Baltic Journal of Economic Studies

Vol. 3, No. 5, 2017

Corresponding author:
1 Department of Finance, Cherkasy State Technological University.
E-mail: irynahoncharenko@gmail.com
2 Department of Finance, Cherkasy State Technological University.
E-mail: o.berezina@chdtu.edu.ua

DOI: http://dx.doi.org/10.30525/2256-0742/2017-3-5-84-90

CHALLENGES AND STRATEGIC PRIORITIES FOR THE
DEVELOPMENT OF INVESTMENT INSURANCE IN UKRAINE

Iryna Honcharenko1, Olena Berezina2
Cherkasy State Technological University, Ukraine

Abstract. The purpose of the paper is to substantiate the feasibility of expanding the scope of investment
insurance in Ukraine, taking into account its advantages over other types of insurance services as well as the
possibility of minimizing the possible disadvantages. Methodology. The list of the research methods of the subject
under consideration includes the monographic method, analysis, techniques of the abstract-logical method,
etc. Results. The urgency of the article is that the disclosure of the internal potential of the insurance market in
Ukraine should take place with the introduction or activation of modern insurance products capable of meeting
several financial needs at once, not only of their consumers but of the state as a whole. The development of
voluntary life insurance plays an important investment role in the country’s economy, therefore, at the moment,
the need to develop new financial products aimed at increasing voluntary insurance is urgent. The share of
life insurance services in the insurance market of Ukraine in dynamic is analysed. The purpose and positive
consequences of expanding the segment of investment insurance are substantiated. Investment insurance as a
financial product has both advantages and disadvantages. The benefits include the transparent structure of the
insurance product, the choice of investment strategy, the possibility of obtaining increased investment returns
while preserving the benefits of the insurance contract, preferential taxation of investment income, the existence
of a guaranteed amount of payment in the contract, etc.; to the drawbacks – the lack of the possibility of early
termination of the contract with the receipt of all the insurance premiums paid, the absence of a guarantee
fund, guaranteed income, long-term contracts, limited range of people who can be insured. To enhance the use
of investment insurance in Ukraine and to minimize these shortcomings, the prospects for the development
of the investment insurance market are identified. Investment insurance in Ukraine has a high potential for
active use and transformation into a popular insurance product. It is necessary to carry out further adaptation of
products unit-linked to the structure and specifics of the domestic insurance market. The growth of the volume
of investment insurance and, as a consequence, the expansion of the life insurance market as a whole, could
become one of the most important factors in the development of the insurance industry in Ukraine in the near
future. Practical implications. The main idea of the article was to justify the expediency of providing and using
the investment insurance service in Ukraine, subject to minimize the shortcomings of this type of insurance and
taking into account the prospects for its further development in the domestic financial market. Value/originality.
The conducted research allowed getting some results, such as promising directions for the development of this
type of financial product in the domestic insurance market.

Key words: investment, insurance, investment insurance, life insurance, unit-linked insurance, insurance products,
insurance services.

JEL Classification: G22, F36, G11

1. Introduction
The current period of the domestic economic

development is characterized by numerous discussions
on the financial crisis, political and social instability
and negative predictions about the destabilization of
the financial system of Ukraine, primarily due to the
negative tendencies of the functioning of the financial

market and numerous bank failures of its professional
participants. The insurance segment of the financial
market is also actively debated, as it is directly dependent
on the state of the economy and is closely connected
with the level of state financial and economic security. In
the modern world, insurance plays a very important role
in the economy of any country, especially where the risks

Baltic Journal of Economic Studies

Vol. 3, No. 5, 2017
to the physical condition and entrepreneurial activity
of citizens and legal entities are constantly growing.
Given this, the importance of insurance, and the scope
of insurance coverage of various aspects of private and
economic life is constantly increasing. This is a positive
trend, as it indicates a rise in the overall financial culture
of the population, as well as in the level of participation
awareness in insurance. In such circumstances, it should
be remembered that the decline in demand for financial
services, which is currently observed in Ukraine, is also
an opportunity for the development of new areas of
financial services. Therefore, at the moment, insurers
carry out “brainstorming” among their own senior staff
and representatives of the scientific elite in order to find
ways to update insurance products; show lawmaking
initiative, develop digital technologies for the promotion
of insurance services.

