ОСОБЛИВОСТІ ДІЯЛЬНОСТІ СТРАХОВИХ КОМПАНІЙ НА ФІНАНСОВОМУ РИНКУ УКРАЇНИ В УМОВАХ ВОЄННОГО СТАНУ

Abstract

The article deals with key features of the functioning of the national insurance activity on the financial market in the state of martial law. It is substantiated that the effective existence of the insurance market is an important direction for the development of the Ukrainian economy that should be prioritised as it provides insurance protection for policyholders and increases financial stability and safety, while also accumulating large stocks of capital, transforming it into a powerful source of investment. The main military risk insurance programs and their features were evaluated and a SWOT analysis of the activities of insurance companies on the market during military operations was carried out. The main indicators of the activity of insurance companies have been analysed, which showed the quantitative indicators to a greater extent corresponding to the standardised indicators, however, as a result of military actions, there was a significant drop in the volume of insurance payments, so already in March 2022, for the vast majority of insurers, this indicator constituted 50–90% of the same period in 2021 year; the research also indicated functional and institutional characteristics not corresponding to the real needs of the economy, therefore, new challenges and opportunities that have occurred in recent years have contributed to an even greater implementation of digital processes in their activities. The authors analysed the structure of assets that represent the insurance reserves of Ukrainian insurance companies, and established that bank deposits are the most attractive and reliable financial instruments for insurers. It has been substantiated that at this stage of the development of the insurance market, the use of the above-mentioned tools really helps insurers save funds and protect them from inflation, but it does not serve as a means of real growth of the company's funds in the same way that, for example, investing assets in shares could contribute to this. The special characteristics of insurance payments during military operations and key obstacles in the work of insurance companies after the introduction of martial law are examined. The positive and negative aspects of the introduction of InsureTech are studied and the main types of insurance products that are implemented using the online format are highlighted. It was concluded that insurance companies as participants in the financial market should form an effective system of internal control, corporate governance, risk management, define their strategic goals and, based on this, form their own business model that will take into account the current conditions.