Development Of Insurance Market Research Articles

Insurance market development and economic growth in Africa: Contingencies and thresholds of structural transformation

Despite insurance contributions to economic growth, the intervening role of structural transformation on the insurance-growth nexus remains scarce, leaving a gap in the literature. Motivated by the 2030 Sustainable Development Agenda, which envisages higher structural transformation, financial development and economic progress, this study examines the threshold effects and the joint impact of insurance and structural transformation on economic growth in Africa. The study employed the generalised method of moments and dynamic panel threshold estimations on 38 countries covering 2008 to 2020. The following findings emerge: First, insurance and structural transformation promote economic growth. Second, the results indicate that structural transformation enhances the impact of insurance on economic growth. This suggests that structural transformation matters in driving insurance market development, ultimately promoting economic growth. Third, the empirical evidence further reveals nonlinearities in the relationship and presents that a high level of insurance penetration stimulates growth and vice versa. More so, the synergistic effect of insurance and structural transformation on economic growth is more substantial at higher threshold levels. This implies that though insurance spurs economic growth, its impact is more effective through the intervening role of a strong structural transformation. Therefore, this study calls for government intervention and policies to improve structural transformations and form insurance synergies to promote growth.

BUSINESS PERFORMANCE AND FORECAST OF BUSINESS PERFORMANCE OF INSURANCE ENTERPRISES IN VIETNAM

The Vietnamese insurance market currently has many potential advantages: insurance products are enhanced in both quantity and quality, increasingly meeting the diverse needs of customers, and many new types of products, but there are still many challenges, such as human resource quality, market database, and application of information technology. The article has studied the business performance of insurance companies from 2013 to 2023 and used the ARIMA model to forecast the business performance of insurance companies. The forecast results are consistent with the insurance market development strategy until 2030. The article has proposed a number of recommendations to management agencies and solutions for insurance companies to achieve the scale, growth rate, and business efficiency as set out in the strategy.

ПРОБЛЕМИ ТА ПЕРСПЕКТИВИ СТРАХУВАННЯ ТУРИСТИЧНОЇ ДІЯЛЬНОСТІ

The article discusses the types of insurance in tourism. Based on the analysis of the insurance market of Ukraine, it was established that the number of insurance companies decreased by almost three times during the years 2015-2022, and 25 insurance companies worked in the field of tourism in 2023. It was revealed that the following companies are the leaders in the travel insurance market: European Travel Insurance, ARX, VUSO, PZU Ukraine. The factors that hold back the development of tourism insurance are highlighted: military actions due to Russia's invasion of Ukraine, political instability; decrease in the number of tourists, low solvency of the population; imperfect legal framework; poor awareness of the population in the field of tourism insurance; public distrust of insurance companies; a narrow range of insurance services in the field of tourism insurance; incomplete and untimely fulfillment of obligations to policyholders; limited scope of insurance protection due to reduction of insurance prices by insurers; decrease in the quality of insurance products; insufficient professional level of insurance company specialists; overall low development of the country's insurance market. The main trends in the field of insurance in Ukraine are revealed: individual policies for certain tourist segments, use of artificial intelligence, transformation of products into the format of electronic policies, blockchain technologies. Directions for solving problems in the field of insurance in tourism are indicated: improvement of the regulatory and legal framework; ensuring political stability, increasing economic development in the state; training of highly qualified personnel in the field of insurance; improvement of insurance culture; creation of protective mechanisms for tourists; assistance from the state to the development of the insurance market in Ukraine; improvement of the risk management mechanism; increasing public trust in insurance companies; expanding the list of insurance services and improving their quality.

The Development of the Life Insurance Market in Central and Eastern European Countries

Motivation: The need to implement the process of economic transformation in the recent past is what significantly differentiates the countries of Central and Eastern Europe from other members of the European Union. Integration into the financial system of the European Union has been an important factor influencing the process of transformation of the life insurance sector and the establishment of the level of competition, as well as the quality and scope of insurance services offered. In addition, the improvement in the macroeconomic situation and the increase in household income have had a significant impact on the growth in demand for insurance products from the life insurance segment. Despite positive changes, the insurance market of Central and Eastern European countries remains a relatively underdeveloped market, and its structure, unlike that of Western European countries, is dominated by property insurance. This points towards a need for further research into the determinants of life insurance market growth in this region of Europe. Aim: The aim of this paper is twofold. The first part presents an assessment of the level of development of the life insurance market in ten countries of Central and Eastern Europe over the period 2011-2021 using the method of multivariate comparative analysis in dynamic terms. The second part of the paper is devoted to an attempt to identify the determinants of the development of this market using econometric models for panel data. Results: The life insurance market varies widely among the group of countries considered. The trends of change during the period under consideration were also different. The most severe downturn in the life insurance market was recorded in Poland and the Czech Republic. Significant development was observed in Lithuania and Latvia, countries with an underdeveloped market in the past. The econometric models used confirmed the impact of economic development on the life insurance market.

