TOOLKIT FOR QUANTITATIVE AND QUALITATIVE ASSESSMENT OF THE ECONOMIC SECURITY OF THE INSURANCE MARKET

Abstract

Abstract. The article states the absence of established approaches to the interpretation of the essence of the interpretation of the essence of the economic security of the insurance market and the tools for its assessment. The purpose of the article is research and systematization of approaches to assessing the economic security of the insurance market in modern conditions. It is proposed to consider the economic security of the insurance market as an integral characteristic of its ability to counteract existing and potential local and systemic risks, threats and dangers of an endo- and exogenous nature, which reflects its competitiveness, depth, stability, and effectiveness. The analysis of scientific approaches to solving the problem of insurance market safety assessment made it possible to group them, highlighting the following: 1) methodical toolkit, which is based on the definition of an integral indicator of insurance market safety; 2) approaches based on the calculation of a single indicator of financial reliability or a system of indicators of financial stability of insurance companies; 3) approaches based on the theoretical foundations of building a methodology for assessing the financial reliability of insurers; 4) a risk-oriented approach to assessing the security level of the insurance market; 5) an indicator approach to assessing the security of the insurance market, according to which it is proposed to use as criteria the depth and competitiveness of the insurance industry in three main areas: 1) the importance of the insurance sector for the development of the economy (general level of insurance coverage); 2) level of competition, including with foreign insurance companies; 3) the relative importance of brokers and agents for the distribution of insurance products. The existing toolkit of quantitative and qualitative assessment of the economic security of the insurance market is systematized and the author's method of determination is proposed, which includes the following indicators: the security of the country's insurance market, the effectiveness of the functioning of the insurance market, the liquidity of the insurance market, the risk of the insurance market. Further research in this direction should be related to the approval of the proposed methodological toolkit and the development of an organizational and economic mechanism for ensuring the insurance market with the specification of its elements, regulatory and organizational support.