Risk Management & Insurance Review

Risk Management and Insurance Review publishes high-quality applied research, well-reasoned opinion and discussion in the field of risk and insurance. Additionally, the Review provides a repository of high-caliber model lectures in risk and insurance, along with articles discussing and evaluating instructional techniques. RMIR is published by Wiley. A subscription to the Risk Management and Insurance Review is one of the many benefits of ARIA Membership. When members login to the website, they are directed to the members' landing page where links to access journals are found. 

Wish to submit an article for review? Please follow this link: https://onlinelibrary.wiley.com/journal/15406296 

Risk Management & Insurance Review

Volume 24, Issue 3

Current trends in the formation and development of insurance marketing in Ukraine

The relevance of the article due to the fact that the insurance industry of Ukraine at the present stage is developing in the global financial, economic and CORONA crisis, which deepens a number of unresolved problems: increases the risk of insurance companies, reduces demand for insurance products; distrust of insurance on the part of potential insurers has increased, increasing competition between insurers for the sphere of influence and customers. The purpose of the articles is to prepare theoretical foundations and develop practical recommendations for the introduction and improvement of the use of modern insurance management in the activities of Ukrainian insurers. The result of this studying is deepening and improvement of modern theory in insurance marketing, and development of practical recommendations for improving the efficiency and competitiveness of Ukrainian insurers.

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Risk Management & Insurance Review

Volume 24, Issue 3

Determinants of the market choice and the consumers behavior on the Macedonian MTPL insurance market: Empirical application of the Markov chain model

Markov chain models are widely used for capturing the switching behavior of economic agents and its impact on the prospective market developments in various industries. The aim of this paper is to analyze the customers’ altered behavior on the Motor Third Party Liability Insurance market in Republic of North Macedonia for the period of 2016–2018, in a setting where the policy tariff rates are equal for all the Insurance providers, that is, prices are excluded as a factor of transition. For that purpose, a stationary, homogeneous, first-order Markov Chain model is deployed to detect the flows and the reasoning behind the decisions for customers’ transition across companies. This approach is applied for the first time on the Macedonian Insurance Market and the findings offer valuable information to many interested parties including policymakers, insurance providers, as well as researchers in the field.

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Risk Management & Insurance Review

Volume 24, Issue 3

What drives life insurance purchasing decisions in Bosnia and Herzegovina?

Life insurance has become increasingly relevant in Bosnia and Herzegovina (BiH) over the last 10 years. The market is still underdeveloped with low life insurance density (EUR 23.2 per capita in 2019), however, it shows great potential with growth rates averaging 8.7%. The examination of the drivers of life insurance demand should instruct life insurers and policymakers to implement strategies to accelerate the life insurance development in BiH. Life insurance purchasing decisions are influenced by series of determinants, reflecting the customers’ experiences and preferences. The purpose of this paper is to examine the determinants of customer life insurance purchasing decisions. We consider the following factors: Income, insurance policy price, propensity to save, insurance policy yield, product-offer, corporate image, and brand. The research covers the existing and potential customers in BiH. Two hundred respondents participated in a survey who were selected according to different sociodemographic characteristics. The main findings show the relevance of particular determinants and their differences that can be helpful for insurance companies in creating their strategy for market growth.

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