AREAS FOR INNOVATIVE PRODUCTS IMPLEMENTATION IN THE INSURANCE MARKET OF UKRAINE

Diana Tretiak ()
Additional contact information
Diana Tretiak: Department of Insurance, Banking and Risk Management, Taras Shevchenko National University of Kyiv, Ukraine

Baltic Journal of Economic Studies, 2017, vol. 3, issue 1

Abstract: The aim of the article is to assess the prospects for the implementation of the investment life insurance in Ukraine. The study analysed the experience of foreign countries in the investment life insurance market development. Also, an analysis of existing definitions for the "unit-linked" term is carried out; the result is the conclusion that they are limited to only a descriptive characteristic that relates to a particular aspect of the product. Upon that, a comprehensive definition is absent at all now. Methods. The study is based on a comparison of "unitlinked" products with the traditional life insurance, which exist in the world practice. Practical importance. Increase in the inflow of long-term resources in the Ukrainian economy through the implementation of an innovative unitlinked product. Transformation of the life insurance industry into the high-margin business sphere in Ukraine. Importance/originality. A technique of constructing an innovative unit-linked product depending on the specifics of the domestic insurance market performance is developed. Results. The article considers in depth the specific features of unit-linked products, which distinguish this life insurance type from the classic accumulative insurance. In addition, it highlights other important characteristics such as a high level of flexibility and transparency of all the components. Also, the advantages and disadvantages of unit-linked products are considered as compared to alternative products, its classification is held for the selected parameter group. The estimations of the unit-linked product development prospects, as well as its influence on the growth of the insurance market, are made. The study justifies the legislative consolidation of the investment life insurance along with a number of expansionary measures successfully implemented in Eastern European countries, which are similar to Ukraine. The result within the framework of this direction is the development of steps for the implementation and development of the unitlinked product in Ukraine.

Keywords: life insurance; innovative insurance products; unit-linked; investment income; stock market (search for similar items in EconPapers)
JEL-codes: G23 H55 (search for similar items in EconPapers)
Date: 2017
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.baltijapublishing.lv/index.php/issue/article/view/164/171 (application/pdf)
http://www.baltijapublishing.lv/index.php/issue/article/view/164 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bal:journl:2256-0742:2017:3:1:14

DOI: 10.30525/2256-0742/2017-3-1-88-92

Access Statistics for this article

Baltic Journal of Economic Studies is currently edited by Anita Jankovska, Managing Editor

More articles in Baltic Journal of Economic Studies from Publishing house "Baltija Publishing"
Bibliographic data for series maintained by Anita Jankovska ().