The disclosure of the internal potential of the
insurance market in Ukraine should take place with
the introduction or activation of modern insurance
products to meet several financial needs at the same
time, not only of their consumers but of the state as
a whole. For example, an increase in the number of
voluntary insurance contracts can reduce social tensions
in the range of persons covered by insurance, and also
reduce the financial burden on the country’s budget. The
development of the voluntary life insurance is of great
investment value in the economy of any country. Thus,
it is necessary nowadays to develop financial products,
which will increase voluntary insurance. The insurance
companies are in active search for this job, widening
insurance services. On the other hand, the majority of
Ukrainians do their best to improve their finances and
make it stable in order to form a firm future. Hence
it is important to discuss investment and insurance
products that are becoming extremely popular among
the population of the developed countries.

2. Results of previous researches
The problem of insurance was investigated by domestic

and foreign scholars. Thus it proves the topicality of
the research. Kreidych I.M. (Kreidych, 2009) studies
the particularities of the investment insurance in
Ukraine, Feschenko V. (Feshchenko, 2013) specifies
particularities of unit-linked investment insurance and
preconditions for its implementation. Due to the analysis
of the mentioned above works including the author’s
works (Honcharenko, 2014, 2015; Honcharenko &
Berezina, 2016; Berezina, 2017), it is possible to make
a conclusion. The insurance services used in Ukraine
known as an investment insurance abroad has the
name a unit-linked insurance. Domestic scholars quiet
often combine these concepts to adjust the experience
of the developed countries to the domestic situation.
The research done by Stasevsky A. (Stasevskyi,
2012) “Investment life unit-linked insurance is a new

perspective for the Ukrainians” is a vivid example. The
future development of the unit-linked insurance in
Ukraine is also studied by Honta O.I. (Honta, 2014).

Foreign scientists (Rajagopalan & Pai 2006; Ciumaș
Cristina &Chiș Diana-Maria, 2014; Straub Martin, 2011;
Hochreiter Ronald, Pflug Georg & Paulsen Volkert,
2005; Preda Ana & Monea Mirela, 2011; Anant Gupta,
2015; Frantz Christophe, Chenut Xavier &Walhin Jean-
François, 2003; Moller Thomas, 1998) were interested
in issues of expansion of the sphere of provision and use
of investment-related insurance services unit-linked.
However, the issues of maximizing the benefits and
minimizing the deficiencies of investment insurance in
Ukraine, defining the prospects for its development in
the domestic financial market are still of great scientific
interest.

3. Theoretical and law bases
of investment insurance

Investment insurance is a form of cumulative
insurance, which is done by investing in profitable
financial instruments. At present, many insurance
companies active in the domestic insurance market
manifest their willingness to work in this direction.
Investment insurance is a new financial instrument
for the practice of insurance in Ukraine, due to which
an insured person not only pays insurance premiums
but also influences the investment process. The size
of the investment income is not fixed and depends
on the results of investing reserves. The benefit to the
client of the freedom of action is obvious: in addition
to the mandatory minimum guaranteed sum insured,
investment insurance will also be able to receive
additional profits.

However, in domestic legislation, there is currently no
clear definition of the concept of investment insurance,
which complicates its formation and development in
Ukraine. This financial product is not standardized,
which prevents it from active using.

There appeared a question of the need to introduce
investment insurance in the insurance markets of post-
soviet countries back in 2007 when the European
system of life insurance was gradually introduced into
several types. At that time, these changes were seen as
a progressive legislative provision for expanding life
insurance companies, and it was believed that this new
financial instrument could develop a new idea to joint
investments for the Ukrainian insurance market. As
a result of the first stage of the modernization of the
laws of Ukraine on insurance, investment insurance
was defined as a type of insurance in the field of life
insurance, which provides for the insurer’s duty in case
of death of the insured person before the expiration of
the contract and/or the survival of the insured person
termination of the contract, and/or occurrence of an
event in the life of the insured person provided for in

Baltic Journal of Economic Studies
Vol. 3, No. 5, 2017

the insurance contract, make an insurance payment
or insurance payments, the size of which depends on
the results of the size the cost of technical reserves
under investment insurance contracts. The terms of the
investment insurance contract stipulated the insurer’s
obligation to make an insurance payment in case of
death of the insured person in the amount not less
than the sum of insurance premiums (contributions,
payments) under such agreement (Draft Law of
Ukraine “On Amendments to the Law of Ukraine “On
Insurance”, 2009).

Nowadays, in the period of post-crisis recovery of
the global economic system, investment insurance is
a modern civilized insurance product that is actively
developing in the financial markets of many developed
countries of the world – Switzerland, Germany,
Hungary, Poland, Czech Republic.

