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Development of Productive Potential and Regional Economy Uzhorod National University Herald ♦ DEVELOPMENT OF PRODUCTIVE POTENTIAL AND REGIONAL ECONOMY UDC 368.029 Balyabina G.S., II year Master, specialty «Finance and Credit», Master Program «Risk Management and Insurance», Kyiv National University named T.G. Shevchenko MODERN REALITIES AND PROSPECTS OF DEVELOPMENT OF THE OUTGOING REINSURANCE MARKET IN UKRAINE The problem trends specific to the outgoing reinsurance market of Ukraine are investigat- ed. Prospects of development of the national market of outgoing reinsurance are determined. Keywords: reinsurance protection, operations, reinsurance market, insurance portfolio, net retention. Statement of the problem. The transfor- Problem. The aim of the article is to deter- mation of social relations that accompanied mine the characteristics of the market resource the development of entrepreneurship and the its key development issues and their solutions in growth of the degree of business risk, the for- a crisis of national economy. mation of a competitive environment, increased In line with the goal set out the objectives risk of functioning insurance market under intended to achieve: uncertainty, low levels of its financial capac- - to analyze the present state of the domestic ity and capitalization creates objective prereq- reinsurance market; uisites for the development of the reinsurance - to justify its trends outgoing flows; market. However, the formation of the domestic - to offer a number of activities as a result of reinsurance market is in an unstable political which the reinsurance market and economic relations in society; shortcom- Ukraine gradually and purposefully inte- ings in the legislative regulation of reinsurance grates into the international space. relationships, inadequate insurance law chal- The main material. The credit risk of domes- lenge and the level of economic reforms, the tic insurance companies in recent years makes it financial crisis and the reduction of investment, necessary to pay attention to research: the risks low insurance culture and material welfare and that dealing reinsurance company risks arising their welfare [2, p. 21-26]. Accordingly, topical at the macroeconomic level and must be trans- research current trends and priorities of the rein- ferred to reinsurance. surance market in Ukraine. By treaty reinsurance risks for the first half Analysis of recent research and publica- of 2012 Ukrainian insurers have paid premiums tions. Theoretical and methodological basis of for reinsurance in the amount of 1336.1 million reinsurance studied Ukrainian scientists such as: UAH (in the first half of 2011 – 4014.1 mln. V.D. Bazylevych, R. Picos N.V. Prykazyuk, UAH) (Table 1). T. Tatarina, A.V. Kozmenko, A. Boyko and others. Value outgoing reinsurance premiums However, a shortage of specialized, exten- deductible as a result of the first half of 2012 sive research related to determining the char- amounted to 13,9 % (in the first half of 2011 – acteristics, problems and prospects of further 36,4 %). Thus, one could argue that insurers development of the initial reinsurance. are beginning to refuse reinsurance transactions 56 Issue 1 • 2015 Series: International Economic Relations and World Economy ♦ exposed to greater risks. Failure to sufficiently fire risks – 171,2 mln. UAH (or 14%); finan- reinsurance can lead to negative consequences cial risks insurance – 146,2 mln. UAH (or in the future. 12%) [6]. Is rather low share of output rein- According to pic. 1 have seen a decrease in surance of life insurance in total gross pre- the proportion of total output reinsurance 2010- miums of the insurance market, this negative 2012. If we examine this figure by the share of trend due to a decline in gross premiums and premiums transferred to reinsurers residents premiums transferred to reinsurance under and non-residents, with the significant reduction this type of insurance [2, p. 21-26]. Due to in its domestic market for reinsurance, but also low levels of life insurance in Ukraine, as the growth of risk transferred abroad, although well as the impact on the insurance market of not greater rate (5,1 %, 5,5%, 6,9%). negative macroeconomic factors during the global financial crisis. Pic. 1. Shares of output in relation to reinsurance gross premiums for 6 months 2010-2012 Source: Official website of the National Commis- Pic. 2. The structure of the initial sion for the State Regulation of Financial Services reinsurance by type of insurance Markets / [electronic resource]. – Mode of access: http://www.dfp.gov.ua as at 30.06.2012 (mln. UAH) Source: Official website of the National Commission for the State Regulation of Financial Services [electronic Within the initial reinsurance as a result of resource]. – Mode of access: http://www.dfp.gov.ua the first half of 2012 (see pic. 2). Most paid insurance premiums in the following types In pic. 3 shows the structure of the outgo- of insurance, such as: property insurance – ing