Problems of life insurance development in terms an unstable financial environment

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Problems of life insurance development in terms an unstable financial environment

Borysiuk Olena, Datsyuk-Tomchuk Maria

Борисюк Олена, Дацюк-Томчук Марія. ПРОБЛЕМИ РОЗВИТКУ СТРАХУВАННЯ ЖИТТЯ В УМОВАХ НЕСТАБІЛЬНОГО ФІНАНСОВОГО СЕРЕДОВИЩА. В сучасних умовах страхування життя грає найважливішу роль для економіки країни і її громадян, оскільки воно направлено на фінансовий і соціальний захист населення за допомогою організації комплексної системи матеріального забезпечення при настанні різних подій, пов'язаних з життям, здоров'ям, працездатністю або іншими обставинами, які можуть привести до значного дисбалансу сімейного або особистого бюджету, зниження рівня життя.

Представлені в дослідженні основні тенденції розвитку страхування життя в Україні наочно демонструють, що процеси глобалізації, що відбуваються в даний час, роблять серйозний вплив на ускладнення споживчих і накопичувальних властивостей страхування життя за рахунок злиття страхового, кредитного та інвестиційного продуктів.

Варто відмітити, що метою стимулювання розвитку страхування життя в європейських країнах є надання цілої система фінансових пільг для довгострокового страхування життя. Так, наприклад, в ряді країн податок на страхові виплати за такими договорами нижче, ніж на дохід по банківських депозитах. В інших країнах діють податкові пільги на страхові внески, які сплачуються за довгостроковими договорами страхування життя, надаються пільги і на оподаткування інвестиційного доходу від розміщення страхових резервів. У звязку із цим у розвинених країнах страхові компанії життя є найбагатшими фінансовими інститутами, які акумулюють значно більше коштів, ніж банки. Так, резерви таких страховиків становлять сотні мільярдів доларів США.Накопичувальне страхування життя - найбільш поширений вид страхування в Західній Європі, Америці і Японії. Проте в Україні даний вид страхування стримують ряд факторів, завдяки чому воно не набуває широкого розвитку. Саме тому в статті акцентовано увагу на проблемах розвитку страхування життя в умовах фінансових дисбалансівта запропоновано напрямки їх активізації в Україні.

Ключові слова: страхування життя; страхові платежі, накопичувальне страхування життя; страховий продукт; резерви зі страхування життя.

Борисюк Елена, Дацюк-Томчук Мария, ПРОБЛЕМЫ РАЗВИТИЯ СТРАХОВАНИЯ ЖИЗНИ В УСЛОВИЯХ НЕСТАБИЛЬНОЙ ФИНАНСОВОЙ СРЕДЫ. В современных условиях страхование жизни играет важнейшую роль для экономики страны и ее граждан, поскольку оно направлено на финансовую и социальную защиту населения посредством организации комплексной системы материального обеспечения при наступлении различных событий, связанных с жизнью, здоровьем, трудоспособностью или другими обстоятельствами, которые могут привести к значительному дисбалансу семейного или личного бюджета, снижение уровня жизни.

Formulation of scientific problem and its significance. According to the conducted researches, the relevance of the research topic is determined by the special role of life insurance in solving social problems of society, by providing social guarantees to the population, which in turn increases trust in the government and leads to the stabilization of the political and economic situation in the country. Insurance payments under the life insurance contracts reduce the spending part of the budget for the social programs, and the funds accumulated by the insurers are the source of significant long-term investments in the economy. In the developed countries the life insurance sector is a strategically important industry, which forms a solid foundation for a sustainable economic development.

An analysis of recent research on this problem.The problems of life insurance are dealt with by such domestic scientists as: T. M. Artyukh, V. D. Bazylevych, L. O. Boyko, G.L. Voznyuk, N .M. Vnukova, O. O. Gamankova, O. M. Zaletov, A. M. Yermoshenko, M. S. Klapkov, M. M. Mnyh, S. S. Osadets., R. V. Pikus, V. I. Plisa, T. A. Rotova, V. V. Furman, and also foreign ones - N. Galaguza, D. Blad, L. Pankov, L. Lozovsky, B. Rayzberg, T. Fedorova, O. Shakhov and others.

The purpose and objectives of the article.The purpose of the article is to analyze the main indicators of the development of the life insurance in Ukraine at the present stage, taking into account the prospects of its modernization in domestic conditions.

