SCIENTIFIC APPROACH TO A COMPLEX ASSESSMENT OF DETERMINANTS OF THE INSURANCE MARKET DEVELOPMENT OF UKRAINE

Abstract

Variability of economic and political conditions in Ukraine put forward new requirements for assessing the development of the insurance market, the state of which has a significant impact on the activities of economic relations and the state as a whole. Building an adequate model for assessing the insurance market and its practical use may affect the timely adoption of managerial decisions and the development of measures to improve the insurance market functioning. This is confirmed by a large number of scientific studies in the economic literature on the analytical component of the insurance market management, as well as the fact that a timely and objective comprehensive analysis is an integral part of the adoption of effective managerial decisions.In view of this, trends of the insurance market in Ukraine in difficult geopolitical and economic conditions, which are characterized by the influence of variables of the unstable economic environment, are outlined. Linear multifactorial models, which give an opportunity to assess the influence of factors on the dynamics of changes in the volume of insurance premiums and insurance payments in the market, are constructed. An estimation of the influence of each of the selected factors is carried out and based on the conducted factor analysis, a significant impact on their volume of indicators of the number of insurance companies, GDP per capita and exchange rate, is performed. Alongside with this, trend lines are constructed and forecast values of gross insurance premiums and payments are determined. Based on the conducted analysis, ways of activating the development of the market as an important subject of the country's financial and credit system are proposed.Another significant result of the research is the formation of an indicative model-scheme of the comprehensive assessment of the determinants of the insurance market development. The developed model contains a clear list and sequence of stages of the insurance market analysis and a specific methodology for assessing the impact of key factors, characteristic for changing conditions of management, on the efficiency of its functioning. Practical application allows to take into consideration the influence of individual determinants of the insurance market development on its condition, to increase the efficiency of managerial decisions in this area.