ANALYSIS OF THE COMPETITIVE ENVIRONMENT IN THE INSURANCE MARKET IN A GLOBAL ASPECT

Globalization is nowadays one of the key factors in the development of the world economy. The effects of globalization are reflected in the insurance markets that are parts of the financial markets. Insurance currently becomes more and more a global business. Competition is steadily rising and regulatory barriers between international economies are declining. Every economy has established new rules of competitive struggle and competitive relationships within a given country. Competitive environment and competition are constantly changing and connecting with globalization in several spheres and areas. Over time, the resulting regional differences are shrinking and a certain kind of culture is created that acts as a whole. On an international scale, the competitive environment is characterized by PEST analysis, where it is important to draw attention to the political, economic, social and technological environment. The liberalization of the insurance market of the business sphere brings changes and new conditions for bidders in the insurance market. The article focuses on selected commercial insurance companies and their market shares in the insurance market in the Slovak Republic. Insurance companies within the European Union adopt regulation and the legislative framework of the market environment of the country in which they operate. Globalization in the insurance market opens up new opportunities for commercial insurers and reduces differences in differences on the basis of cooperation and trade through the international market.