Activities Of Insurance Companies Research Articles

Модель мониторинга охраны опасных производственных объектов от лесных пожаров

The methodological analysis of the requirements for the prevention of forest fire onset and spread has demonstrated that at the design, development, and maintenance of forest sites, it is required to apply various proven methods enabling the assessment of risk of damage to hazardous production facilities protected from forest fires (upper and ground fires) via the selection of fire protection measures in forests, such as forest fire prevention, fire hazard and forest fire monitoring in forests, and forest fire extinguishing. The expert method, the system analysis methods, and the methods of management theory and decision-making were applied in order to solve the problems. The topicality of the study covered in the article is the analysis of fire safety requirements in forests and the development of informational and analytical support for the decision-making when evaluating the probability of the onset of forest fire and the risk of damage to the adjacent hazardous production facilities caused by a forest fire (upper fire, ground fire) in accordance with the calculation methodologies applied for specific situations, based on the expert method. The industrial safety management system and the industrial safety requirements must ensure the identification, analysis, and forecast of accident risk at hazardous production facilities, as well as the planning and implementation of fire safety measures and risk reduction. The scope of studies is industrial facilities, the Federal Forestry Agency, expert activities, activities of insurance companies, scientific activities, and individuals competent in forest fire safety (experts). To ensure the fire safety of hazardous production facilities, it is required to assess the risk of the onset and spread of a forest fire (upper fire, ground fire). In order to determine a safe allocation of forest stands and ensure the safe operation of firefighting subdivisions during forest fire extinguishing, it is required to apply the proposed expert method associated with the control of activities of the body responsible for the implementation of measures of planning, development and maintenance of forest stands at the exercise of official powers.

FEATURES OF THE WORK ORGANIZATION OF INSURANCE COMPANIES OF UKRAINE DURING THE PERIOD OF ARMED INVASION

The article is devoted to the definition of the main aspects of the organization of work of insurance companies of Ukraine during the period of armed invasion. The purpose of the article is to determine the effects on the work of insurance companies in the modern conditions of the armed invasion of Russian aggressors and to provide proposals regarding the priority areas of insurance management. The object of the research is the processes of organization and management of the work of insurance companies. The subject of the study is the ways of optimizing the work of insurers in conditions of external and internal negative influences. The research used general scientific and special research methods: comparative analysis, scientific abstraction and generalization of the scientific experience of modern theoretical studies, a system-complex approach. When conducting an analysis of the dynamics of the number of insurance organizations and gross insurance payments and premiums for the period 2017-2022, it was found that fluctuations in their volumes also occurred in pre-war times. The main reasons that made it possible to effectively reduce the number of insurance service providers without a significant loss of the client base, while simultaneously increasing the guarantee requirements for insurers, were identified. It has been proven that even in the pre-war period, conditions were created for strengthening requirements for corporate governance, introducing a civilized procedure for withdrawing insolvent insurers from the market, and implementing Solvency II. It is noted that Russia's sudden insidious attack caused a wave of violations and disruptions in the work of almost all domestic business entities. revealed that during 2022, the activities of insurance companies and other participants of the financial market of Ukraine took place in the conditions of the maximum limit of destabilization, and the volume of services fell significantly compared to the pre-war period. The structure of assets and liabilities of life insurers and risk insurers in 2022 was studied, and the largest insurance premiums and payments by region of Ukraine as of January 1, 2023 were identified.According to the results of the research conducted by Mrthe development and further development within the framework of state programs and on a unified conceptual basis of the methodology of managing insurance companies in conditions of war, the creation and expansion of a modern intellectual knowledge base of this subject area are recognized as priority areas of insurance management. It was emphasized that measures to ensure the organization of the work of insurance companies during the armed invasion should be based on advanced management techniques using the latest technologies.

