Digital Transformation and Risk Mitigation in Emerging Insurance Markets: A Comparative Analysis Between China and Serbia
Journal Title: Opportunities and Challenges in Sustainability - Year 2023, Vol 2, Issue 2
Abstract
Recent trends indicate a deceleration in the growth of insurance markets in developed countries, whereas emerging insurance markets, predominantly in Southeast Asia, and led by China, demonstrate a remarkable increase in total gross premiums. This contrast, largely attributed to digitalization of insurance operations, underscores the need for understanding and integrating technological innovations within the insurance industry. Faced with emerging risks such as climate change, natural disasters, epidemics, pandemics, and cyber threats, insurance companies must implement proactive risk prevention strategies alongside enhancing their risk mitigation instruments. Utilizing comprehensive, country-specific alert systems can aid in evaluating risk profiles and managing the emergent risks more efficiently. While Serbia's efforts towards digital transformation in the insurance sector are still budding, there remains a significant potential for growth and introduction of innovative insurance products. However, the lack of adequate preventive measures against risks such as natural disasters has hampered its full development potential in sectors like agriculture and tourism. On the other hand, China's approach to managing natural disaster risks through robust institutional support and an innovative insurance market offers valuable insights. This study aims to highlight the significant challenges posed by modern trends in the insurance industry, emphasizing the case of China, and suggesting ways for insurance companies to respond to these challenges. Moreover, it assesses the readiness of the Serbian insurance market in managing natural disaster risks and provides a roadmap for the integration of technology within the insurance sector.
Authors and Affiliations
Katica Radosavljević
Keywords
Related Articles
- EP ID EP732076
- DOI https://doi.org/10.56578/ocs020205
- Views 63
- Downloads 0
Digital Transformation and Its Implications on Educational Quality: An Empirical Analysis Within the European Union Context
In the face of profound digital transformations, the societal and economic landscape has undergone significant shifts, notably impacting the educational sector across European Union (EU) member states. Through the employ...
Sustainable Consumption Behavior Measurement of Three Generations Using Descriptive Variables
Purpose: this study aimed at measuring the sustainable consumption behaviors of generations X, Y and Z using various descriptive variables. Methodology: the convenience sampling method was used for the data of this cross...
Factors Influencing Customer Loyalty in the Retail Banking Sector: A Study of Financial-Banking Services in the Republic of Moldova
Purpose of this research is to identify the nature of loyalty, the valence/dimensionality of this concept, and the factors that determine customers of banking products/services in the Republic of Moldova to establish lon...
Spatial and Seasonal Dynamics of Air Quality in the Beijing-Tianjin-Hebei Region: An Analysis Using K-means Clustering and BP Neural Networks
In the context of rapid economic development, air pollution has emerged as a critical environmental issue, particularly in the Beijing-Tianjin-Hebei region. This study, through the application of Air Quality Index (AQI)...
Efforts to Support Economic Growth and Improve MSMEs’ Performance During the Pandemic
The purpose of this study is to find out whether micro-, small and medium-sized enterprises (MSMEs) can boost economic growth and achieve their sustainability during the COVID-19 pandemic by implementing financial techno...