Market factors of influence on the competitive potential of the insurance company.

Abstract

The dynamism and scale of the development of the Ukrainian insurance market are directly related to the competitive situation, the concentration of the market and the subjects of rivalry between insurers. With insignificant by the standards of the leading states the size of the insurance market, its competitive parameters are of interest from the perspective of its future and providing reliable insurance protection to consumers.

The competitive parameters of the insurance market include systematized data on the factors of external influence on the insurance market through the satisfaction of the interests of market participants, as well as the structuring of the results of the development of the insurance market according to certain criteria. The external environment of the insurance market acts as prerequisites for the formation and development of factors of influence on the development opportunities of insurance companies. Their action requires the identification of threats that restrain the development of insurance companies and reduce their level of competitive capacity.

Competitive potential is defined as the insurer's ability to develop in the conditions of competition for a part of the market, which is achieved due to the formation and use of the company's competitive advantages. The basis of the company's competitive potential is its economic potential, which is determined by all types of resources necessary for carrying out insurance activities.