The development of the life insurance market and bank stability in developing countries

This study investigates the relationship between the development of the life insurance market and bank stability within the context of developing countries. We used data from 2012 to 2020 across 108 developing countries and applied econometric techniques, including fixed-effect and system generalized method of moments (GMM) methods, to test the relationship between the life insurance market size, life insurance market growth, and bank stability at the country level. Our results indicate a positive relationship between life insurance market size and bank stability, i.e., a large life insurance market can help increase bank stability in developing countries. However, these countries should refrain from developing their life insurance markets too quickly; according to our empirical results, there is an inverted U-shaped relationship between life insurance market growth and bank stability. In the context of the growing life insurance market in developing countries as well as the increasing cooperation between banks and insurance companies towards expanding the life insurance market in these countries, our research provides important policy implications for ensuring the stability for financial markets in general.

Перспективы рынка киберстрахования США под влиянием новых вызовов

The article delves into the analysis of current trends in the cyber risk insurance market in the United States, which is both the driving force of the global insurance industry and a major victim of cyber attacks. The work highlights the key factors that define the current cyber insurance market landscape and influence the increasing frequency and severity of cyber attacks. Legislative initiatives to curb the activities of attackers and create an effective infrastructure to combat ransomware developers are examined, which in turn determine insurers' underwriting policies when assessing cyber risks. The research emphasizes the growth of alternative risk transfer mechanisms and instruments, as well as the increasing restrictions on underwriting risks of a systemic nature against the backdrop of escalating cyber threats. The article presents an assessment of the current state and outlines the prospects for the development of the US cyber insurance market with a focus on improving modeling mechanisms and attracting highly specialized personnel.

Life Insurance Market Development Prospects in Georgia

Reforms and changes carried out in all spheres of coexistence are aimed at ensuring the development of the state's free economic market. The establishment of free market relations made business a natural component of the Georgian economy. On the way to building the country as a legal state, an important role is played by the protection of property and non-property interests and the creation of its guarantees of compliance with international standards. All this is directly related to the development of the country's insurance market. Keywords: insurance market, non-property interest, object of insurance, life insurance.

Towards economic growth in Sub-Saharan Africa: is there a synergy between insurance market development and ICT diffusion?

ABSTRACT This study contributes to the literature by investigating the intervening role of information and communication technology (ICT) diffusion on insurance and economic growth in Sub-Saharan Africa (SSA). This study uses the generalized method of moments technique based on 36 countries, spanning 2007–2020. First, the empirical findings reveal that insurance penetration (i.e. total, life and nonlife) and ICT diffusion induce economic growth in SSA. Second, the evidence suggests that ICT boosts the role of insurance in affecting economic growth. Third, the individual ICT variables such as fixed broadband, telephone and internet propel the impact of total and life penetration on growth. Additionally, fixed broadband was remarkable in enhancing the effect of nonlife penetration on growth. The findings imply that though insurance enhances economic growth, its impact is more revealing through the intervening role of ICT infrastructure. Therefore, insurers must embrace technology and leverage ICT development to improve their performance on growth.

