The Competitiveness of the Insurance Sector: Essence and Peculiarities

The article is aimed at theoretical substantiating the essence of competitiveness of the insurance sector. Etymology of the words «competition» and «competitiveness» was researched; assessment of the interpretation of the concepts of «competitiveness of country», «competitiveness of the national economy», «competitiveness of branch», «competitiveness of insurance company», «competitiveness of insurance service» in domestic science was carried out. The author’s own explanation of the concept of «competitiveness of the insurance sector» has been substantiated, defined as the ability of representatives of the insurance sector to participate in competition between sectors providing the same services at both the national and the foreign markets. Prospect for further research in the development of insurance relations is to deepen research on the competitiveness of the insurance sector in order to determine its peculiarities and directions of improvement