Научно-методический журнал спецвыпуск №1 2021

Table 1
The main factors of the macroenvironment that affect the financial and economic condition of PJSC JSIC «INGO Ukraine»
and their characteristics
№
Component
Characteristic
1. Demographic
1.1
Population
The number of potential consumers is directly proportional to the population, which has been 
steadily declining in recent years
1.2
Location of the 
population in the 
country (region)
The insurance company is represented by 25 branches to serve customers throughout Ukraine, 
so internal migration does not actually change the income of the insurance company, which 
accordingly improves its financial condition
1.3
Migration trends
The excess of the number of external immigrants over emigrants leads to a decrease in the number 
of potential consumers
1.4
Age structure
According to statistics, the vast majority of the population of Ukraine are people aged 19—59 years. 
This is positive for the insurance company, because they are the ones who use the full range of the 
company’s services to a greater extent
1.5
Birth rate/mortality
The excess of mortality over birth rate leads to a reduction in population, which in turn has a 
negative impact on the insurance company
2. Economic
2.1
Purchasing power of 
the population
The purchasing power of the population over the past two years has fallen 1,5-2 times. The low level 
of purchasing power does not allow potential customers to use the company’s insurance services. 
On the other hand, high-income people prefer insurance companies with higher quality insurance 
services.
2.2
Inflation rate
The inflation rate (inflation was 99,8% in August 2020) significantly affects the amount of cash flows 
of the insurance company, the amount of costs, the main consequence of inflation — lower profits
2.3
Financial and credit 
policy in the country
The difficult state of the economy negatively affects the financial policy of the insurance company 
(high interest rates, devaluation of the hryvnia, non-return of deposits)
2.4
General economic 
situation
The supply that can be provided by the insurance company far exceeds the volume of demand, 
which has recently continued to decline despite the fact that the services of the insurance company 
are used not only by individuals but also by other companies
2.5
Taxation system
The high tax burden negatively affects the insurance company. When reforming and improving the 
tax system, it is possible to reduce the negative impact of the tax burden and thus increase state 
budget revenues
3. Technological
3.1
Innovative potential of 
the industry
The insurance company has a high innovative potential for the introduction of innovations in the 
provision of insurance services
4. Political and legal
4.1
The state of legislation 
governing economic 
activity
A common problem in Ukraine is the frequent change of the legal framework, as well as a 
high degree of contradiction between existing acts, which has a negative impact on insurance 
companies
4.2
State economic policy
Experimental nature of the state economic and legal policy, which negatively affects the activities 
of the insurance company, as the state acts as the main legal regulator in economic relations and 
has an impact on the development of both individual organizations and the economic system as a 
whole
5. Socio-cultural
5.1
Features of the 
prevailing traditions 
and beliefs in society
The prevailing traditions and beliefs in society may not actually affect the activities of the insurance 
company
5.2
Educational level
Today, Ukrainian universities and colleges are ready to provide an appropriate level of education in 
the field of insurance, in particular, there is a demand for this specialty, so in the future there may be 
a sufficient number of experienced professionals
5.3
People’s attitude to 
work
Attitude to work and its results is one of the distinctive features of the Ukrainian mentality. 
According to the UN, Ukrainians are the most hard-working people

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