ОСОБЛИВОСТІ ЗДІЙСНЕННЯ ІНВЕСТИЦІЙНОЇ ДІЯЛЬНОСТІ СТРАХОВИМИ КОМПАНІЯМИ В УКРАЇНІ

Abstract

The article studies the essence and features of the investment activity of insurance companies. It was found that the investment potential of an insurer, measured as its ability to carry out investment activities, is a characteristic of the company. The main financial resources for investment by an insurance company are its own and borrowed funds. Special attention is paid to the matter that there are legislative restrictions on the investment of insurance reserves by insurers, because the unconscious use of insurance reserves belonging to a group of attracted funds of insurance companies may cause a lack of funds to cover insurance claims. The insurer may dispose of the funds raised during a certain period, the time limits of which depend on what type of insurance the company carries out – life insurance or non-life insurance. It is specified that a non-life insurer can form only short-term insurance reserves and invest them in current financial investments with high liquidity. The life insurance companies that accumulate insurance reserves for a sufficiently long period can carry out long-term investment activities. The general level of development of the insurance market in Ukraine in 2018–2022 was studied. Among the main reasons for the reduction in the number of insurance companies over this period are noted: the introduction of solvency standards in 2018, the introduction of a new regulator presented by NBU, the Covid-19 pandemic and the crisis caused by it, and the russian invasion of Ukraine. The dynamics of the main performance indicators of insurers in recent years have been considered. During the period under review, there was a drop in almost all key performance indicators of insurance companies, except for the value of assets and the volume of insurance reserves. Among the key factors that restrain the development of investment activities of insurance companies are the difficult political and economic situation in the country, imperfect legislation, outdated state regulation regarding the placement of insurance reserves, low level of capitalization of the stock market, and high investment risks, which only increase the conservatism of insurers regarding the implementation of investment processes.