Emerging Risks and Strategic Challenges in the Insurance Sector

Rodica Cernit; Tatiana Moroi; Aureliu Margineanu

Authors

Rodica Cernit Academy of Economic Studies of Moldova, Faculty of Finance
Tatiana Moroi Academy of Economic Studies of Moldova, Faculty of Finance
Aureliu Margineanu The Academy of Economic Studies of Moldova

Abstract

Insurance sector, essential for economic stability and financial protection, faces numerous significant risks and challenges generated by rapid and complex changes. The aim of the paper is to deepen the understanding of emerging risks affecting the insurance sector and to provide strategic solutions for insurance companies. These challenges have a significant impact on the way insurance companies structure their product portfolios and define their business models. The existing concepts in the specialized literature are emerging risks and strategic challenges regarding digital transformation. The paper combines qualitative and quantitative methods to understand their complexity. The research results can be obtained by developing strategies for diversifying insurance portfolios to cope with economic uncertainties. The implications, expressed in the form of conclusions and recommendations, can guide academic and administrative development. The value of the work is defined by its impact on the understanding and management of emerging risks in the insurance sector.

References

Cernit, R. (2021). Consolidation of the national insurance sector activity and development trends. In the international scientific conference 30 years of economic reforms in the Republic of Moldova: Economic progress via innovation and competitiveness, 24-25 September 2021, vol. 3, pp. 375-381. Chișinău: ASEM.

Mărgineanu, A. & Vîrlan, E. (2022). Digitalization - the path to solving problems on the insurance market of the Republic of Moldova. In: Scientific papers Scientific Symposium of young researchers 20th edition, 8-9 April 2022, vol. 2, pp. 108-111. Chișinău: ASEM.

OMNIS - The first application that brings insurance directly from your mobile phone (2023, June 6). Diez. Retrieved from https://diez.md/2023/06/06/aplicatia-omnis-prima-aplicatie-care-iti-aduce-asigurarile-direct-in-telefonul-tau/.

Pauch, D. & Bera, A. (2022). Digitization in the insurance sector - challenges in the face of the Covid-19 pandemic. Proceedings of Computer Science, 207, 1677-1684.

Ungur, C. (2018). The impact of advanced technologies on the insurance market. In the international scientific conference Economic growth in the context of globalization, 11-12 October 2018, vol. 2, edition 13, pp. 94-98. Chișinău: INCE Editorial Complex.

Online sources

https://about.ita-aites.org/publications/muir-wood-lecture/1362/muir-wood-lecture-2016.

https://bnm.md/ro/content/data-statistice-generale-privind-sectorul-asigurari-asigurarile-rca-si-carte-verde-0.

https://bnm.md/ro/content/situatia-financiara-sectorului-asigurari-pentru-anul-2023.

https://cancelaria.gov.md/sites/default/files/strategia_moldova_2030_redactata_parl.pdf.

https://www.bnm.md/ro/content/sistemul-informational-rca-data.

https://www.chakray.com/digital-transformation-insurance-sector-opportunities-challenges/.

https://www.infosysbpm.com/blogs/insurance/the-impact-of-climate-change-on-the-insurance-industry.html#:~:text =Increased%20payouts%20and%20losses%3A%20Rising,infrastructure%20destruction%20and%20displacement%20costs.

https://www.legis.md/cautare/getResults?doc_id=136732&lang=ro.

https://www.researchgate.net/publication/228998875_Overcoming_decision_biases_to_reduce_losses_from_natural_catastrophes.

https://www.researchgate.net/publication/384440431_Tendinte_in_Economia_Moldovei_nr_49_trim_I_2023.

https://www.unicef.org/moldova/media/11816/file/ANALYSIS OF CLIMATE CHANGE AND RISKS FOR CHILDREN OF MOLDOVA.pdf.