Assessment of Prospects for the Development of the Life Insurance Market in the Context of Reforming the Pension System
Savytska N. L., Zhyliakova O. V.

Savytska, Nataliia L., and Zhyliakova, Olena V. (2019) “Assessment of Prospects for the Development of the Life Insurance Market in the Context of Reforming the Pension System.” The Problems of Economy 1:170–175.
https://doi.org/10.32983/2222-0712-2019-1-170-175

Section: Finance and banking

UDC 368.914

Abstract:
The aim of the presented research is to deepen the theoretical bases of and assess the prospects for the further development of the non-state pension sector in Ukraine, namely, life insurance companies as one of the participants in the pension system of the country. The level of development of non-state pension provision in Ukraine is analyzed. There calculated the life insurance coverage, taking into account the population aged 18 to 60, and the number of participants in non-state pension funds of Ukraine. A comparative analysis of financial services for the provision of supplementary pensions rendered by non-state pension funds, banking institutions, and life insurance companies is carried out. Based on the analysis, the competitive advantages of life insurers over other financial institutions that provide accumulative pension insurance services are formulated, which made it possible to identify prospects for the development of life insurance services in the context of reforming the pension system in Ukraine. As a result of the study, there set the tasks the implementation of which will allow life insurers using development opportunities and taking a leading position in the market for the provision of non-state pension insurance services.

Keywords: pension reform, pension system, non-state pension provision, pension insurance.

Fig.: 1. Tabl.: 4. Bibl.: 9.

Savytska Nataliia L. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Marketing and Commercial Activities, Kharkiv State University of Food Technology and Trade (333 Klochkіvska Str., Kharkіv, 61051, Ukraine)
Email: natalisavitska2010@gmail.com
Zhyliakova Olena V. – Candidate of Sciences (Economics), Associate Professor, Department of Finance, Analysis and Insurance, Kharkiv State University of Food Technology and Trade (333 Klochkіvska Str., Kharkіv, 61051, Ukraine)
Email: ovz1913@gmail.com

List of references in article

“Informatsiia pro stan i rozvytok nederzhavnoho pensiinoho zabezpechennia Ukrainy“ [Information on the state and development of non-state pension provision of Ukraine]. Natsionalna komisiia, shcho zdiisniuie derzhavne rehuliuvannia u sferi rynkiv finansovykh posluh. https://www.nfp.gov.ua/ua/Informatsiia-pro-stan-i-rozvytok-nederzhavnoho-pensiinoho-zabezpechennia-Ukrainy.html
“Demohrafichna ta sotsialna statystyka. Naselennia ta mihratsiia“ [Demographic and social statistics. Population and migration]. Derzhavna sluzhba statystyky Ukrainy. http://www.ukrstat.gov.ua/
“Derzhavnyi reiestr finansovykh ustanov“ [State register of financial institutions]. Natsionalna komisiia, shcho zdiisniuie derzhavne rehuliuvannia u sferi rynkiv finansovykh posluh. https://nfp.gov.ua/ua/Derzhavnyi-reiestr-finansovykh-ustanov.html
“Statistika strakhovogo rynka Ukrainy“ [Statistics of the insurance market of Ukraine]. Forinshurer. https://forinsurer.com/stat
Kozarezenko, L. V. “Rol nederzhavnykh pensiinykh fondiv ta kompanii zi strakhuvannia zhyttia v rozvytku liudskoho potentsialu“ [The role of non-state pension funds and life insurance companies in the development of human potential]. Biznes Inform, no. 2 (2016): 319-328.
Brahin, S., and Makarenko, O. “Nederzhavni pensiini fondy na neefektyvnomu fondovomu rynku: pryklad Ukrainy“ [Non-state pension funds on an inefficient stock market: an example of Ukraine]. Visnyk NBU, no. 2 (2011): 44-47.
Zhyliakova, O. V., Andriushchenko, I. S., and Ivaniuta, O. M. “Reformuvannia pensiinoi systemy Ukrainy: yevrointehratsiinyi vektor“ [Reforming the Pension System of Ukraine: Eurointegration vector]. World science, vol. 2, no. 12 (28) (2017): 12-17.
Tretiak, D. D. “Superechnosti rozvytku nederzhavnoho pensiinoho zabezpechennia v Ukraini“ [Contradictions in the development of non-state pension provision in Ukraine]. Visnyk KNU imeni Tarasa Shevchenka. Ekonomika, no. 154 (2014): 89-94.
[Legal Act of Ukraine] (2003). https://zakon.rada.gov.ua/laws/show/1057-15