The scientific objective of the paper is to present the findings of a study into the use of artificial neural networks in quantifying activity related risks of an innovative enterprise and to optimize its insurance cover in order to minimize the probable financial losses whenever they materialize. The Kohonen network involving the activation of 51 input variables was applied in the study. The outcomes of the stimulation for the given set of variables made it possible to determine the probability of a threat occurring in the classes. The results of the analysis were used to prepare an optimal insurance cover for the activities of the innovative company. The research findings are suitable for use in risk theory as well as in issues relating to entrepreneurship and insurance. The analytical device employed can also be put to practical use as a support tool in corporate risk management.

Research background: The insurance market is an important part of the financial system. The international concept of insurance operations brings certainty and helps to balance the economic results. Purpose of the article: The aim of the paper is to compare  the efficiency of life insurance of commercial insurance companies in the Czech Republic and Poland using the Data Envelopment Analysis model (DEA). Methods: The methods used in the paper are descriptive statistics, DEA model and Tobit regression model. DEA models are nonparametric quantitative models for efficiency assessment. They use linear programming to transform multiple inputs into multiple outputs. The efficiency of the subjects analyzed is assessed based on the efficiency scores.  Findings & Value added: The subject of our analysis was 17 commercial insurance companies in the Czech Republic and 26 commercial insurance companies in Poland. Ten insurance companies were efficient on the common Czech-Polish insurance market. The share of efficient insurance companies was approximately equal. The arithmetic mean of the efficiency scores was higher in Poland than in the Czech Republic. The variability of the efficiency scores of Czech insurance companies was greater than the variability of the efficiency scores of Polish insurance companies. The  correlations with efficiency score as the dependent variable and with market share as the independent variable of Tobit regression were very low.

This study intends to present a possibility of applying the AHP method in the process of making managerial decisions concerning the selection of sources of financing innovation by mining enterprises. Such companies, active in a turbulent market environment marked by increasing competition, are looking for new tools and solutions with a view to supporting and optimising their activity. Development and implementation of innovations, principally aimed at improving the effectiveness of enterprise operation and lowering operating costs, is an efficient tool for the sake of gaining competitive advantage. As shown by studies, the presented method can make an appropriate instrument when it comes to selecting sources of financing for an enterprise. The conducted analyses demonstrated that offtake agreements can be an optimal method of financing innovation in mining companies, in line with indications of experts participating in the study.

Abstract. Introduction. The development of the insurance market in Ukraine is closely associated with the instruments used by domestic insurers to manage low capitalisation, including coinsurance and reinsurance services. Reinsurance helps insurance companies to take very large and expensive risks. Thus, the questions of generalisation of both national and international experience in default risk assessment of reinsurers in an insurance company and provision of recommendations to ensure reliability of activity of insurance companies are relevant. The purpose of the paper is to provide recommendations to improve capital adequacy assessment concerning the coverage of the reinsurance default risk. Methodology. The methodological basis of this study is the theory of insurance and insurance concepts. Scale measurement of capital adequacy of insurance companies relevant to the coverage of the reinsurance default risk was conducted by using methods of mathematical statistics. Results. Based on the example of 50 Ukrainian insurance companies, we have conducted scale measurement of capital adequacy to cover the default risk of reinsurers for the years of 2015-2016. The originality of the research lies in the improvement of capital adequacy assessment concerning the coverage of the reinsurance default risk, which, unlike the existing methodology, considers the designed scale and criteria of the capital adequacy indicator of the insurance company to cover the reinsurance default risk at «inadequate», «adequate», «medium», «good» and «excellent» levels. Conclusions. The practical value of the paper lies in the proposed approaches to improve capital adequacy assessment concerning the coverage of the reinsurance default risk, which will enhance the level of reinsurance and facilitate the fulfillment of obligations by insurance companies. Keywords: Reinsurance Default Risk; Methodology; Scale Measurement; Capital Adequacy; Insurance Company JEL Classification: F36; F38; F65; G22; G28 DOI: https://doi.org/10.21003/ea.V165-30 Пукала Р. кандидат економічних наук, проректор у справах студентів, Ярославська державна вища техніко-економічна школа ім. Броніслава Маркевича, Ярослав, Польща Внукова Н. М. доктор економічних наук, професор, завідувач кафедри управління фінансовими послугами, Харківський національний економічний університет імені Семена Кузнеця, Харків, Україна Ачкасова С. А. кандидат економічних наук, доцент, кафедра управління фінансовими послугами, Харківський національний економічний університет імені Семена Кузнеця, Харків, Україна Смоляк В. А. кандидат економічних наук, доцент, кафедра управління фінансовими послугами, Харківський національний економічний університет імені Семена Кузнеця, Харків, Україна Удосконалення методики оцінки достатності капіталу на покриття ризику дефолту перестраховика Анотація. У статті удосконалено методику оцінки достатності капіталу на покриття можливих збитків у разі настання ризику дефолту перестраховика, яка, на відміну від існуючих, враховує розроблені шкали та критерії для показни...

In the last decades, most of the democratic countries have reallocated tax revenues from collected taxes between the state budget and local government budgets. It is possible to monitor the effort to increase the relative financial autonomy of local governments, to strengthen own revenues of local self-government and to increase the autonomy of decision-making bodies regarding their use. The manuscript focuses on usage of TOPSIS technique as a tool for comprehensive evaluation in self-government in Slovakia. 8 criteria were used and their weight was calculated based Fuller triangle method and 25 experts. Based on this analysis, it is possible to recommend this method for usage not only in public sector, but also in private sector as well. Its use is also conditioned by the appropriate selection of the monitored indicators and their weighting, which significantly determines the overall results.