Abstract:

The paper deals with the issues of trustworthiness of the insurance sector. After a brief definition of the basic principles of an insurance relationship it deals with trustworthiness and its related terminology. Further, it provides its simplified categorization and subsequent instantiation of particular types. Finally, it also deals with an institutional conception of the issue. The main goals of this paper are to identify the reasons for lower trustworthiness of the insurance sector and to offer suggestions to improve it. The low transparency of the insurance sector has been identified as the biggest problem. Several suggestions have been proposed that should lead to a certain increase of trustworthiness of the insurance sector, e.g. the simplification of insurance conditions, a periodical publication of particular damage model cases and analyses of problematic events and subsequent adjustments of insurance products towards a wider protection.