БЕЗПЕКА СТРАХОВОГО РИНКУ УКРАЇНИ В УМОВАХ ФІНАНСОВОЇ ГЛОБАЛІЗАЦІЇ: ЗАГРОЗИ ТА НАПРЯМИ РЕГУЛЮВАННЯ

Abstract

The main purpose of any insurance market is to ensure the continuity of the production process and the formation of sources of investment resources for the development of the country’s economy. However, in a context of financial globalization, this function can be unrealized due to the increased vulnerability of insurance markets to the impact of global crisis and capital outflow through the processes of mergers and acquisitions of insurance companies, foreign investments, international reinsurance, etc. This generates threats to the security of Ukraine’s insurance market. And hence, the purpose of the article is to develop recommendations on how to regulate the safety of Ukraine’s insurance market on the basis of an analysis of the manifestations of financial globalization in the world’s insurance markets and the identified threats. The authors consider financial globalization as the formation of a global financial market that can be defined as a market in which international financial intermediaries (banks, insurance companies, etc.) sell financial services worldwide. The processes of financial globalization cause such security threats to the insurance market, as: acquisition by foreign insurers of national insurance companies, outflow of investment resources abroad, growth of dependence on external reinsurance and others. To strengthen the security of Ukraine’s insurance market under financial globalization, the following directions of regulation are proposed: (i) to establish requirements for external investments of insurers not only in the part of securities of foreign issuers, but also in relation to other assets, which can be represented by insurance reserves; ii) to carry out ongoing monitoring of security indicators of the insurance market: the share of insurance payments belonging to reinsurers-non-residents in gross insurance payments; the share of foreign capital in the authorized capital of insurance companies; market share of foreign insurance companies; iii) to increase the independence from external reinsurance, the capitalization of Ukrainian insurers should be increased on the basis of the introduction of Solvency II principles for the growth of the reinsurance capacity of the national insurance market and stimulation of the export of reinsurance services.