Motivation of insurers’ staff in the health insurance sector in the turbulent times

Introduction. Medical insurance is successfully practiced abroad, and the majority of the European population uses healthcare services at the expense of insurance companies. However, the population of Ukraine is not used to such an insurance product, and therefore it is very difficult to prove the need for insurance medicine and its benefits. A particularly important factor in the promotion of health insurance services is the qualification level of staff and their possession of relevant healthcare competencies. Therefore, when forming the staff of insurance companies, due attention should be paid to the professional level of specialists and their ability to promote such an insurance product as health insurance. Currently, the insurance industry in Ukraine is facing a perfect storm, as numerous external factors converge in time to reach their culmination. The purpose of the article is to substantiate the constituent elements of the model of the system of motivation of insurance companies' personnel in the conditions of turbulence as a prerequisite for increasing the competitiveness of insurance companies and stimulating the development of health insurance. In the process of the research, the authors answer the following scientific questions: (1) what are the basic problem areas of organisational and financial nature of the development of health insurance in Ukraine? (2) is there a dynamics of change in the personnel of insurance companies in the context of turbulence in HR management? Method (methodology). At the beginning of the research, we used the method of systematisation and comparison of opinions of various analysts and scholars to identify the main problem areas of organisational and financial nature of the development of health insurance in Ukraine. Next, based on the method of comparison, the authors analyse the dynamics of personnel changes in the TOP-5 domestic insurance companies in terms of insurance premiums received and foreign insurance companies of similar insurance groups in the context of turbulence in personnel management, and also provide examples of changes in the activities of insurance companies' management in the context of military operations. As a result, by applying the methods of structural-logical analysis and analysis of strategic gaps, the constituent elements of the model of the system of motivation of personnel of insurance companies are substantiated. Results. The problematic areas of organisational and financial nature of the development of health insurance in Ukraine with possible measures to improve the situation are identified. The need for continuous improvement of the professional level of insurance companies' employees and understanding of the specifics of the healthcare industry is emphasised. The article reveals the essence of the conditions of turbulence in the activities of insurance companies, which are understood as climate change, pandemic conditions and war, which determine the peculiarities of staff motivation as a factor in increasing the competitiveness of insurance companies. The authors describe the constituent elements of the model of the insurance companies' staff motivation system in the context of turbulence, in particular, critical human resources, strategic human resources development, search for the best talents, individual preferences and career development planning, employee assistance programme, adaptive learning, development of employees' skills and potential, organisational leadership, and intercultural adaptation.

ANALYSIS OF THE MAIN INDICATORS OF JSC «NOMAD INSURANCE»

Like any field of activity, the economy is largely subject to risks, because this entails certain losses. And in this regard, business entities have to insure themselves against such risks. The activities of insurance companies in the financial market can hardly be overestimated. The onset of unforeseen adverse situations, various accidents, man-made or natural disasters, ensuring the protection of the interests of the population - all this is included in the scope of insurance companies. The object of the study was a set of organizational and economic relations of the process of managing the financial condition of an insurance company. The subject of this study is the financial condition of JSC IC Nomad Insurance. The theoretical basis for the article was the regulatory legal acts of the Republic of Kazakhstan regulating the financial activities of insurance organizations, scientific works of domestic and foreign authors, materials of scientific and practical conferences and seminars. The information base is the accounting, financial and statistical reports of JSC IC Nomad Insurance. The research uses such methods as horizontal analysis, vertical analysis, comparative analysis, methods of tabular and graphical representation of the results

