Сучасні реалії функціонування страхового ринку України

Abstract

The aim of the article is to evaluate the indicators of the insurance market of Ukraine as part of the financial sector, analyze the patterns of its development and determine the impact of full-scale military operations on its dynamics. Analyzing trends in the development of the insurance market of Ukraine its active recovery in 2023 was noted as evidenced by an increase in gross premiums by 18.7% and the number of concluded insurance contracts by 7.6% compared to 2022. The article evaluates the structure of the financial sector of Ukraine, defines the place and role of the insurance market. It is revealed that the financial sector of Ukraine is dominated by banking institutions which have increased the volume of their assets over the past 7 years more than 2 times, at the same time, the insurance sector has increased its portfolio of assets by only 29.4%. An analysis of the depth of the insurance market was carried out through the indicator of the level of insurance penetration the value of which reaches 0.8% at the end of 2022. It is noted that in Ukraine, unlike the developed countries of the world, the insurance market is characterized by the dominance of risk insurance companies, the size of their assets significantly exceeds the assets of life-insurers. Along with that, during 2021–2023 life insurance companies have significantly increased their asset portfolios. Quantitative parameters of the insurance market of Ukraine were monitored and it was found that insurers receive the most premiums from automobile types of insurance – about 50% of all premiums, personal types of insurance provide slightly less than 30% of premiums. A list of conditions that would allow insurance companies to more effectively meet the requirements of consumers of insurance services is given. Prospects for further research in this direction are the study of theoretical and empirical aspects of the relationship between the indicators of the insurance market and economic growth.