4. Scopes and dynamics of investment life
insurance in Ukraine

Investment life insurance in Ukraine compared to
Western countries, where it plays an important role in
the financial system and forms a significant part of the
insurance market, is not developed enough. The share
of life insurance in the total amount of the domestic
insurance market ranges from 4-8% on the indicator
of insurance payments (Table 1), which shows the
limited market opportunities for the development of
investment insurance. This situation arose as a result
of unfavourable economic and political conditions in
the country – life insurance is, in essence, a long-term
financial product (on average, it lasts 10-20 years), but
insurers cannot be sure of the effectiveness of their
investments because of the instability of the domestic
economy. The potential of the life insurance market in
Ukraine is high, given the fact of the aging of the nation
and the inability of the pension system to ensure a
decent life level for the abandoned people; however,
there are many factors that hinder its development.
For example, the narrowness of the product line, in
particular, the impossibility of introducing all unit-
linked products in the domestic market over the limited
investment opportunities in the financial market,
insufficient level of financial literacy of citizens, for the

most part, life-saving life insurance remains difficult to
understand the product, etc.

The current state of the life insurance segment in
the financial market of Ukraine is characterized by the
following data. Gross insurance payments (premiums,
contributions) for life insurance in 2016 amounted to
2756.1 million UAH, which is 26.0% more than in 2015
(as of December 31, 2015 – 2186.6 million UAH). The
volume of gross insurance premiums from life insurance
in 2016 (Information on the state and development
of the insurance market of Ukraine, 2017) amounted
to 418.3 million UAH, which is by 14.9% less than in
2015 (491.6 million UAH). The bulk of the amount of
changes in life insurance reserves has been formed under
other accrued insurance contracts, namely 997.2 million
UAH. According to other life insurance contracts, the
value of changes in life insurance reserves is 18.9 million
UAH. According to the results of 2016, 13 insurance
companies “Life” received a negative value of an increase
in life insurance reserves for a total amount of 37.2
million, UAH which is caused by pre-term cancellation
of insurance contracts (by the end of 2015, the negative
value was declared 13 insurance companies “Life” for
the total amount of 11.8 million UAH). Thus, currently,
there exist unfavourable grounds for the development
of investment insurance but, on the other hand, a new
insurance product can become a rescue mechanism that
will allow the insurance market to gain new positive
dynamics of its development, and the life insurance
segment to take a worthy place in its structure.

The pace of the dynamics of the life insurance market
in our country has an unstable tendency, which is
directly related to cyclical changes in the economic
situation. As we see from the statistics provided by the
state regulator, the National Commission, which carries
out state regulation in the field of financial services
markets, the information concerning the investment
insurance within the life insurance segment is not
allocated to a separate analytical category, yet does
not allow to make a reliable conclusion on the state
of its development in Ukraine. However, this type of
insurance has its own specificity, which does not allow
to put a sign “=” between investment insurance and
life insurance in general. Investment life insurance
is the insurance protection of the life of the insured

Table 1
Scopes of life insurance in Ukraine

Indices
Years

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Portion of insurance companies “Life” in
the total number of companies, %

14,6 15,3 16,0 14,7 14,5 15,0 15,2 14,9 13,5 12,6

Portion of the gross insurance premiums in
the overall life insurance, %

4,4 4,6 4,0 3,9 5,9 8,4 8,6 8,1 7,4 7,8

Portion of the gross insurance payments for
overall life insurance, %

0,6 0,6 0,9 0,9 1,5 1,6 3,2 4,7 6,1 4,7

Resource: Compiled by the authors according to the data obtained from Information on the state and development of the insurance market of Ukraine, 2017

Baltic Journal of Economic Studies

Vol. 3, No. 5, 2017
person plus an investment instrument (investing
money in order to generate profits) with the possibility
of obtaining investment income. In investment life
insurance programs, the amount of cash is divided
into two funds: guarantee and risk (investment). The
Guarantee Fund provides for the return of the paid-in
capital in any situation on the stock market. Purpose of
the investment fund is to ensure the profitability of this
financial product (Zhegalova E. V., 2014, p. 37).

5. Purpose, specific features, and directions
for the development of the investment
insurance in Ukraine

The purpose and tasks of activating the introduction
of investment insurance in Ukraine are presented in
Table 2.

However, one should not forget that the global
experience of investment insurance generates both the
benefits of this financial product and its disadvantages.
Therefore, both clients and insurance companies need to
study this type of insurance, find out its hidden negatives
and consult with professionals to obtain maximum
returns upon termination of the transaction. Only a
competent approach to understanding the contract
and strict adherence to its norms and regulations can
provide expected income and prevent damage.

Consider the specific features of investment life
insurance. Each insurance premium paid by an
insurance company client is drawn up in accordance
with the specifics of this type of insurance product in
two parts: one part is used for the formation of a fund
that is directly related to life insurance, the second is
the accumulation or investment component invested in
stock and money market instruments.