FEATURES OF MARKETING IN INSURANCE ACTIVITY

Introduction. The peculiarities of insurance marketing are determined, on the one hand, by the nature of the insurance service, and on the other, by the specifics of the insurance market. In modern conditions, the role of insurance marketing in the activities of insurance companies is growing, which is connected with the change in lifestyle and the risks that arise, increased competition in the insurance market, the development of digital technologies, and the growing awareness of the need and role of insurance in protection against risks. Therefore, a necessary condition for the successful operation of any insurance company in a competitive environment is the development of an effective marketing strategy that makes it possible to attract new customers, retain existing ones and increase profitability, as well as develop the brand and positive image of the insurer. The purpose of the article is to determinate the main areas of improvement of insurance marketing in Ukraine through the analysis of key factors affecting the quality of marketing policy in the context of the provision of insurance services. Results. The article identifies the main factors influencing the rapid development of insurance marketing. Based on a retrospective analysis, the main stages of the formation of insurance marketing (from the beginning of the 60s of the 20th century to the present) are considered. The key elements of the insurance marketing complex are identified, based on the theoretical and methodological principles of the functioning of marketing as an economic process. In order to deepen the understanding of the concept of insurance marketing, the existing approaches to defining the concept of "insurance marketing" were considered. Classification of influencing factors on consumer behavior in the context of insurance marketing is proposed. The peculiarities of insurance marketing are analyzed and the main aspects of the implementation of an effective insurance marketing strategy are summarized, taking into account international experience. Conclusions. Insurance marketing in Ukraine is becoming an increasingly important component of the success of insurance companies, especially in the conditions of growing competition in the market of insurance services. Accordingly, insurance companies in Ukraine actively use various marketing strategies to attract and retain customers, increase profits and promote the brand The main areas of improvement of insurance marketing in Ukraine are: use of digital communication channels, such as social networks and other online channels; personalized insurance products and services that meet the individual needs of clients; development of innovative insurance products and services; improving the quality of service and transparency of insurance services, which will allow insurance companies to increase the trust of clients in their services and ensure stable development in the market; use of artificial intelligence and data analytics.

Assessment of the financial stability of insurance companies in Ukraine under new challenges

Introduction. Today, the activities of insurance companies, like any other economic entities, are subject to a number of risks caused by new socio-economic conditions in the world, the existence of a touchless economy, recurring pandemics, and military aggression against Ukraine. Consequently, all these external factors have a certain impact on the stability of individual insurers and the insurance market as a whole. Objective. The objective of this article is to assess the financial stability of insurance companies in Ukraine, determine changes in stability characteristics of insurers of different types based on their key performance indicators, and identify the factors that influenced the formation of stability during turbulent times. To achieve this objective, the following tasks were set: to formulate a methodological toolkit for assessing the financial stability of insurance companies and to conduct relevant calculations for several years in Ukraine. Methods. The study employs a methodological toolkit based on a combination of cluster analysis and multifactor analysis. The research also utilized data standardization methods, exploratory data analysis, correlation matrix construction, variance analysis, and others. Given the increased dynamics of the external environment and the constantly emerging new challenges for determining financially stable insurers, a set of indicators characterizing their activities was used, based on which coefficients were calculated to comprehensively reflect the state of insurance companies and their potential impact on their stability. For the study, over 30 insurance companies that operated in Ukraine as of the end of 2016, 2019, and 2022 were selected. The sample included insurance companies with different characteristics to reflect the situation in the insurance market as a whole, rather than just a specific segment. The initial data were formed by analyzing the reports of insurance companies. Results. As a result of the analysis, the examined insurance companies were divided into two clusters for each year. The first cluster consists of insurers with unsatisfactory indicators, while the second cluster consists of insurance companies with satisfactory coefficient values, thus being more financially stable. It was found that in recent years, there has been a decrease in the number of insurance companies, influenced, among other factors, by the COVID-19 pandemic, economic instability in the country, difficulties in complying with and implementing updated NBU requirements, and challenges in obtaining reinsurance protection and insuring Ukrainians who have emigrated. Moreover, the situation worsened after the introduction of martial law and the start of hostilities on Ukrainian territory. It was also revealed that the financial stability of insurance companies significantly depends on the coefficient of financial autonomy, the coefficient of loan capital concentration, the coefficient of financial dependency, and the stability of financing coefficient. The financial capability of insurance companies at present is dependent on the capital reserves and the structure and quality of their assets in the pre-war period.

