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The article emphasizes the necessity of adherence to the insurance principles as a decisive condition for maintenance and growth of mutually beneficial insurance relations in the agricultural sector. It is justified that reconciliation of social and economic interests between parties of the insurance market is based on a framework of principles that serve as guidelines for providing insurance coverage to entrepreneurial entities or individual customers and facilitating the pursuit of insurance / reinsurance activities by insurance companies. With the purpose of streamlining methodologies, the author’s approach to classifying insurance principles is developed. With the aim of striking a fair balance between the property interests of agents and insurance companies, the key insurance principles are divided according to the following three criteria: basic insurance principles; principles that are intended to neutralize financial and economic risks of insurance companies; fundamental principles of agricultural insurance. Given the riskiness of agricultural production, it is found that relations between agricultural enterprises and insurance companies should be built on the following principles: actuarial balance; motivation for insurance protection; maintaining the circulation of current assets of agricultural enterprises; voluntary involvement, accessibility and subsidiarity. Presumably adherence to the above principles will create prerequisites for efficient distribution / redistribution of risks and responsibilities between insurance parties. The need is stressed to practically implement the major principles established in Article 3 of the Law of Ukraine “On peculiarities of agricultural products insurance with state support” of 9 February 2012, which address insurance of agricultural production with state support for efficient interaction between insurers, insured parties and the state. This will guarantee insurance protection of agricultural enterprises, thereby enhancing food safety of the country in space and time. |
