economics of Development
ISSN 1683-1942 e-ISSN 2304-6155 UDC 33
DOI: 10.63341/econ
Submit an article

Article

Download article

Analysis of the activity of the insurance company and prospects of its development on the market of insurance services (on the example of PJSC “Insurance Group “TAS”)

Іryna Litvinova, Viktoria Kozub, Serhiy Kozub

Received 22.12.2022, Revised 30.01.2023, Accepted 06.03.2023

Abstract

The relevance of the work lies in the need to ensure the effective operation and development of insurance companies on the insurance services market in the conditions of globalization and growing international competition. The purpose of the study was to define the essence and to do the analysis of insurance services for individuals and legal entities as well as the prospects for their development. The study used the method of analysis and synthesis, and the factor analysis of the overall profitability indicators was also carried out. The analysis of insurance services was carried out on the example of the activities of the insurance group “TAS”. The main results of the study are presented in the analysis of the financial and economic indicators of the insurance group “TAS”. The dynamics of insurance premiums, insurance payments and insurance reserves of the company under study, including those by type of insurance services, are analysed. The analysis proved that the insurance company “TAS” currently holds the leading positions on the Ukrainian insurance market in terms of insurance payments. The factors that positively influence the development of insurance and ensure its constant financing are considered. In order to determine the level of profitability on the insurance services market, the article analyses profitability indicators for the products of the insurance company “TAS” and tracks the impact of changes in the structure and volume of insurance products on these indicators. The article presents the structure of the insurance development cycle, which allows to define the goals of insurance services development and requires an assessment of the company’s capabilities for their implementation. It is proved that the introduction of new insurance services will allow the insurance company “TAS” to ensure continuous and stable operation on the market. The practical significance of the research lies in the substantiated prospects for the development of insurance company services


Keywords:

growth rate; provision of services; assessment of opportunities; dynamics of insurance premiums and payments; financial and economic indicators

https://doi.org/10.57111/econ/1.2023.38

Retrieved from Volume 22, No. 1, 2023

Pages 38-49

References Suggested citation

References

[1] Aleskerova, Yu.V., & Rachok, V.O. (2020). Analysis of the assessment of the financial condition of the insurance company. The Scientific Heritage, 43(3), 3-11.

[2] Global insurance telematics subscriptions to exceed 100 million by 2018, but auto insurance faces dramatic changes. (2013). Retrieved from https://www.abiresearch.com/press/global-insurance-telematics-subscriptions-to-excee/.

[3] Grishko, R.S., & Rubtsova, N.M. (2019). The essence and necessity of the development of mandatory civil liability insurance for car owners. In Actual socio-economic problems of the state and regions: Collection of materials AllUkrainian science and practice conference (pp. 68-70). Pokrovsk, Ukraine.

[4] Gubenya, D.V., & Chebotaryov, V.A. (2019). Insurance marketing. In Actual socio-economic problems of the state and regions: Collection of materials All-Ukrainian science and practice conference (pp. 70-74). Pokrovsk, Ukraine.

[5] Horodnichenko, Yu.V. (2017). Trends and prospects for the development of the insurance market of Ukraine. Economy and Society, 10, 569-573.

[6] Insurance telematics report 2014. (2014). Retrieved from http://saiv.espaceweb.usherbrooke.ca/References/236_2014_ InsuranceTelematicsReportExtract_19p.pdf.

[7] Ivanova, A.P., & Shapoval, L.P. (2017). Features of the formation of the insurance company’s profit. Economy and Society, 13, 1110-1116.

[8] Kachula, S.V., Lysiak, L.V., & Liashevskyi, Ya.O. (2021). Analysis of income formation and profit distribution of insurance companies (on the example of the joint stock company “Insurance Group “TAS”). Ahrosvit, 1-2, 12-19.

[9] Karapiperis, D., Brandenburg, A., Birnbaum, B., Brande, A., Castagna, S., Greenberg, A., Harbage, R., & Obersteadt, A. (2015). Usage-based insurance and vehicle telematics: Insurance market and regulatory implications. Washington: National Association of Insurance Commissioners.

[10] Klapkiv, Y. (2017). Conflict of interests in the activities of insurance intermediaries. Scientific Bulletin of Mukachevo State University. Series “Economics”, 4(2), 171-176.

[11] Kneisler, O. (2015). Formation of the system of financial flows management for insurance companies. Skhid, 5, 55-59. doi: 10.21847/1728-9343.2015.5(137).51035.

[12] Kneysler, O., Kryvytska, O., Shupa, L., & Huzela, I. (2019). Assessment of the competitive environment of the health insurance market. Problems and Perspectives in Management, 17(2), 541-549. doi: 10.21511/ppm.17(2).2019.42.

[13] Korvat, O.V., & Mamedov, N.K. (2019). Income management of an insurance company. Efektyvna Ekonomika, 11, 1-8. doi: 10.32702/2307-2105-2019.11.64.

[14] Kosarieva, I.P., Stepanenko, S.V., & Mazur, T.B. (2020). Determination of the possibilities of using the investment potential of insurance companies in Ukraine. Priazov Economic Herald, 1(18), 259-266. doi: 10.32840/2522-4263/2020-1-45.

[15] Krasnostanova, N. (2021). Development trends of the securities market in Ukraine. Scientific Bulletin of Mukachevo State University. Series “Economics”, 8(4), 19-26. doi: 10.52566/msu-econ.8(4).2021.19-26.

[16] Matviienko-Biliaieva, G.L., Strokovych, H.V., Velykykh, K.O., Kozub, V.O., & Bril, M.S. (2020). The introduction of modern methods of logistics in entrepreneurial activity. ASTRA Salvensis, 1, 155-166.

[17] Official website of the Insurance Group “TAS”. (n.d.). Retrieved from https://sgtas.com.ua.

[18] Romanovska, Yu.A., & Pokynboroda, A.O. (2018). Analysis of the profitability of life insurance products on the example of the TAS insurance company. Economy and Society, 16, 777-782.

[19] Romanovska, Yu.A., & Saienko, Ya.A. (2018). Financial indicators of the analysis of the competitiveness of the insurance company “TAS”. Scientific Bulletin of Kherson State University. Series “Economic Sciences”, 30(2), 101-104.

[20] Rud, I.Yu., & Kondratska, K.V. (2019). Insurance market of Ukraine: Analysis and prospects of development. Uzhorod National University Herald. International Economic Relations and World Economy, 23(2), 87-91.

[21] Skydan, O., Vilenchuk, O., Pyvovar, P., Topolnytskyi, P., & Shubenko, I. (2023). Identification and interpretation of internal factors influencing the agricultural insurance market in Ukraine. Scientific Horizons, 26(10), 150-162. doi: 10.48077/scihor10.2023.150.

[22] Skrypova, O.S. (2012). Actual problems of insurance company management. Economic Annals-XXI, 1-2, 46-49.

[23] Vilenchuk, O., Nedilska, L., Kurovska, N., Vikarchuk, O., & Klapkiv, Yu. (2022). Mission of international agribusiness insurance: Modern challenges and opportunities for Ukraine. Scientific Horizons, 25(10), 107-118. doi: 10.48077/ scihor.25(10).2022.107-118.

[24] Yukhumenko, V.M. (2017). The impact of Solvency II on insurance market of Ukraine. Scientific Bulletin of the Uzhhorod.

Suggested citation

Litvinova, I., Kozub, V., & Kozub, S. (2023). Analysis of the activity of the insurance company and prospects of its development on the market of insurance services (on the example of PJSC “Insurance Group “TAS”). Economics of Development, 22(1), 38-49. https://doi.org/10.57111/econ/1.2023.38