ASSESSMENT OF SOCIETY'S READINESS FOR MODERN CHALLENGES OF THE INSURANCE MARKET

The article summarizes the theoretical aspects of the insurance market. The authors systematize the main approaches to determining the specifics of the insurance sector based on a review of publications of foreign and domestic scientists. The aim of the study is to assess the readiness of society to the challenges of the insurance market as one of the leading elements of the financial system. The article identifies the main trends in the activities of insurance companies. The authors have analyzed the following indicators: the volume of insurance premiums to the total population, the share of life insurance, the ratio of total insurance premiums to GDP, the volume of total insurance premiums to the number of employees in the insurance sector, the ratio of reinsurance and the share of insurance premiums kept on the accounts of insurance companies. To achieve the purpose of the study, factor analysis, principal components method, built on the basis of statistically significant indicators, integral index of the degree of readiness of society to modern challenges of the insurance market for OECD countries were used. The methods of generalization, comparison, analysis, synthesis, tabular and graphical research tools were also used. The results of the factor analysis confirmed the statistical significance of the analyzed indicators of insurance activity. This leads to constant monitoring of the insurance sector in the context of various services and products offered.

Development trends and distinctive features of online insurance

In the conditions of intensive informatization processes, modern society requires an active implementation of information technologies in the insurance industry. Since the use of modern information technologies is necessary for the development of insurance services. To ensure the reliability and transparency of the financial and economic activities of insurance companies, as well as in pursuance of the Decree of the President of the Republic of Uzbekistan dated 03.04.2014 No. PD-2158 “On measures for the further implementation of information and communication technologies in the real sector of the economy" measures for the implementation of information technology in business processes.

The Effect of Adaptive Selling on the Salesperson Performance of Life Insurance Mediated by Customer Orientation.

The development of information technology is increasingly massive in the hope of having an impact on all aspects of life. However, the activities of insurance companies in offering their products to individuals or groups, still require a direct relationship between their marketing personnel in a face-to-face manner. The purpose of this study is to “test whether the theoretical model of salesperson performance in terms of adaptive selling and customer orientation as a mediator variable is compatible with empirical data. This study is a quantitative study with a sample of 275 life insurance salespeople who have more than 2 years of experience and have a life insurance salesperson's license. Data collection using purposive sampling and snowball sampling. The measuring tools used are adaptive sales scale, customer orientation scale (SOCO) and salesperson performance scale. The analysis method uses path analysis, with the AMOS program. The results of the path analysis illustrate that the research model tested is in accordance with empirical data, meaning that the research model of the Effect of Adaptive Sales on the Performance of Life Insurance Salespeople Mediated by Customer Orientation has conformity with empirical data and meets the requirements of goodness of fit. The results show that customer orientation is an adaptive selling mediator variable on the performance of life insurance salespeople.

Change of business models of Ukrainian insurance companies in the conditions of COVID-19

Insurance companies form their own business models based on the interests of stakeholders. Changes in business models are due to the impact of COVID-19, deepening digitalization and customer orientation. Accordingly, the aim of the study is to systematize the approaches to business models of insurance companies using emerging market country (Ukraine) as an example, and to show the change in a business model according to the CANVAS approach under the influence pandemic. In accordance with the purpose of the study, business models of insurance companies were systematized and grouped into blocks: value-based, structural, complex, and strategic. The strategic block identifies strategic changes in the activities of insurance companies and reflects trends on the insurance market. With this in mind, business models of insurance companies should reflect the set of strategic decisions, their architecture, structure and facilitate the management of value creation operations on the insurance market. Business models have changed from traditional to innovative, hybrid and digital-oriented. The main changes in the business models of insurance companies are omnichannel communications, the launch of chatbots, Big Data, Mobile ID, Bank ID, online access to registers, Blockchain. The COVID-19 pandemic has led to a shift in business models towards socially responsible business and adherence to sustainable development goals.

