PhD in economics, Sumy State University, Ukraine
Director of the Sumy Representative Office of the Insurance Company “VUSO”, Ukraine
This paper summarizes the arguments and counterarguments within the scientific discussion on the insurance market issue. The research’s primary purpose is to identify critical vectors and trends inherent in the modern insurance market. Systematization of literary sources and approaches for solving the problem of development and formation of the current insurance market indicates that it is necessary to use the best countries’ experience, adapting it to the domestic market. This concerns the issues of targeted financing of investment projects, the creation of funds to support policyholders’ protection, tax benefits for long-term insurance instruments, the possibility of opening a foreign insurance market for insurance institutions. The relevance of the decision of this scientific problem caused by the lack of standard definition of the concept of insurance by the academic community drives limited ability to assess the impact of insurance on social and economic aspects of society. Investigation of the topic of theoretical principles of insurance in the paper is carried out in the following logical sequence: analysis of the relationship between different types of insurance, analysis of publication activity in terms of years, countries, subject industries; research of keywords that occur when considering the topic of insurance. The research methods’ methodological tools were analytical tools of the Scopus database and VOSviewer software years of research 1832 – 2021. According to the international Scopus database results, the object of study is the chosen countries, regions, and universities. The paper presents empirical bibliographic analysis results, which showed that today the vast majority of research is conducted by experts from the United States and the European Union. Still, many Asian countries (China, Singapore, Taiwan, Thailand), which demonstrate rapid economic development, are beginning to take a leading position among insurance research gradually. The research empirically confirms and theoretically proves that the insurance market is an integral and important part of the financial sector as a whole. The results of the research can be useful for further scientific work.
Keywords: insurance, insurance market, finance, financial market, financial flow.
JEL Classification: G22, G23, G52.
Cite as: Didenko, I., Sidelnyk, N. (2021). Society’s Readiness for Modern Challenges of the Insurance Market: Bibliometric Analysis. Financial Markets, Institutions and Risks, 5(1), 116-125. https://doi.org/10.21272/fmir.5(1).116-125.2021
This work is licensed under a Creative Commons Attribution 4.0 International License
- Abeysekera, R. (2020). Co-Production Related To Business Counselling in Microfinance Sector As A Demonstration Of Globalization And Social Cooperation: An Interpersonal Relationship Approach. SocioEconomic Challenges, 4(2), 56-66. https://doi.org/10.21272/sec.4(2).56-66.2020.
- Agnihotri, A., Gupta, S. (2019). Relationship of Corporate Governance and Efficiency of Selected Public and Private Sector Banks in India. Business Ethics and Leadership, 3(1), 109-117. http://doi.org/10.21272/bel.3(1).109-117.2019.
- Bagmet, K.V., Haponova, O. (2018). Assessing the Impact on Social Sector: A Macroeconomic Approach. SocioEconomic Challenges, 3(2), 103-108. DOI: 10.21272/sec.3(2).103-108.2018.
- Bozena, S., Vynnychenko, N. (2018). Evaluating of the financial equalization system in Ukraine. Financial Markets, Institutions and Risks, 2(1), 25-36.
- Ciubotariu, M., Socoliuc, M., Mihaila, S., Savchuk, D. (2019). Companies Image: Marketing and Financial Communications. Marketing and Management of Innovations, 3, 223-241. http://doi.org/10.21272/mmi.2019.3-17.
- Delanoy, N., Kasztelnik, K. (2020). Business Open Big Data Analytics to Support Innovative Leadership Decision in Canada. Business Ethics and Leadership, 4(2), 56-74. https://doi.org/10.21272/bel.4(2).56-74.2020.
- Dudchenko, V.Yu. (2020). Interaction of Central Bank Independence and Transparency: Bibliometric Analysis. Business Ethics and Leadership, 4(2), 109-115. https://doi.org/10.21272/bel.4(2).109-115.2020.
- Giebe, C., Hammerström, L., Zwerenz, D. (2019). Big Data & Analytics as a sustainable Customer Loyalty Instrument in Banking and Finance. Financial Markets, Institutions and Risks, 3(4), 74-88. http://doi.org/10.21272/fmir.3(4).74-88.2019.
- Goncharenko, T. (2020). From Business Modelling to the Leadership and Innovation in Business: Bibliometric Analysis (Banking as a Case). Business Ethics and Leadership, 4(1), 113-125. http://doi.org/10.21272/bel.4(1).113-125.2020.
- Kljucnikov, A., & Majkova, M. S. (2018). Funding Risk Perception by Slovak SMEs: Impact of Age and Size of the Company. Marketing and Management of Innovations, 4, 282-297. http://doi.org/10.21272/mmi.2018.4-24.
- Molotok, I. (2020). Analysis Of The Relevance Of Fiscal Decentralization In Ensuring Country Investment Attractiveness. SocioEconomic Challenges, 4(2), 99-105. https://doi.org/10.21272/sec.4(2).99-105.2020.
- Moskovicz, A. (2019). Financial Qualitative Research: A Comprehensive Guide for Case Study usage. Financial Markets, Institutions and Risks, 3(4), 106-116. http://doi.org/10.21272/fmir.3(4).106-116.2019.
- Njegovanović, A. (2018). Digital Financial Decision With A View Of Neuroplasticity / Neurofinancy / Neural Networks. Financial Markets, Institutions and Risks, 2(4), 82-91. DOI: http://doi.org/10.21272/fmir.2(4).82-91.2018.
- Popoola, M. Ak., Brimah, Am. N., Gbadeyan, A. R. (2019). Financial Institutions Micro Loans: A Strategy for Reducing Poverty in Nigeria. Financial Markets, Institutions and Risks, 3(3), 13-17. http://doi.org/10.21272/fmir.3(3).13-17.2019.
- Porrini, D. (2018). The effects of innovation on market competition: the case of the insurance comparison websites. Marketing and Management of Innovations, 3, 324-332. http://doi.org/10.21272/mmi.2018.3-29.
- Starostina, A., Pikus, R., & Kravchenko, V. (2020). Innovative Activities within Ukrainian Insurance Companies. Marketing and Management of Innovations, 2, 44-55. http://doi.org/10.21272/mmi.2020.2-03.
- Umadia K. Sr., Kasztelnik, K. (2020). The Financial Innovative Business Strategies of Small to Medium Scale Enterprises in Developing Country and Influence for the Global Economy Performance. SocioEconomic Challenges, 4(3), 20-32. https://doi.org/10.21272/sec.4(3).20-32.2020.
- Vargas-Hernández, J. G., Rodríguez, C. R. F. (2018). Leadership Styles as a Challenge to Generate Innovation Environments in the Companies of the 21st Century. Business Ethics and Leadership, 2(4), 64-73. http://doi.org/10.21272/bel.2(4).64-73.2018.
- Yanyshyn, Y., Bryk, H. & Kashuba, Y. (2019). Problems and Perspectives of Internet-Insurance in Ukraine. Marketing and Management of Innovations, 4, 31-38. http://doi.org/10.21272/mmi.2019.4-03.
- Zolkover, A., Renkas, J. (2020). Assessing The Level Of Macroeconomic Stability Of EU Countries. SocioEconomic Challenges, 4(4), 175-182. https://doi.org/10.21272/sec.4(4).175-182.2020.