THE IMPACT OF WAR ON THE INSURANCE MARKET OF UKRAINE: ANALYSIS OF OBSTACLES AND RESTRUCTURING OF THE FINANCIAL LANDSCAPE

Abstract

The purpose is to carefully study and systematize the impact of the military conflict on the insurance market of Ukraine and provide practical recommendations for overcoming the challenges arising in this context. Method. The study is based on the use of statistical data to assess changes in the economy and the insurance sector during martial law, a detailed analysis of specific cases of insurance companies and regions that were affected by armed aggression. Theoretical and empirical methods, as well as economic and statistical methods of research, comparative analysis, strategic management, systematic approach and analysis were used in the process of research. The results. This study presents the influence of the state of war on the structure and dynamics of the insurance market in Ukraine, analyzes the opportunities of insurance companies, losses and risks associated with insurance in conditions of instability. A decrease in the number of registered insurance companies and companies providing life insurance services was determined, a decrease in the rates of gross insurance premiums and gross insurance payouts was recorded while maintaining positive dynamics, and it was noted that the majority of insurance premiums remain at the disposal of insurers. Restructuring and adaptation strategies for insurance companies are proposed in order to ensure their viability during the war and post-victory recovery period. Scientific novelty.This study can serve as a valuable contribution to the understanding of the relationship between the war situation and the insurance market, and also indicates possible ways for further development and reform of the insurance industry in accordance with the European integration of Ukraine. Practical significance. The dynamics of the main indicators of the insurance market in recent years are singled out, and the highlighting of obvious trends, which in the future can be used as a characteristic of this period of existence of the insurance industry.