Сучасні підходи до пруденційного регулювання на страховому ринку України

The article reflects modern approaches to the organization and implementation of prudential regulation in the sphere of insurance. From a scientific point, the expediency of taking the State regulatory measures to increase the business activity of participants in the insurance process and enhance the financial capacity of companies to fulfill their contractual obligations is specified. The article is aimed at a theoretical-methodological substantiation of prudential regulation processes in the insurance market of Ukraine. In the course of the research, a rather positive dynamics of the development of key indexers of the insurance services market for 2016-2020 is identified. This applies, first of all, to the indicators of total assets and the condition of formed insurance reserves, the identified tendency was observed against the background of a significant reduction in insurance companies in the market. Simultaneously, it is found that as of the beginning of 2021, three-quarters of insurance companies comply with solvency requirements and financial standards. It is emphasized that the current conditions of risk-causing market environment require the implementation of balanced regulatory and supervisory activities in the insurance market in accordance with the Pan-European requirements of «Solvency I» and «Solvency II». A critical analysis of key articles of the Law of Ukraine «On Insurance» (2021) on ensuring solvency and investment activity testifies to their innovative nature and direction of integration of the national market into the European insurance space. The authors’ own vision of prudential regulation is formulated, which consists in systematic coordination of actions of both the State-based and non-state institutions in the insurance market to effectively neutralize the possible risks associated with the livelihoods of society. A conceptual vision of further development of prudential regulation in Ukraine is defined, which is based on three following components: increasing transparency in the activities of insurance companies, increasing requirements for the solvency of insurers as a guarantee of their fulfillment of contractual obligations, improving the corporate governance system as a basis for ensuring the competitiveness of the insurer in the market. Prospects for further research are the digitalization of regulatory processes in the insurance market of Ukraine.

РОЛЬ ДОМОГОСПОДАРСТВ У РОЗВИТКУ РИНКУ ФІНАНСОВИХ ПОСЛУГ УКРАЇНИ

Households, by their nature, are integral economic subjects of the national economy, which pay one of the key roles in its development and, accordingly, also act as important consumers in the financial services market. The study of the role of these subjects in the development of the specifiedmarket as an important component of the formation of conditions for its effective functioning, which determines the relevance of studying their behavior with the aim of its formation. This requires knowledge of current trends in the households’ role in the development of certain areas of the financialservices market. Within the article, a step-by-step analysis of the households’ activities within certain types of financial institutions that operate within certain types of activities of financial institutions that operate within the specified market is provided. The analysis of the main trends in the developmentof the financial services market was carried out through a gradual study of the current state of the operation of credit, deposit, insurance and investment services markets. Particular attention was focused on the study of current trends in the development of credit and deposit services markets asthe most developed links of the system of the financial services market, and the role of households in ensuring their functioning.The results obtained during the research give grounds to assert that the role of households in the country’s financial system is very important. These economic entities play a special role in the deposit market functioning, create a stable demand for credit resources, and the specific weight of loans issuedto these economic entities in the total volume of bank loans is constantly growing. Households also play a decisive role in the activities of insurance companies and non-state pension funds.It was also established that in the future, the role of households in the development of the financial services market will remain significant, and therefore, there is an objective need for the formation of a rational model of the financial behavior of these economic entities.

ОСОБЛИВОСТІ ФУНКЦІОНУВАННЯ НЕБАНКІВСЬКИХ ФІНАНСОВИХ УСТАНОВ В УМОВАХ ВОЄННОГО СТАНУ

The article examines modern aspects of the development of an important component of the financial sector – non-bank financial institutions in Ukraine. The impact of the financial and economic crisis, caused by the russian invasion, on the activities of insurance companies, credit unions, pawnshops and other non-bank financial institutions was studied. It was determined that the financial sector, as one of the key units of the country's economy, was one of the first to undergo the introduction of a number of changes. If the liquidity of the banking sector is not doubt, then non-banking financial institutions were less ready for the challenges of war. It was determined that the impact of the war on the activities of various non-banking financial institutions was heterogeneous and had its own characteristics. It is noted that the NBU has eased regulatory restrictions for the period of martial law. In general, the functioning of non-banking financial institutions is accompanied by problems with operational activities and business. The war caused a significant decrease in the cash flows of non-bank financial institutions. If at the beginning of the war non-bank financial institutions practically suspended their activities, then starting from the second quarter of 2022 they resumed their activities. It was found that individual financial companies, despite all the negative aspects associated with the aggression of the russian federation, demonstrated a profit, which provided although not significant, but a positive financial result for the sector as a whole. Currently, the war continues, and it is difficult to make clear forecasts of the functioning of the non-banking sector of Ukraine. Accordingly, the stable activity of the financial sector as a whole and its non-banking sector in particular is one of the priority tasks of the government.

