COMPARATIVE ANALYSIS OF INSURANCE IN UKRAINE

Abstract

The relevance of the article is that bringing Ukrainian legislation in line with the insurance legislation of the European Union is one of the priority areas in the economy of Ukraine. The process of adaptation is a complex process given the large volume of regulations. The analysis of the comparative insurance process is the initial stage for determining the methods for implementing the norms of international cooperation at the domestic level. Insurance during the crisis (covid-19) and other negative political and economic events, the decline in the material well-being of the population has created a problem of significant reduction in consumer demand for insurance services. The problem of supporting consumer demand and the competitiveness of insurance companies is especially relevant today. The article provides a comparative comparative analysis of Ukrainian insurance legislation, the purpose of which is to identify regulatory relationships based on a comparison of national legislation and international regulations of one or different historical periods. It is concluded that significant differences in the parameters and proportions of the domestic market in accordance with the standards of the European insurance market indicate that on the path to European integration our country faces complex long-term challenges for the development of the domestic insurance system. In the EU there are unified methods and forms of state regulation of insurance activities, which are established by the relevant directives of the European Union on insurance. In this regard, the strategic perspective of Ukraine's insurance system development should be based on European standards, in particular, it is necessary to improve the work of the regulator, the legal framework, life insurance and health insurance, accident compensation limits, etc. Therefore, in order to create a proper basis for further development of the insurance market, increase its reliability, the regulatory framework should be based on clear, understandable and modern principles that will ensure proper performance of the functions assigned to them by insurers.