BANKS AND INSURANCE COMPANIES IN THE FINANCIAL SERVICES MARKET

Abstract

Foreign and domestic practice indicates that banks and insurance companies are key participants in the global, international and national financial markets and their segments, including financial services markets. The analysis of the world economy, the services market, financial services, and the banking and insurance markets for 2009–2016 confirmed the conclusions that banks and insurers are the drivers of the global economic and financial system, as well as key components of the services and financial services markets. The same can be said about economically developed countries, where banking and insurance services account for up to 10% of national GDP. Additionally, trends in the development of foreign markets for banking and insurance services are studied, with an emphasis on the markets of economically developed countries