THE ROLE OF THE WORLD INSURANCE MARKET INFRASTRUCTURE

Abstract

The purpose is to define a role and significance of elements of the world insurance market infrastructure. Tasks of the study are the next: to consider the dynamics of development of the world insurance market from 2012 to 2016; to define groups of elements of the world insurance market infrastructure; to characterize elements of the world insurance market infrastructure. Methodology. These tasks are done because of using such methods as: grouping of elements of the world insurance market infrastructure; a collection of information about elements of the world insurance market infrastructure; generalization to define role and significance of elements of the world insurance market infrastructure. Results. World insurance premiums were increasing and decreasing from 2012 to 2016 and did not exceed 6.3% of Gross Domestic Product. Lots of factors influence global insurance premium volume as an indicator of the development of world insurance market. One of them is an activity of the elements of the world insurance market infrastructure. It is necessary to divide them into some groups: A) International insurance associations (associations of organizations connected with insurance but members of such associations do not provide insurance services – International Association of Insurance Supervisors, International Association of Insurance Fraud Agencies, Global Federation of Insurance Associations, International Insurance Foundation; B) International associations of insurers (includes associations of insurers and other organizations in a certain area of insurance – International Association of Deposit Insurers, International Union of Credit and Investment Insurers, International Association of Agricultural Production Insurers, International Group of P&I Clubs, International Union of Aerospace Insurers, International Union of Marine Insurance, International Association of Engineering Insurers); C) International associations of insurance experts (associations of insurance experts that serve providing of insurance services – International Association of Insurance Professionals, International Actuarial Association, International Association of Average Adjusters). Value. This study has shown that all groups of elements of world insurance market infrastructure play a significant role in the development of the insurance industry because they set such tasks as: facilitate to the global stability, safety, efficiency through the collaboration with national governments and providing members of associations with information, education, consultation and other services. More research is required to consider an activity of elements of European, American, and Asian insurance market infrastructure as leading in the world.