Prior to the introduction of investment insurance,
insurers in the life insurance segment offered only risky

contracts and accumulative life insurance. In the first of
these insurance products, there is no accumulation of
assets at all, the second – the profitability is very low.
Therefore, customers were looking for more profitable
financial instruments, and insurers – an opportunity
to offer consumers more profitable insurance products
and services. So the idea of creating an investment tool
in an insurance cover, which was called “investment life
insurance”, was born. From the title, it becomes clear
that in the first place – an investment product, which
aims to provide customers with significant investment
income.

However, it is evident that the higher the level of
return on investment, the higher its risk. At the same
time, insurance companies do not have the right to
transfer the risk of investing to their clients. Therefore,
having received a large initial down payment from
the client, the insurance company divides it into two
unequal parts. The guarantee portion is designed so
that its investment in risk-free financial instruments
allows the client to receive the amount of the down
payment before the contract is completed. Thus, the
client is guaranteed to preserve the money he invests in
investment life insurance. Less, the investment part –
is directed to assets that potentially can bring high
profitability but also carry a significant risk. If assets
significantly increase in price prior to the termination
of the contract, the client may receive high investment
returns. If sharply depreciates – the client will not get
profit but, at the same time, will definitely save the
capital invested in the beginning.

Unlike accumulative life insurance, where the
technical interest rate is guaranteed, profits are not
guaranteed for investment life insurance. It entirely
depends on the success of funds that the client
chooses in the insurance contract. Each investment
life insurance contract has an individual account

Table 2
Purpose and tasks to activate the investment insurance in Ukraine

Purpose Tasks, positive consequences

Demographic potential support

Decrease in the financial burden of the state budget of Ukraine due to the compensation of a
portion of the pension payments; partial solution of the pension fund deficit, connected with the
life expectancy and population aging, the possibility to rise the state pension at the expense of the
voluntary donations in the investment pension programs.

Increase in demand for the financial
services

Offer of a new financial product for consumers of all ages, sex, and professions; offering a product
with the active participation of the client in making financial decisions (investment component);
incentive to use of maintenance costs through a transparent structure; flexible decision-making
system for the transformation of individual product parameters; provision of insurance coverage for
the main types of risk; improvement of service by constant communication with the client.

Increase of insurance products
Expansion of distribution network of insurance services due to the emergence of a new product line,
unit-linked, flexible system of motivation to distribute the product, which is possible through an
advance payment of commission.

Increase in the financial stability level
of the insurance market participants

Obtaining of long-term financial resources; more efficient use of equity by insurers; the possibility
of increasing the quality of the risk management system and economic security; improvement of
the mechanism for assuring the quality of warranties and risks assessment at the expense of a long
period of service provision.

Resource: Compiled by the authors

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Vol. 3, No. 5, 2017
specifying the actual number and type of purchased
investment financial instruments, their prices and
accrued payments and risk insurance premiums.
Customers, as a rule, are notified once a year in
writing in the form of a statement on the status of their
accounts (Kreidych I. M., 2009).

Thus, it is possible to systematize advantages and
disadvantages of investment insurance (Table 3).

To minimize shortcomings of investment insurance,
it is advisable to propose some promising directions for
the development of this type of financial product in the
domestic insurance market. Among them are:

1. Formation of the industry standard of investment
insurance.

2. Development of the legislative framework for the
regulation of investment insurance relations.

3. Increasing the level of transparency of the insurance
product for the client.

4. Implementation of standards for the calculation and
distribution of additional investment income among
clients.

5. Optimization of insurance protection programs.
6. Extension of the list of persons who can use the

service.
7. Expanding the spectrum of investment strategies

and investment tools (portfolio insurance strategies,
option strategies, macro strategies, domestic and
foreign promotions, precious metals and commodities,
real estate, art objects, currencies, etc.).

The prospects for the development of the unit-linked
investment insurance market in Ukraine are due to a
combination of the following factors.

1. Overcoming legislative barriers, including
improving the legal framework in the financial market.

2. Formation of the preferential income-tax regime
unit-linked policies.

3. Reforming the pension system. Unit-linked
policies can be a potential guarantee of a higher level of
profitability, unlike other products of life insurance.

4. Increase financial literacy of the population. First of
all, at the expense of citizens’ awareness of possibilities
of investing savings in the financial market.

5. Increase in transparency, capacity and stabilization of
insurance, stock, and other segments of the financial market.

6. Further expansion of the range of banking insurance
products, which has become widespread in recent times.
Realization of the existing ability to sell unit-linked
products through banks.

