Impact of citizens’ phenomenological risks assessment on the development of voluntary insurance market

Economic Annals-ХХI: Volume 157, Issue 3-4(1), Pages: 72-74

Citation information:
Nishnianidze, O., & Gaidukova, B. (2016). Impact of citizens’ phenomenological risks assessment on the development of voluntary insurance market. Economic Annals-XXI, 157(3-4(1)), 72-74. doi: https://doi.org/10.21003/ea.V157-0022

View Full-Text Download PDF

Olga Nishnianidze
PhD (Sociology),
Associate Professor,
Southwest State University
94, 50 Let Oktyabrya Str., Kursk, 305040, Russia
olgan73@yandex.ru

Irina Gaidukova
PhD (Philosophy),
Associate Professor,
Academy of Public Administration
94, 50 Let Oktyabrya Str., Kursk, 305040, Russia
gairish@gmail.com

Impact of citizens’ phenomenological risks assessment on the development of voluntary insurance market

Abstract. Risk is a characteristic feature of modern society. According to U. Beck’s conceptual idea, continuous generation and distribution of technogenic, sociogenic, environmental, political and other risks take place in the «risk society».

In every country insurance is one of the main tools for risk management and economy’s strategic management. We examine the relationship between the level of the people determination of the phenomenological risk occurrence and the expansion of the corresponding type of voluntary insurance, such as life insurance, accident insurance, property insurance, etc. The article presents the results of the analysis of foreign scientists’ works, which confirm the direct correlation between the characteristic features under study in the European countries. The results also include the analysis of the trends in the Russian society which did not reveal direct correlation. This conclusion is based at the poll conducted by the authors in Kursk region as well as the results of similar studies in other regions of Russia. The authors singled out the reasons explaining why high assessment of risk occurrence by the population is poorly reflected in public involvement in voluntary insurance.

Keywords: Voluntary Insurance; Phenomenological Risk; Behaviour in the Insurance Market

JEL Сlassіfіcatіon: G22

DOI: https://doi.org/10.21003/ea.V157-0022

Reference

Bazanov, A. N. (2012). Some actual problems of development of insurance market in Russia. Insurance business, 9, 19-23 (in Russ.).
Beck, U. (2000). The risk Society. On the way to another modernity (Trans. from English by V. Saddler & N. Fyodorova). Moscow: Progress-Tradition (in Russ.).
Analytical collection «The insurance Market in Russia 2012: in search of profitable growth» (2012). KPMG in Russia and the CIS (in Russ.).
Giddens, E. (2004). Escaping the world how globalization is reshaping our lives. Moscow: Whole World (in Russ.).
Zarubina, N. N. (2011). Everyday life in the context of sociocultural transformation of Russian society. Public Sciences and modernity, 4, 58-59. (in Russ.).
Mozgovoy, A. V. (2006). Risk as a sociological category. Sociology: 4M, 22, 5-18.
Retrieved from http://ecsocman.hse.ru/sociology4m/msg/38157749.html (in Russ.)
Beck, U. (1994). From industrial society to risk society. THESIS, 5, 161-167 (in Russ.).
Giddens, E. (1994). Fate, risk and safety. THESIS,5, 102.
Kerimova L. V., Vetrova O. A., Nishnianidze, O. O. (2013). Features of the organization of leisure practices in modern sociocultural conditions. Izvestiya Yugo-zapadnogo gosudarstvennogo universiteta. Seriya: Ekonomika. Sotsiologiya. Menedzhment, 1, 266-270 (in Russ.).
Molchanov, A. V. (2008). Social phenomenology of risk: a conceptual analysis (Сandidate dissertation). Saratov State University, Saratov (in Russ.).
Janov, Y. S. (2013). Insurance market of Russia: the quality of growth and problems of development. Finance, 5, 50-55 (in Russ.).
Cummins J. D., & Xiaoying Xie. (2008). Mergers and Acquisitions in the U.S. Property-Liability Insurance Industry: Productivity and Efficiency Effects. Journal of Banking & Finance, 32, 30-55.
Retrieved from http://www.sciencedirect.com/science/article/pii/S0378426607002580
Jaruzelski, B., Mueller, M., & Conway, P. (2011). The Top 10 M&A Fallacies and Self-Deceptions. Strategy & Business Magazine.
Retrieved from http://www.strategy-business.com/article/00098?gko=2f75f
Cooper, R. W., & Frank, G. L. (2011, September). The Ethical Environment of the Life Insurance Industry: The Impact of the Recession and Slow Recovery. Journal of Financial Service Professionals, 66(3), 51-62.
Franklin, P. J. (1980). The UK life assurance industry: a study in applied economics. London: Croom Helm.
Kunreuther, H., Pauly, M. V., & McMorrow, S. (2013). Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry. New York: Cambridge University Press.