CURRENT TRENDS AND DEVELOPMENT PROSPECTS OF THE EUROPEAN INSURANCE MARKET
Abstract
The insurance market is on the way to global changes. Therefore, there is a need to study modern trends and prospects for further market development of the European insurance market, as it has a colossal impact on insurance in Ukraine. The article examines the European market from the point of view of globalization processes taking place in the world economy. The central place in the system of regulation of the insurance market of any country was also determined, and it was found that the leading place in the development of insurance is occupied by state bodies and insurance supervisory bodies, which regulate, control and guarantee the insurance market. The study found that the European demand for insurance has a tendency to grow, although each country has individual characteristics of the development of the insurance market. Thus, the insurance markets of Bulgaria, Poland and Germany maintain stability and have a promising direction of development, which in the forecast can be regarded as an exceptionally positive result despite the significant challenges that have arisen before the economy and society of the countries - political and economic instability, potential stable inflation in the countries and problems with the supply chain of goods. And such a positive trend in the development of the insurance market persists in most European countries, although according to the latest forecasts of Fitch Ratings-Frankfurt/London, the insurance sector may change from positive-stable to slowly-decreasing if high inflation persists and interest rates rise. After reviewing the Fitch Ratings reports, it was found that the European life insurance sector will suffer the most losses in Italy, Great Britain and France, but the life insurance sector with a large number of traditional insurance policies, secured by a considerable number of assets with a shorter duration will restrain the increase in interest rates. As a result of the conducted research, it was established that the European insurance market has tendencies towards gradual growth, but under the influence of external factors, everything can change from positive to negative.
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