THE DEVELOPMENT OF EUROPEAN INSURANCE MARKET INFRASTRUCTURE

  • Antonina Sholoiko Taras Shevchenko National University of Kyiv, Ukraine
Keywords: insurance market, infrastructure, insurance intermediaries, insurance associations

Abstract

The aim is to consider the development of different elements of European insurance market infrastructure. The next tasks of the study were done: to generalize main indicators of the development of European insurance market from 2012 to 2016; to characterize elements of European insurance market infrastructure and define their collaboration with elements of the world insurance market infrastructure. Methodology. Such methods were used to do an abovementioned tasks: information collection about elements of European insurance market infrastructure; analysis of tendencies of the main indicators of the development of European insurance market from 2012 to 2016; generalization to characterize the elements of European insurance market infrastructure, define their collaboration with the elements of the world insurance market infrastructure and make conclusions. Results. Main indicators of the de-velopment of European insurance market were increasing from 2012 to 2014 and decreasing from 2015 to 2016. Total premium volume as a share in GDP of Europe (insurance penetration) did not exceed 7% from 2012 to 2016 and as a share in the world GDP declined from 2.1% in 2014 to 1.95% in 2016. It was connected with results of the United Kingdom referendum on the European Union membership. The development of European insurance market is also under the influence of activity of elements of insurance market infrastructure such as Actuarial Association of Europe (AAE), Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), European Financial Management Association (EFMA), European Insurance and Occupational Pensions Authority (EIOPA), European Federation of Insurance Intermediaries (BIPAR), European insurance and reinsurance federation (Insurance Europe), Geneva Association, Insurance Institute of London (IIL). Value. This research indicates that the development of European insurance market infrastructure is caused by different factors: financial crises, legislation gap, improving the quality of information and others. Various of elements of European insurance market infrastructure were established to overcome such challenges and provide participants of insurance market with a necessary information, consultations, educational services and re-sults of research, also through collaboration with elements of the world insurance market infrastructure. Results of this investigation can become a ground for fur-ther research in the field of defining an impact of activity of infrastructure elements on the development of an insurance market.

Downloads

Download data is not yet available.

Author Biography

Antonina Sholoiko, Taras Shevchenko National University of Kyiv
Department of Insurance, Banking and Risk-Management

References

Boldeanu, F. T., & Tache, I. (2016). The Financial System of the EU and the Capital Markets Union. European Research Studies, vol. 19(1), p. 59-70.

Dickinson, G.M. (2017). Insurance markets within Western Europe: an analysis of recent structural changes. Aulibrary.au.edu. Retrieved 10 November 2017, from http://www.aulibrary.au.edu/multim1/ABAC_Pub/The-Journal-of-Risk-Management-And-Insurance/v1-n1-1.pdf

Doff, R. (2016). The Final Solvency II Framework: Will It Be Effec-tive? The Geneva Papers On Risk And Insurance - Issues And Practice, vol. 41(4), p. 587-607. http://dx.doi.org/10.1057/gpp.2016.4

Lannoo, K. (2016). EU Financial Market Access After Brexit. Interec-onomics, vol. 51(5), p. 255-260. http://dx.doi.org/10.1007/s10272-016-0614-y

Pradier, P., & Chneiweiss, A. (2017). The Evolution of Insurance Regulation in the EU Since 2005. Financial Regulation In The EU, p. 199-251. http://dx.doi.org/10.1007/978-3-319-44287-7_9

Pradhan, R., Dash, S., Maradana, R., Jayakumar, M., & Gaurav, K. (2017). Insurance market density and economic growth in Eurozone countries: the granger causality approach. Springer Open. Retrieved 20 November 2017, from https://jfin-swufe.springeropen.com/articles/10.1186/s40854-017-0065-x

Vencappa, D., Fenn, P., & Diacon, S. (2013). Productivity Growth in the European Insurance Industry: Evidence from Life and Non-Life Companies. International Journal Of The Economics Of Business, 20(2), p. 281-305. http://dx.doi.org/10.1080/13571516.2013.782979

Sholoiko, A. (2014). Trends of development of the insurance market: national and world aspects. Bulletin of Taras Shevchenko National University of Kyiv. Economics, โ„– 156, p. 60-65. DOI: http://dx.doi.org/10.17721/1728-2667.2014/156-3/12

Rasshyvalov, D. (2017). Brexit fall out for British and world insur-ance market: operational and institutional aspects. Bulletin of Taras Shevchenko National University of Kyiv. Economics, โ„– 194, p. 29-34. DOI: https://doi.org/10.17721/1728-2667.2017/194-5/4

Zaletov, O.M. (2012). The role of the insurance market in the system of socio-economic relations: the experience of Europe. Insurance TOP, โ„– 3, p. 76-80.

Swiss Re (2013). World Insurance in 2012: Progressing on the long and winding road to recovery, Sigma, No. 3, Zurich, Switzerland. Retrieved from http://media.swissre.com/documents/sigma3_2013_en.pdf

Swiss Re (2014). World Insurance in 2013: Steering towards recov-ery, Sigma, No. 3, Zurich, Switzerland. Retrieved from http://media.swissre.com/documents/sigma3_2014_en.pdf

Swiss Re (2015). World Insurance in 2014: Back to life, Sigma, No. 4, Zurich, Switzerland. Retrieved from http://media.swissre.com/documents/sigma4_2015_en.pdf

Swiss Re (2016). World Insurance in 2015: Steady growth amid re-gional disparities, No. 3, Zurich, Switzerland. Retrieved from http://media.swissre.com/documents/sigma_3_2016_en.pdf

Swiss Re (2017). World Insurance in 2016: the China growth engine steams ahead, No. 3, Zurich, Switzerland. Retrieved from http://media.swissre.com/documents/sigma3_2017_en.pdf

About the AAE - Actuarial Association of Europe. (2017). Actuarial Association of Europe. Retrieved 10 November 2017, from https://actuary.eu/about-the-aae/about-the-aae/

What is AMICE? - About AMICE - AMICE. (2017). Amice-eu.org. Retrieved 10 November 2017, from http://amice-eu.org/what_is_amice.aspx

Joining Efma. (2017). Efma. Retrieved 10 November 2017, from https://efma.com/about/joining

EIOPA Missions and tasks. (2017). Eiopa.europa.eu. Retrieved 10 November 2017, from https://eiopa.europa.eu/about-eiopa/missions-and-tasks

BIPAR - Mission. (2017). Bipar.eu. Retrieved 10 November 2017, from http://bipar.eu/en/page/mission

About us | Insurance Europe. (2017). Insuranceeurope.eu. Retrieved 10 November 2017, from https://www.insuranceeurope.eu/about-us

About Us. (2017). Geneva Association. Retrieved 10 November 2017, from https://www.genevaassociation.org/about-us

Our Role. (2017). Iilondon.co.uk. Retrieved 10 November 2017, from http://www.iilondon.co.uk/home/about-us/our-role/


๐Ÿ‘ 1133
โฌ‡ 793
Published
2017-12-01
How to Cite
Sholoiko, A. (2017). THE DEVELOPMENT OF EUROPEAN INSURANCE MARKET INFRASTRUCTURE. EUREKA: Social and Humanities, (6), 3-7. https://doi.org/10.21303/2504-5571.2017.00491
Section
Economics, Econometrics and Finance