FEATURES OF INSURANCE BEHAVIOUR OF HOUSEHOLDS ON THE FINANCIAL SERVICES MARKET OF UKRAINE

Abstract

Purpose. The aim of the article is generalization and systematization of the views of scientists regarding the interpretation of the concept of “behaviour”; definition of the essence of the concept of “insurance behaviour of households"; Identification of the characteristics of households' insurance behaviour and its status in the financial services market of Ukraine; offering ways to form active insurance behaviour and increase the motivation of households in relation to investing in the state economy. Methodology of research. A set of general scientific and special methods of cognition is used to ensure the implementation of the integrity of the study. Theoretical basis of the study consisted of general scientific methods: analysis and synthesis – to study the basic interpretations existing in the scientific literature, the essence of the concept of “behaviour” from the philosophical, social, psychological, economic and financial point of view; monographic – in studying the works of foreign and domestic scientists devoted to the definition of the structure of financial behaviour of households; cause-effect relationship – in the study of the characteristics of the insurance behaviour of the population of Ukraine; logical generalization – in defining the concept of “insurance behaviour of households” and substantiation the ways of forming active insurance behaviour and increasing the motivation of households in relation to investing in the state economy. Special methods are used to identify the state of insurance behaviour of households in the financial services market in the field of non-state pension provision and provision of insurance services: a horizontal analysis – in determining the dynamics of indicators of activity of non-state pension funds and the total number of insurance companies of Ukraine in 2014-2018; the method of coefficients – when calculating the level of pension payments and gross insurance payments to households; vertical analysis – in determining the structure of gross insurance premiums of households in Ukraine. Findings. It is established that behaviour from the financial point of view should be considered as a result of a plurality of human actions on the use of monetary resources, combined and actualized by a certain decision of the subject under the influence of social, psychological and economic factors in relation to the objects of the financial market in order to meet their own needs for financial consumption. The expediency of the definition of “insurance behaviour of households” as the structural component of financial behaviour is substantiated. It is determined that insurance behaviour has a dual nature and can be economical, consumer, active and passive. It is revealed that within the analyzed period, the insurance behaviour of households in the financial services market of Ukraine is described as passive with a slight positive dynamics in the direction of its activation. The ways of formation of active insurance behaviour and increase of motivation of households concerning investment in the state economy are offered. Originality. The further development of the definition of “financial behaviour of households” has been further developed, which, unlike the existing ones, generalizes the factors influencing it and takes into account the latest trends in the development of behavioural finance. Since there is no generally accepted definition of household insurance behaviour in the domestic economic sciences, it is proposed: – to determine the insurance behaviour of households, firstly, as a structural component of financial behaviour of households; and secondly, as a mechanism for reducing various risks through their transfer to the insurer on the basis of an insurance contract; thirdly, as a result of a plurality of actions of subjects of insurance relations with the use of monetary resources in the market of financial services in relation to consumption of insurance products; – to divide the insurance behaviour of households into savings and consumer, depending on the division of insurance by the term and nature of the insurance contract into two areas: life insurance (Life) and general or short-term risk insurance (Non life), and depending on the use of insurance instruments, the level of financial literacy and trust in financial institutions, etc. – to divide into active and passive. Practical value. Theoretical conclusions and practical recommendations can be used in the process of state regulation and formation of active insurance behaviour of households in the financial services market of Ukraine.