The dissertation deals with the development of theoretical and methodical principles and the development of proposals concerning improving the process of managing the economic safety of an insurance company.
The research presents the formulated theoretical basis of the essence of economic safety of the insurance company. This concept is interpreted as the ability of the insurer to fulfill the obligations undertaken in a timely manner and in full; the state of protection against threats, the ability to professionally manage insurance risks; the achievement of the optimal balance between types of insurance in a balanced portfolio; the process of providing investment capital growth.
The conceptual foundations for managing the economic safety of insurance companies from the standpoint of a safety paradigm represented through a system of views on the economic nature, content characteristics and special management tools are formulated and grounded. The methodological provisions for assessing the state of the economic safety of the insurance company are developed. In order to determine the risk of insurance activity, the variability (fluctuation) of the possible result is used – the coefficient of variation, and hence the insurance attractiveness is determined by the level of risk.
The peculiarities of the diagnostics system of the financial condition of domestic insurance companies are revealed, the insurance attractiveness has been assessed on the basis of volatility of the level of insurance payments and the volume of the formed insurance reserves of 10 insurance companies in Ukraine during 2011-2017. An integrated assessment methodology has been applied to calculate the level of economic safety of the “Insurance company “Persha” and the insurance market of Ukraine.
The scientific positions concerning the formation of an insurance company's economic safety management system have been presented, its organizational structure and characteristic properties are shown. The essence, principles and key aspects of the functioning of the system in the context of four interconnected blocks – the formation of insurance tariffs; formation of risk management system; insurance portfolio management; management of investment activity – are grounded, which allowed to argue the functionality, stability, agility, adaptability and communicative nature of such a system and prove that achieving a higher level of economic safety of an insurance company depends on the implementation of consistent, well-structured management decisions.
The methodological principles of risk-control as a synthesis element of the risk management system being responsible for risk assessment, implementation of modern methods and technologies of risk management are developed; formalizing decision-making procedures for reducing insurance premiums, redistributing risks, limiting the size of risks on own maintenance, maintaining financial stability of an insurance company etc.
Strategy options for the development of an insurance company based on its positioning in the market are elaborated (progressive strategy, strategy of disclosure of potential, offensive strategy, breakthrough strategy or exit from the market) and decomposition of probable zones are designed on a map (zone of safety, call zone, zone of threats and danger zone ) within the configurations of the quadrants of the matrix of SWOT analysis, which enabled the investigated private joint stock company “Insurance Company “Persha” to choose the most appropriate one taking into account probable risks and development potential.
The scientific results, recommendations and proposals received will contribute to increase the effectiveness of the management of the economic safety of insurance companies and can be used in developing a risk management system and development strategy.
