Volodymyr Zubchenko, Yuliya Mishura

Taras Shevchenko National University of Kyiv

 Standardization of actuarial terminology in non-life insurance

© Zubchenko V. P., Mishura Yu. S., 2018

The trends of the insurance market of Ukraine are analyzed, problems of construction and standardization of actuarial terminology concerning types of insurance other than life insurance are discussed.

Keywords: Ukrainian language, actuarial mathematics, risk insurance, actuarial report, reinsurance.

The article deals with the analysis of the trends of the insurance market of Ukraine, the problems of construction and standardization of actuarial terminology in non-life insurance have been considered. The need for standardization of actuarial and financial terminology is the urgent task, given the further development of the insurance market, the strengthening of the requirements for the solvency of financial institutions and the implementation of pension and medical reforms in Ukraine.

Given the economic crisis, caused by aggravation of the political situation, military actions on the east, sharp devaluation of the national currency, over the past few years the Ukrainian insurance market, in particular the life insurance sector, has undergone significant changes. The similar crises have led to the increased levels of control over the insurance sector, and shifting emphasis from accumulative insurance to risk insurance.

In the article, as an example, several normative documents were analyzed, the adoption of which was preceded by working groups of profile committees of the public organization “Society of Actuaries of Ukraine”, and an active discussion of the community of actuaries and scientific-pedagogical team of Taras Shevchenko National University of Kyiv. The list of English terms and their Ukrainian-language counterparts used in the development of the typical form of the annual actuarial report, in the draft amendments for the Methodology for the formation of insurance reserves in non-life insurance, published on the website of the National Financial Services Commission of Ukraine, used when checking the adequacy of the size of the formed reserves, testing the ruin probability of an insurance company and in the practice of reinsurance on the insurance sector.

An attempt to systematically use the new Ukrainian-language terminology in the context of the tasks specified in the article is made in the textbook "Statistical Methods in Risk Insurance", which is currently being prepared for publication by the staff of the Department of Probability Theory, Statistics and Actuarial Mathematics of Taras Shevchenko National University of Kyiv.

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