Russian insurance market: Current state and prospects for development

The review describes the content and main results of the work of the traditional annual international insurance conference, which was organized by the All-Russian Union of Insurers, the only self-regulatory organization in the insurance market, and St Petersburg State University for teachers of economic disciplines of universities and colleges of the Russian Federation and neighboring countries. The conference was attended by representatives of the legislative (State Duma of the Russian Federation) and executive (Ministry of Finance of Russia) authorities. In addition to the current state of the insurance market, both global and Russian, forecasts and models of its development in modern conditions, a wide range of problems regarding certain types of insurance and reinsurance was also considered. Particular attention was paid to the implementation of the principles of sustainable development in the activities of insurance companies in the Russian economy. The consequences of the general digitalization of society for organizing the efficient operation of insurance companies, improving the quality of services provided to customers, developing fundamentally new insurance products, methods and channels for bringing them to consumers were comprehensively analyzed. The participants also discussed the problems of teaching students insurance disciplines and training personnel for insurance, organizing the educational process in the system of secondary vocational education, interaction between universities and colleges, educational institutions and insurance companies, and improving the financial literacy of the population. During the work of the postgraduate seminar, presentations were made by both young scientists from Russia and representatives of the People’s Republic of China and the Syrian Arab Republic.

ОСНОВНЫЕ НАПРАВЛЕНИЯ РАЗВИТИЯ РИСК-МЕНЕДЖМЕНТА В УСЛОВИЯХ ЦИФРОВОЙ ЭКОНОМИКИ

The article considers the problems of the development of digitalization in the modern world and the problems that this trend brings to society. The key areas in which changes are taking place related to the digitalization of processes are considered and structured, using the example of the activities of insurance companies. Such a factor as a change in the value of quality and volume of information is considered in detail. The main problems of growth in conditions of instability in both the economic and political fields, both in Russia and around the world, are systematized. Conclusions and proposals are made on the directions of reforming the system of economic relations for the sustainable development of the information environment.

ФУНКЦІОНУВАННЯ СТРАХОВОГО РИНКУ УКРАЇНИ В УМОВАХ СУЧАСНОЇ ЦИФРОВОЇ ТРАНСФОРМАЦІЇ

The article considers the state of the market of insurance services of Ukraine at the present stage in the conditions of digitalization and introduction of the newest technologies. The authors proved that in order to successfully implement targeted transformation strategies in a difficult period, insurers must focus on customer needs. Advanced technology and new business models will allow insurers to become more digital and flexible in meeting these needs. What determines the relevance of this study. The main components of ICT were studied, and the TOP-10 insurance companies by assets were presented. The main problems that hinder its development are highlighted. The authors also describe the main advantages of implementing modern applications and using e-policies. It has been studied that the digitalization process in the insurance sector with technological development, reduced profits and reduced costs shows the impact of digitalization on the insurance industry through the use of big data, artificial intelligence, cognitive computing, predictive modeling, devices, telematics and the Internet of things. Analyzing the foreign experience of Europe, insurers are very interested in investing, especially in Germany, while in Poland, and found that willingness to invest in innovation is much lower, but none of the respondents said that their company does not want invest in innovation. Despite the diversity of research on the digitalization of the insurance market, there are many unresolved issues. It is determined that due to the introduction of new technologies in the activities of insurance companies, the insurance market of Ukraine will be able to reach a new, much higher level of effective functioning.

