Society’s Readiness for Modern Challenges of the Insurance Market: Bibliometric Analysis

Abstract

This paper summarizes the arguments and counterarguments within the scientific discussion on the insurance market issue. The research’s primary purpose is to identify critical vectors and trends inherent in the modern insurance market. Systematization of literary sources and approaches for solving the problem of development and formation of the current insurance market indicates that it is necessary to use the best countries’ experience, adapting it to the domestic market. This concerns the issues of targeted financing of investment projects, the creation of funds to support policyholders’ protection, tax benefits for long-term insurance instruments, the possibility of opening a foreign insurance market for insurance institutions. The relevance of the decision of this scientific problem caused by the lack of standard definition of the concept of insurance by the academic community drives limited ability to assess the impact of insurance on social and economic aspects of society. Investigation of the topic of theoretical principles of insurance in the paper is carried out in the following logical sequence: analysis of the relationship between different types of insurance, analysis of publication activity in terms of years, countries, subject industries; research of keywords that occur when considering the topic of insurance. The research methods’ methodological tools were analytical tools of the Scopus database and VOSviewer software years of research 1832 – 2021. According to the international Scopus database results, the object of study is the chosen countries, regions, and universities. The paper presents empirical bibliographic analysis results, which showed that today the vast majority of research is conducted by experts from the United States and the European Union. Still, many Asian countries (China, Singapore, Taiwan, Thailand), which demonstrate rapid economic development, are beginning to take a leading position among insurance research gradually. The research empirically confirms and theoretically proves that the insurance market is an integral and important part of the financial sector as a whole. The results of the research can be useful for further scientific work.