ACTIVITIES OF INSURANCE COMPANIES IN UKRAINE IN THE CONTEXT OF MODERN CHALLENGES

Abstract

Insurance companies operate in an increasingly challenging environment that requires them to adapt to changing conditions, develop new products and services, improve their technologies and processes, and ensure high quality customer service. The purpose of the study is to analyze the activities of insurance companies in Ukraine in the context of current challenges and to develop ways of adapting to them. The solution of such research problems determines the logic of the presentation of the studied material in the paper: to reveal the essence and outline the types of insurance companies; to identify the current challenges facing insurance companies and to determine their consequences for the activities of insurance companies; to analyze the peculiarities of adaptation of insurance companies in Ukraine to modern challenges; to provide recommendations for insurance companies to effectively adapt to the current challenges facing Ukrainian insurance companies and to increase the level of customer confidence. The methodology of the study is based on the use of abstract and systemic methods, methods of analysis and synthesis. In order to determine the peculiarities of adaptation of insurance companies in Ukraine to modern challenges in the context of expanding the range of products, a study was conducted on the availability of insurance products covering military risks. The following main filters were applied to the sample of research objects: insurance companies that provide insurance services in the field of insurance other than life insurance; insurance companies that are among the top 10 insurers in terms of insurance premiums, according to the rating provided by FORINSURER. In order to achieve the research objective, the following data collection methods were used: data collection from open sources – official websites of the insurance companies included in the research sample and official pages in social networks; data collection by phone calls to the insurance companies' helplines; data collection by communication in insurance companies' chatbots. As a result of the study, it was determined that the definition of insurance companies should focus on the legal aspect. It is noted that there are different types of insurance companies in the world and currently there is no uniform approach to their classification. It is concluded that insurance companies face many modern challenges that can have a dual impact on their activities. In particular, the modern challenges include technological, natural and climatic, epidemic and pandemic, and military and political. However, all of them influence the offer of insurance services by insurers and act as drivers for the development of new types of insurance products and improvement of existing ones. The article shows that insurance companies in Ukraine, despite the difficult operating conditions, are adapting to new challenges: they are expanding their product lines, changing approaches to selling insurance services and communicating with customers, etc. In particular, the study on the availability of insurance products covering military risks in insurance companies in Ukraine showed positive results in this area. It is determined that the adaptation of insurance companies in Ukraine to modern challenges is carried out with the strong support of the regulator. In the article the authors make recommendations to insurance companies in Ukraine in order to effectively adapt to modern challenges, namely military ones, and to increase the level of trust of clients.