Anti-crisis development strategies of insurance companies in Ukraine and Poland in the context of COVID-19

  • Received October 9, 2020;
    Accepted December 14, 2020;
    Published December 22, 2020
  • Author(s)
  • DOI
  • Article Info
    Volume 11 2020, Issue #1, pp. 21-29
  • Cited by
    7 articles

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License

Given the growing threats to the financial sustainability of businesses during the COVID-19 period, anti-crisis development strategies are the basis for ensuring successful operation and maintaining competitiveness in the markets. Insurance companies formulate and implement anti-crisis strategies in accordance with the requirements of the circular economy. Thus, the purpose of this study is to identify the main anti-crisis development strategies that insurance companies adhere to during COVID-19. The features of strategies that existed before the pandemic and were formed during the pandemic are identified. Tourism and hotel and catering business is an activity that considers the conditions of the circular economy. It is in this industry that the highest risks arise during the period of COVID-19. An anti-crisis development strategy of insurance companies during a period of pandemics and crises is understood as a tool for resolving contradictions in the development of a company in the event of a crisis or its threat. Moreover, the development process of the insurance company is inevitable, given the manifestations of the circular economy. As a result, insurance companies changed and consolidated anti-crisis development strategies during COVID-19. The newly created concentrating effort strategy combined the strategy of long-term planned changes and the strategy of balancing the interests of the insurance company and stakeholders. Instead, new strategies have emerged to innovate and maintain an adequate level of financial sustainability. It is especially worth highlighting the marketing strategy that ensures the image of insurance companies.

view full abstract hide full abstract
    • Table 1. Rating of Ukrainian insurance companies in 2017–2019*
    • Table 2. Rating of Polish insurance companies in 2017–2019*
    • Conceptualization
      Oksana Polinkevych
    • Data curation
      Oksana Polinkevych, Ryszard Kamiński
    • Formal Analysis
      Oksana Polinkevych, Ryszard Kamiński
    • Funding acquisition
      Oksana Polinkevych, Ryszard Kamiński
    • Investigation
      Oksana Polinkevych, Ryszard Kamiński
    • Methodology
      Oksana Polinkevych, Ryszard Kamiński
    • Project administration
      Oksana Polinkevych
    • Resources
      Oksana Polinkevych, Ryszard Kamiński
    • Supervision
      Oksana Polinkevych, Ryszard Kamiński
    • Validation
      Oksana Polinkevych, Ryszard Kamiński
    • Visualization
      Oksana Polinkevych, Ryszard Kamiński
    • Writing – original draft
      Oksana Polinkevych, Ryszard Kamiński
    • Writing – review & editing
      Oksana Polinkevych, Ryszard Kamiński