Presentation of the main material and the substantiation of the research results obtained. The economic essence of the insurance is inextricably linked with the concept of the insurance protection. Insurance comes from the word «fear». It is fear that gives rise to a person's desire to protect himself from the dangers. In a market economy, insurance is a universal means of insurance protection of the population and business. From the economic point of view, insurance protection allows you to prevent and reduce possible costs to cover losses at the onset of an insured event.

Life insurance is an important tool for infusing long-term investments into the economy through which the welfare of the population as a whole can increase. It is the investment function that manifests itself through the contracts of accumulation life insurance. According to the legal framework, the insurer, calculating the insurance rate for life insurance, adds an investment premium to the structure of the insurance tariff, which takes into account the interest rate and its changes in a specific time interval. In the case of risk insurance, the insurer may periodically experience a threat to insufficiency of the insurance fund upon occurrence of an insurance event and payment of insurance indemnity.

Considering insurance, one should not forget about the social function performed by insurance, including life insurance. Social function is expressed in the creation of the security of subjects, ensuring socio-economic stability in society. The state recognizes the need for social guarantees for the population, and their implementation is carried out through state-owned insurance companies that provide minimum guarantees through obligatory insurance. In foreign countries, private insurance companies actively participate in the realization of social insurance functions through voluntary insurance contracts.

In highly developed countries, life insurance companies have the following functions: insurance life economy

- raise the standard of living of persons of retirement age;

- increase confidence in tomorrow;

- provide additional social guarantees in case of temporary or permanent disability, loss of breadwinner;

- accumulating pension savings for investment in the economy;

- create social stability in society.

Due to this, life insurance companies have investment opportunities that make their position in the capital market unique. The reasons for this uniqueness are as follows:

- life insurance companies, unlike the other financial institutions, have the opportunity to attract free funds for a lower percentage, as such involvement takes place on the basis of providing insurance protection;

- the life insurance contract is concluded for a long time, with payments obligations separated in time, and they can be more likely to be forecasted.

Thus, life insurance benefits the state for two reasons. First, the funds accumulated by such insurance companies are domestic investments in the national economy. Secondly, by stimulating the development of life insurance, the state solves the problem of social security of citizens and transfers it to the shoulders of insurance companies.

In the insurance market of Ukraine, the total number of insurance companies as of September 30, 2018 amounted to 285, including life insurance companies - 31 companies, non-life insurance companies - 254 companies (as at 30.09.2017 - 296 companies, including insurance companies «life» - 34 companies, insurance companies «non-life» - 262 companies). The number of insurance companies tends to decrease, as in 9 months of 2018 compared to the same period in 2017, the number of companies decreased by 11 insurers (table 1).

Table 1. Number of the insurance companies

Gross insurance payments (premiums, contributions) for life insurance during the 9 months of 2018 amounted to UAH 2741,1 million, which is by 35,6 % more than in the nine months of 2017 (as at 2 021,7 million UAH).

The structure of gross receipts of the insurance payments (premiums, contributions) as of 09.30.2018 was as follows [2]:

- 2 649,9 mln. UAH (or 96,7 %) - received from individuals;

- 91,2 mln. UAH (or 3,3 %) - received from legal entities.

As of September 30, 2018, the number of insured individuals increased by 0,3 % or by 12 017 persons (as of September 2017 - 4 259 945 individuals were insured, as at 30.09.2018 - 4 271 962 individuals).

During 9 months of 2017 - 2,329,720 individuals were insured, which is 1,4 times or 1357557 persons more in comparison with the corresponding period of 2017 (during the 9 months of 2017 - 972163 individuals were insured).

The gross insurance premiums from the life insurance as of September 30, 2018 amounted to UAH 536,8 million, which is by 29,8 % more compared to the corresponding period of 2017 (as of September 30, 2017 - UAH 413,6 million.)

The change in the life insurance reserves for the 9 months of 2017-2018 is shown in table 2.

Table 2. Change in the life insurance reserves for 9 months 2017-2018

According to the results of 9 months of 2018, 7 insurance companies "Life" received a negative value of an increase in the life insurance reserves for a total amount of UAH 56,6 million, which is due to early termination of the insurance contracts (for the 9 months of 2017 - 12 insurance companies "Life" declared a negative value for the total amount of 130,7 million UAH). The increase in the life insurance reserves amounted to 804,6 million UAH. The largest increase in insurance reserves for life insurance (more than UAH 90 million) was declared by three insurance companies «Life» in the amount of UAH 275,9 million, and 144,3 million UAH and UAH 96,8 mln. (34,3 %, 17,9 % and 12.0 % of the total increase of reserves respectively) [1, p. 9].

The dynamics of the insurance payments for the life insurance during the investigated period is shown in table 3.

Table 3. Life insurance payments