PECULIARITIES OF MANAGEMENT OF INSURANCE COMPANY SERVICES UNDER THE INFLUENCE OF THE COVID-19 PANDEMIC

Background and objectives. In One of the elements of Ukraine's financial market infrastructure is the insurance market. Insurance services occupy the second place by the level of capitalization among nonbank financial markets. The current stage of development of insurance market in Ukraine, as well as any other state, is indirectly influenced by the consequences of COVID-19 pandemic. At this time, insurance companies are playing an important role in the life of the country. For their part, they fall under the influence of the negative external environment of company development. Adaptation of the insurance market to the changes is necessary. It is connected with the modernization of financial instruments of the insurance industry and implementation of innovative technologies in the organization of insurance activity. This necessitates the search for innovative ideas in the management of insurance company services.Methods. The following general analysis methods were used: the leveling and grouping methods, the average values and indices methods, the graphical methods, the integrated assessment methods.Findings. Obtained results of the insurance market situation, impact of the COVID-19 pandemic on the activity of insurance companies was assessed, the trend of insurtech solutions for improvement of relations with clients was recommended.Conclusion. The conducted research enabled to investigate indirect influence of pandemic COVID-19 on the market of insurance companies services and interconnection of the market with Ukrainian economics and the world. The conducted research helped to determine necessity of implementation of new approaches to management of insurance company services, in particular the necessity of using insurtech solutions for improvement of relations with clients.

MODERN TRENDS IN THE DEVELOPMENT OF THE INSURANCE SERVICES MARKET

The article considers the state of the insurance services market of Ukraine at the present stage in the conditions of the worldwide pandemic of COVID-19 and the introduction of the quarantine regime. The dynamics of changes in the number of operating insurance companies (non-life, life) in Ukraine over the past five years has been analyzed. The main indicators of the activity of insurance companies of Ukraine as a whole were investigated and the TOP-10 of insurance companies on gross premiums and payments were presented. The main problems impeding the development of the insurance services market are highlighted. The authors described and showed the main trends in the development of the insurance services market in quarantine conditions. It is determined that the decrease in the number of insurance companies is the result of the regulator's efforts to strengthen the market by eliminating players who do not meet the requirements of solvency and reliability. Keywords: insurance market, insurance service, strategy, innovation, premium.

Activities of Insurance Companies in Libya during previous years

Activities of Insurance Companies in Libya during previous years

ОСНОВНІ ЗМІНИ В ДЕРЖАВНОМУ РЕГУЛЮВАННІ ДІЯЛЬНОСТІ СТРАХОВИХ КОМПАНІЙ: ПЕРЕДУМОВИ ТА ЇХНІ НАСЛІДКИ

At the present stage of the existence of insurance in Ukraine there are a number of obstacles to the active and rapid development and spread of the population. The main reason is the weak legal framework for regulating insurance activities in Ukraine. In a market economy, the legal framework and the dynamics of its improvement are extremely important for the effective functioning and dynamic development of insurance companies. It is also important to understand that currently only compulsory types of insurance are developed in Ukraine, and voluntary insurance is less popular. It is at the legislative level that this trend can be reversed by introducing appropriate legislation that will not burden the population financially, but will build a foundation for reliable insurance protection and development of insurance companies. The importance of studying changes in the legal framework and regulating insurance activities from the standpoint of reconciling the interests of all participants in insurance activities determines the relevance of the chosen topic. The article examines the main changes in the state regulation of insurance activities in Ukraine, and innovations in the legislation. Many important changes have been made in the field of insurance over the last few years. The body of supervision and regulation of insurance activity was changed, the process of supervision over the activity of insurance companies was improved. Attention is focused on the changes that will have the greatest impact on the activities of insurance companies. Namely, the changes in legislation that in the future may lead to radical changes in the field of insurance. The main problems in the state regulation of insurance activities are identified. At the present stage of development of the insurance industry, we are entering an era when people are beginning to realize the need for insurance in various spheres of life. However, the legal framework was not ready for such a rapid development and in the processes of active development there were weaknesses, such as low insurance coverage of clients, and a difficult procedure for obtaining insurance benefits. An analysis of the main innovations and their impact on the activities of insurance companies in the future. Ways to solve problems and improve the legal framework are proposed.