Insurance in modern international tourism business

Olena Zhylko and Darya Mamotenko

Management and Business Articles, 2023, vol. 1, issue 2, 258-268

Abstract: The article is devoted to topical issues of insurance in the modern international tourism business. Theoretical generalization of the basic principles of development of the insurance market in the tourist sphere is carried out. The study of the current state of the insurance market of Ukraine is based not only on the basis of its functioning, but also on the current activities of insurance entities and the diagnosis of the main indicators of their activities. In today's dimension, insurance itself is one of the strategic landmarks of the economic direction, which can not only accumulate financial resources, but also turn them into investments. It is obvious that such a functional feature contributes to the stable development of the economy, builds trust, defines the limits of insurance protection and outlines the interest of foreign investors. Diagnosis of the current state of the domestic insurance market makes it possible to analyze its main indicators and identify promising areas of development with an emphasis on problematic issues that arise under the influence of a changing environment. In view of this, the importance of systematizing our knowledge in the field of insurance becomes especially relevant.Insurance is an integral part of the risk management process. Just as a business needs to develop documents such as a risk management plan, an emergency response plan, and a media plan, it needs to develop an insurance plan. The insurance plan will determine which assets and hazards to the business will be insured. The insurance plan will also determine how much of the assets and the hazards will be covered through an insurance policy and how much will be self-insured (covered by the business itself). Insurance will not make activities safer and will neither reduce the possibility of, nor stop incidents from happening. Insurance is usually part of the post-incident component of the risk management process

Keywords: insurance; insurance market; insurer; insured; insurance services; tourism; tourist market; international tourist business (search for similar items in EconPapers)
Date: 2023
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