Thus, investment insurance in Ukraine has a high
potential for active use and transformation into a popular
insurance product. It is necessary to carry out further
adaptation of products unit-linked to the structure
and specifics of the domestic insurance market. The
growth of the volume of investment insurance and, as a
consequence, the expansion of the life insurance market
as a whole, could become one of the most important
factors in the development of the insurance industry in
Ukraine in the near future.

Table 3
Advantages and disadvantages of the investment insurance

Advantages Disadvantages
Transparent structure of the insurance product (allocation of
investment, insurance and expense component).

Lack of early termination of the contract with receipt of all paid
insurance premiums.

Ability to choose an investment strategy, not limited to conservative
investment instruments.

The absence of a guarantee fund that would be able to provide
payment to the client in cases of withdrawal of a license or insolvency
of an insurance company.

Correspondence of the structure of investment assets and the
principles of distribution of investment income.

Not every fatal case is recognized as an insurance event.

Possibility to obtain higher investment returns while maintaining the
benefits of the insurance contract.

Lack of guaranteed income. In case of negative development of the
investment strategy, the client after the expiration of the contract will
receive only a guaranteed payment of the contract.

Preferential taxation of investment income.
Only a small part of the one-time contribution is invested in
investment instruments with a potentially high income. Major
investments are risk-free, low-income financial assets.

Taking into account the principle of complex interest, according to
which the accounting of profit is made, the final amount grows at
times.

In order to prove the occurrence of an insured event, the insured
person or the beneficiary must provide the insurance company with
a wide range of documents.

Insurance terms may vary throughout the term. You can change the
term, conditions, monthly amount, type of insurance, investment
fund, number of heirs, etc., which allows you to control the
investment.

The complexity of the insurance contract is that the more insurance
risks are included in the insurance coverage of the product, the more
various restrictions in terms of time, on additional terms, on the
amounts of payments.

The existence of a guaranteed payment amount in the contract.
Agreements are concluded for a long time, and it is not known what
can happen to insurance companies during this time.

Investment insurance keeps the money more secure than bank
deposits since the priority of saving is in the first place.

Some groups of people are not accepted for insurance, for example,
people with a disability, or are in an outpatient treatment.

Resource: compiled by the authors

Baltic Journal of Economic Studies

Vol. 3, No. 5, 2017

6. Conclusions
The study of features, problems, and prospects of

investment insurance in Ukraine made it possible to
draw the following conclusions.

1. Investment insurance is a new financial instrument
for the practice of insurance in Ukraine, which will
enable the insured person not only to pay insurance
premiums but also to influence the investment process.
This type of insurance comes from the field of life
insurance and provides for the insurer’s duty in case of
death of the insured person before the expiration of the
contract and/or the survival of the insured person before
the expiration of the contract, and/or the occurrence
of an event in the life of the insured person provided
in insurance contract, insurance payment, the size of
which depends on the results of placement of technical
reserves under investment insurance contracts.

2. The development of investment insurance in
Ukraine is restrained by the low popularity of life
insurance among citizens, proving indicators of the
dynamics of shares of insurance premiums, payments
and companies providing such services in the insurance
market in a ten-year retrospective. The current state of the
life insurance segment in the domestic financial market
is characterized by a drop in the level of profitability and
loss-making activity of insurance companies in the life
sector. At the same time, official statistics released by
the National Commission for the regulation of financial
services markets do not foresee the identification of
information relating to investment life insurance, so

instead of concluding its use in Ukraine, we can only
conclude that there is a weak basis for its formation and
development.

3. Investment insurance as a financial product has
both advantages and disadvantages. The benefits include
the transparent structure of the insurance product, the
choice of investment strategy, the possibility of obtaining
increased investment returns while preserving benefits
of the insurance contract, preferential taxation of
investment income, the existence of a guaranteed amount
of payment in the contract, etc.; to the drawbacks – the
lack of the possibility of early termination of the contract
with the receipt of all the insurance premiums paid, the
absence of a guarantee fund, guaranteed income, long-
term contracts, limited range of people who can be
insured. To enhance the use of investment insurance in
Ukraine and to minimize these shortcomings, prospects
for the development of the investment insurance market
are identified. Among them, the main ones are: legislative
regulation and regulation of investment insurance
services, its standardization, raising the level of financial
literacy of the population, and increasing transparency of
activities of insurance companies.

Prospects for further research in the chosen research
area are the formation of a mechanism for protecting
users of investment insurance services from all kinds
of risks associated with the use of various types of
investment strategies and instruments, as well as
traditional risks that accompany all types of insurance
services without exception.

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