Problematic issues of the insurance developmentof water transport in Ukraine

Tutov Vitalii
Ph.D. student, Department of Financial Management and Stock Market, Odesa National Economic University, Odesa, Ukraine, E-mail:alwswnfly@ukr.net, ORCID ID: https://orcid.org/0009-0000-4206-6946

Cite this article:

Tutov V. (2024) Problematic issues of the insurance developmentof water transport in Ukraine. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Problemni pytannia rozvytku strakhuvannia vodnoho transportu v Ukraini; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 7-8 (320-321), pp. 103-107.

Abstract

The purpose of the article is to identify problematic issues regarding the development of water transport insurance in Ukraine. The importance of water transport insurance and its relationship with the condition of the merchant fleet is determined. Respectively general scientific approaches to the systematization of water transport segment of insurance market became the main methods in order to prevent ambiguous interpretation of terms and obtaining opposite, contradictory conclusions and recommendations. A list of factors that negatively affect the development of the water transport insurance market and factors that slow down the development of the insurance market as a whole is proposed. Problematic issues have been identified according to the state regulation sector. The main problematic issues in the development of the water transport insurance market are: the low level of insurance payments and the problem of integrity of insurance companies; public distrust of insurance companies and low interest in insurance products; state of the local and domestic transport fleet; non-systematic and lack of a single strategy of state regulation of the sphere of water transport and insurance; the formation of an unbalanced structure of the insurance portfolio of individual insurance companies and the resulting disproportions in the development of various types of insurance; the limitation of liquid and reliable instruments for the implementation of investment activities of insurance companies. The practical importance of systematization and clear description of problematic issues regarding water transport insurance respectively arises due to the importance of the role of water transport in international trade, globalization processes, and at the same time stagnation of the domestic insurance market.

Keywords

insurance, water transport, merchant fleet, insurance reserves, maritime risks, cargo.

JEL classification: G220; DOI: https://doi.org/10.32680/2409-9260-2024-7-8-320-321-103-107

UD classification: 656.6:368(477)

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