АНАЛІЗ СУЧАСНОГО СТАНУ ТРАНСФОРМАЦІЙНИХ ЗМІН НА СТРАХОВОМУ РИНКУ УКРАЇНИ

Abstract

Among the financial markets of any country, the insurance market should occupy one of the leading positions, because it provides protection against adverse financial and economic events and situations that have arisen around the world in recent years due to pandemics, various natural disasters, significant fluctuations world energy prices. Ukraine seeking accession to the European Community should not be an exception. But, unfortunately, the insurance market in Ukraine has not been developed for many years, it is in decline, it exists mainly at the expense of compulsory types of insurance. This state of the market led to changes, the first of which was a change in the regulator. The National Bank of Ukraine, as a new regulator, has begun market transformation changes. Of course, this situation requires careful analysis, which was done in this study. In the course of the research, the article identifies and analyzes the regulator's proposals concerning changes in legislation and those that determine the rules of interaction of insurers with policyholders, reporting, internal and external control over the use of new technologies, strategic requirements and risk management. It was noted that the regulator started innovations very quickly and does not consider the complexity of the general economic situation in the country, the unwillingness of insurers in this period to such drastic changes, because such conditions significantly increase the risk of loss of bankruptcy. In addition, it has been investigated how the proposed changes actually affected the main financial and economic indicators of the insurance market of Ukraine. The dynamics of the number of insurers, the number of concluded contracts, the dynamics of insurance premiums in relation to insurance payments, the dynamics of total assets and paid-up share capital and formed insurance reserves from III – IV quarters 2020 to I – III quarters 2021 were analyzed. It was determined that, in general, the market showed a positive dynamics in the vast majority of indicators. Thus, in the analyzed period recorded a stable situation. According to some indicators, there was an increase. But they also identified the main shortcoming that currently exists in the insurance market of Ukraine and needs to be addressed by the regulator – the adjustment of the timing of changes and cooperation on market transformation with insurers, because it is a joint movement that requires coordinated positions and actions.