reinsurance states that domestic insurance 278,8 mln. UAH (or 23%), Motor insurance – companies handed Award for reinsurance con- 222,3 mln. UAH (or 18%), insurance against tracts. Table 1 Dynamics of premiums transferred to reinsurance І quarter ІІ quarter Indicators Units 2011 2012 2011 2012 Gross premiums mln. UAH 6092,90 4517,20 11042,00 9581,90 mln. UAH 3381,00 576,40 4014,10 1336,10 Paid for reinsurance % 55,49% 12,76% 36,35% 13,94% mln. UAH 3028,00 233,40 3429,60 604,20 resident reinsurers % 49,70% 5,17% 31,06% 6,31% mln. UAH 353,00 343,00 584,50 731,90 non-resident reinsurers % 5,79% 7,59% 5,29% 7,64% Source: National Rating Agency «Rurik». Analytical Review of the non-banking financial services in Ukraine for the first half of 2012 / [electronic resource]. – Mode of access: www.rurik.com.ua 57 Uzhorod National University Herald ♦ As you can see, the lead position, as in the In accordance with the Cabinet of Minis- first six months of 2011, is the United Kingdom ters of Ukraine on the implementation of the (22,5% of incoming premiums), the second and requirements of reinsurers in reinsurance of third places respectively the Russian Federation non-resident at the time of reinsurance con- (16,4%) and Germany (13,0%). tracts of foreign reinsurer solvency margin An important indicator of which is the study should be ranked lower than the U.S.; «Fitch reinsurance market is paying compensation, Ratings», UK; «Moody’s Investors Service», offset by reinsurers (see Table 2). USA; «AM Best», USA). In addition, the country where reinsurance company resident must perform specialized supervision of insur- ance activities. Indeed, the legal framework in which insurers and reinsurers are important. But the introduction of a number of regulations governing the reinsurance activity sometimes hinders operations of reinsurance. The intro- duction in 2008 of additional requirements to prohibit reinsurance contract with insurers in countries which are not WTO members, led to changes in the structure of reinsurance contracts concluded abroad. Ratio of reinsur- Pic. 3. The share of premiums allocated ance premiums transferred to Russia in 2009 to reinsurance, by country of origin reinsurers decreased to 12%, while in 2006 it was about Source: National Rating Agency «Rurik». Analytical 36%. Such changes once again demonstrate Review of the non-banking financial services in Ukraine not always considered approaches government for the first half of 2012 / [electronic resource]. – Mode of access: www.rurik.com.ua regulators to introduce new legal requirements in the insurance and reinsurance relationships. The total amount of claims paid, compen- Later, in 2011, this legislative provision was sated reinsurers amounted to the first half of repealed. 2012 – 303,1 million UAH (the first half of In order to identify the main patterns of the 2011 – 212.0 million UAH). Following І half of capacity of the Ukrainian market of reinsur- 2012 was offset by 11,66% of total payments, ance and related process problems can analyze including: 3,95% – domestic reinsurers 7,71% – this indicator on the basis of legally defined non-resident reinsurers. Of the total shares maximum norm own insurance company for received insurance payments received most of the maintenance of a single risk, representing Kazakhstan – 71,7%, Russia – 16,3%, Latvia – 10% of the paid-up authorized capital and free 2,7% [5]. reserves, and generated insurance reserves. Table 2 Dynamics of claims made by reinsurers І quarter ІІ quarter Indicators Units 2011 2012 2011 2012 Gross payments mln. UAH 2481,70 1458,60 2481,70 2599,60 mln. UAH 88,90 154,00 212,00 303,10 Payments to offset reinsurers % 3,58% 10,56% 8,54% 11,66% mln. UAH 21,00 54,30 49,80 102,60 resident reinsurers % 0,85% 3,72% 2,01% 3,95% mln. UAH 61,70 99,70 162,20 200,50 non-resident reinsurers % 2,49% 6,84% 6,54% 7,71% Source: National Rating Agency «Rurik». Analytical Review of the non-banking financial services in Ukraine for the first half of 2012 / [electronic resource]. – Mode of access: www.rurik.com.ua 58 Issue 1 • 2015 Series: International Economic Relations and World Economy ♦ These calculations in Table 3 show that the - increasing the efficiency requirements of capacity of the domestic insurance market to supervisory authorities; maintain the responsibility of insurers of large - increasing the efficiency of the reinsurance objects is sufficient, because the bulk of these market; risks (air, marine, corporate property, etc.) - Lower costs and reinsurance market super- insurance companies transfer abroad by reinsur- visors; ance treaties. Among other things, invited to adopt uni- As we see in the assets specified cent. 31 form procedures to be established and imple- Law «On Insurance», there was decrease in mented by all reinsurance companies registered the share of investments in law requirements in countries – EU Member States (Table 4). for reinsurers (from 33,0% to 9,1% of the total This integration of the country into the world cost).
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