Round Table

8.12.2022

The Department of Finance, Accounting and Banking acted as a co-organizer of the International Scientific and Practical Round Table “Insurance Market of Ukraine: Challenges in the Period of Martial Law and Prospects for Further Development.”

The event was held online on November 17, 2022. During the opening speech, representatives of the co-organizing universities were invited, namely: National University of Bioresources and Nature Management of Ukraine – Dean of the Faculty of Economics, Professor Anatolii Dibrova and the Acting Head of the Department of Banking and Insurance, Associate Professor Viktoriia Kostiuk; Professor Maria Plonka of the Krakow University of Economics (Poland); Professor Yurii Klapkiv of Lodz University (Poland); Batumi State University named after Shota Rustaveli (Georgia), Professor Volodymyr Glonti; University of Security Management (Slovakia) Professor Ihor Britchenko; Polytechnic College Yihlava (Czech Republic) Associate Professor Simona Chinchyalova; “Artifex” University of Bucharest (Romania) – rector, Professor Alexander Lucian Manolie; Luhansk Taras Shevchenko National University – Professor Viktor Trynchuk; Iryna Bondar, Director of the Institute of Postgraduate Education and Business (Kyiv).

The scientific report on the topic “Insurance Market of Ukraine: Today’s Challenges” was presented by Ruslana Mamchur, Associate Professor of the Department of Banking and Insurance of NUBNM of Ukraine. The speaker drew the attention of those present to the main challenges for the insurance market of Ukraine during 2022, including a significant drop in population demand; features and conditions of insurance for Ukrainians who have left and are temporarily abroad; voluntary medical insurance in general and conditions for obtaining medical assistance in the territories of active hostilities.

Felicia Alexandru, Ph.D., Professor of the Bucharest University of Economic Sciences and George Stoyan, Ph.D., Professor of the Bucharest University of Economic Sciences, offered for discussion a report on the topic “The Romanian Insurance Market in the Context of Social Risk Management.” The report of the Romanian colleagues was devoted to the evolution of the Romanian insurance market, in particular, the critical moments that the Romanian insurance market has passed through were voiced.

Among those present at the round table, a discussion broke out regarding the impact of the NBU as a regulator on the future activities of insurance companies and ensuring a sufficient level of their solvency. Professor Ihor Britchenko also expressed his opinion on this issue, in the context of Slovakia’s experience.

Viacheslav Cherniakhovsky, general director of the Insurance Business Association, presented a comprehensive report on the topic “Marshall Plan for the Ukrainian Insurance Market”.

A lively discussion was sparked by the report on the topic “Work of Insurance and Reinsurance Brokers of Ukraine in Current Conditions” by Viacheslav Andriiko, general director and Dmytro Maruzhenko,  deputy general director of the Willis Towers Watson Insurance Broking Representative Office. The speakers focused the attention of those present on nine macro- and micro-problems of the insurance market of Ukraine and the prospects for their solution. The main ones include: a complex regulatory situation, inflationary changes in the insurance cost, strict requirements for solvency, an increase in insurance tariffs and an increase in the quality of insurance services.

Nataliia Vnukova, Professor at the Department of Banking and Financial Services, presented a report on the topic “Assessment of the Level of Interest in the Topic of Insurance in Ukraine and Poland.” The speaker spoke about the very threatening situation that has arisen in the insurance market of Ukraine. This is confirmed by the NBU’s report on the number of insurance companies, namely the constant narrowing of the market. In general, the level of interest in the financial market is very low. In particular, interest in the topic of insurance reached its lowest point in mid-March 2022. At the same time, the greatest demand for insurance services is noted in the Ternopil, Khmelnytskyi, Lviv regions and in the city of Kyiv. There is also a great demand for insurance in Poland, which is due to the large number of Ukrainians who moved to Poland because of the war. As a result, there is great interest in the insurance services of Ukrainian providers on the territory of Poland.

The event was held in a friendly and constructive atmosphere. The staff of the Department thanks the co-organizers for their support and all the participants for their active participation in the work of the round table.

According to the Department of Finance, Accounting and Banking