PROSPECTS FOR EXPANSION OF THE INSURANCE MARKET THROUGH THE PRISENCE OF FINANCIAL ACTIVATION OF SUSTAINABLE DEVELOPMENT IN THE REGION

Authors

  • L. Ishchuk Ph. D. in Economics, Associate Professor, Associate Professor Department of Finance, Banking and Insurance, Lutsk National Technical University, Ukraine
  • A. Nikolaeva Ph. D. in Economics, Associate Professor, Associate Professor Department of Finance, Banking and Insurance, Lutsk National Technical University, Ukraine https://orcid.org/0000-0003-3531-2023
  • V. Polishchuk Ph. D. in Economics, Associate Professor, Associate Professor Department of Finance, Banking and Insurance, Lutsk National Technical University, Ukraine https://orcid.org/0000-0001-5479-1221

DOI:

https://doi.org/10.18371/fcaptp.v1i36.227937

Abstract

This article summarizes the arguments and counterarguments in the scientific discussion on the main prospects for expanding the insurance market through the lens of the financial activation of the sustainable development of the region. The main aim of the study is the theoretical foundations of the insurance market in the context of financial activation of the region’s sustainable development. Systematization of literary sources and approaches to solving the problem of expanding the insurance market through the prism of financial activation of the region’s sustainable development showed that the majority of Ukrainian scientists who dealt with this issue considered certain instruments of activating influence on the social, economic and environmental spheres of the regions. The urgency of solving this scientific problem lies in the fact that the domestic insurance market is at the stage of its formation, in many cases it does not allow to use it as an effective tool for implementing state policy. Considering that sustainable development and insurance as a subsystem of a common economic space exert mutual influence on each other, the lack of a theoretical and methodological substantiation of the strategy for the development of the insurance market negatively affects the consistency and consistency of the sustainable development of society. The study of the problem of the implementation of insurance activities in Ukraine in the article is carried out in the following logical sequence: determining the sustainable development of the region and its revitalization; research of the insurance market at the present stage of development; setting priorities for the development of the insurance market in terms of ensuring the sustainable development of the region. The object of the research is the sustainable development of the region and its activation, as well as the insurance market of Ukraine. The article presents the results of an empirical analysis of the insurance market of Ukraine, showed that the insurance market has a tendency to develop. The main directions of the integration of insurance activities in the system of sustainable development of the region from the standpoint of its activation are proposed. The study empirically confirms and theoretically proves that the existing prospects for expanding the insurance market through the prism of financial activation of the sustainable development of the region. The results of the study can be useful for practitioners, academics, students, anyone interested in the concept of sustainable development.

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Published

2021-02-17

How to Cite

Ishchuk , L., Nikolaeva , A., & Polishchuk , V. (2021). PROSPECTS FOR EXPANSION OF THE INSURANCE MARKET THROUGH THE PRISENCE OF FINANCIAL ACTIVATION OF SUSTAINABLE DEVELOPMENT IN THE REGION. Financial and Credit Activity: Problems of Theory and Practice, 1(36), 330–340. https://doi.org/10.18371/fcaptp.v1i36.227937

Issue

Section

Economic-theoretical aspect of Financial Credit System's development