Problems and Prospects of Social Insurance in India

The fair transfer of the risk of loss from one entity to another in exchange for a payment, known as a premium, is what is meant by insurance (NCAER). A type of risk management called insurance is used to protect or hedge against the possibility of an unforeseen and contingent loss. In the economy, the insurance industry serves as a risk manager, investment activity booster, financial market stabilizer, mobilizer of funds, and financial middleman. According to the Financial Stability Forum, insurance services are categorized into three major categories: social insurance, non-social insurance and reinsurance. The social insurance sector helps in providing risk cover, investment and tax planning for individuals; the non-social insurance industry provides a risk cover for assets. Under reinsurance, developing countries often find themselves in the position of being buyers of reinsurance (UNCTAD 2007). The development of the social insurance market is playing an increasingly substantial role within the insurance industry due to the existence of insurance-growth relationship with the increased share of the insurance sector in the financial sector (Beck and Webb, 2003). Social insurance is civilization’s partial solution to the problems that caused by death; which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of breadwinner. In short, social insurance is concerned with two hazards that stand across the life-path of every person: firstly, that of dying prematurely is leaving a dependent family to fend for itself, and secondly, that of living till old age without visible means of supports (LIC, website). A well-developed social insurance sector is a boon for economic development as it provides long term funds for infrastructure development at the same time strengthening the risk taking ability of a country. Social insurers are custodians and managers of substantial investments of individuals; and policy holders need to be confident that their insurer will be able to meet its promised liabilities in the event that claims are made under a policy Regulatory authorities therefore seek to ensure that the financial soundness and performance of social insurance companies is in sound condition. Insurance is a big opportunity in a country like India with a large population and 2 untapped potential. In this current scenario of growing customer base, one of the principal concerns underlying the regulation of the insurance companies is the need to protect the interest of and secure fair treatment to policyholders (Charumathi, 2011) The risk absorption role of insurers promotes financial stability in the financial markets and provides a “sense of peace” to economic entities. The business world without insurance is unsustainable since risky business may not have the capacity to retain all kinds of risks in this ever changing and uncertain global economy (Ahmed et al., 2010). Insurance companies’ ability to continue to cover risk in the economy hinges on their capacity to create profit or value for their shareholders. The economic significance and recently increasing importance of the insurance industry for financial stability requires for adoption of risk-based supervisions of its undertakings. The Insurance Regulatory and Development Authority (IRDA), the regulatory body of the Indian insurance industry, has therefore intensified its supervision, on-site examinations and off-site surveillances. All of these regulatory measures are to ensure that the financial performance of insurance companies is in sound condition. Insurers’ financial performance is influenced by both internal and external factors. Whereas internal factors focus on an insurer’s-specific characteristics, the external factors concern both industry features and macroeconomic variables. The performance of insurance companies can also be appraised at the micro, meso and macro levels of the economy. The micro level refers to how firm-specific factors such as size, capital, efficiency, age, and ownership structure affect financial performance. The meso and macro levels refer to the influence of support-institutions and macroeconomic factors respectively. At the micro level, profit is the essential pre-requisite for the survival, growth and competitiveness of insurance firms and the cheapest source of funds (Buyinza et al., 2010). Without profits no insurer can attract outside capital to meet its set objectives in this ever changing and competitive globalized environment.

Financial Capacity of Insurance Companies as a Factor of Stable Development of the Ukrainian Insurance Market

Abstract The relevance of the article is based on an in-depth study of the financial potential of insurers and its impact on the insurance market, which provides valuable information for the stakeholders of the insurance industry. Therefore, this study aims to determine approaches to revealing the essence of the financial capacity of insurers, based on the scientific tools of financial science. The leading approach to the study of this problem is the analysis of the dynamics of liabilities (raised and borrowed funds) and equity capital of insurers and the relationship between them, which enables a comprehensive look at the impact of these indicators on the development of insurance market and internal and external factors that have both an objective and subjective impact on the financial capacity of insurers and the insurance market. The article defines the stages and methodology of assessing the financial condition of insurers. In particular, the normative method, the comparative method, the static method, the formallogical method, the economic-mathematical method, the method of analysis and synthesis became the leading research methods. These assessment methods are crucial for the timely determination of the current state of financial capacity and its potential. Using a multivariate correlation-regression model, the authors demonstrate the importance of various components of financial capacity. The presented results will be useful to various stakeholders in the insurance industry as they provide a deeper understanding of their financial strength, including the dynamics of liabilities, equity and leveraged funds. First of all, it was established that financial resources are the basis of financial capacity. Secondly, the definition of the insurance company’s financial resources as a source and component of the company’s functioning is formulated. Thirdly, it is shown that the insurer’s financial capacity is logically dependent on its investment capacity, which is determined by the amount of financial resources. It was also determined that financial capacity is a dynamic quantity and is manifested only in the process of its use and ideally should be accompanied by its growth. Among them, it was proved that the main components that significantly affect the formation of the financial potential of insurers and the growth of the insurance market of Ukraine are insurance reserves and authorized capital. These conclusions can easily become the basis for the formation of further state insurance policy, which will be followed through legislative reforms, increased competition in the insurance market and will result in an increase in the level of trust among the population.

Effects of social relations on family’s participation in commercial insurance—based on the perspective of strong and weak relations

ABSTRACT Social relations, as a form of informal insurance system, exert both a promotional and a substitution effect on household participation in commercial insurance market. This study, rooted in social relation theory, categorizes social relations into strong and weak relations. Through establishing a social network model, we demonstrate the opposing effects of strong and weak relations on commercial insurance participation. By utilizing the data from the CHFS in 2015, we identify these contrasting influences and their mechanisms. It has been found that social relations can significantly enhance the likelihood and extent of household’s participation in commercial insurance. Strong relations exert a substitution effect on household commercial insurance participation, while weak relations have a promotional effect. Strong relations enable household risk sharing through the mechanism of social reciprocity, consequently significantly reducing the household’s demand for commercial insurance. Meanwhile, weak relations significantly increase household commercial insurance participation through information dissemination and peer effect mechanisms. This research provides a fresh perspective on how emerging economies and developing countriese can properly handle the relationship between traditional culture and modern market systems, thereby promoting the development of the commercial insurance market.

The impact of the systemic competitiveness of the economies of the Visegrad Group countries on the development of their non-life insurance markets in 2004–2020

The aim of the article is to assess the impact of selected factors of systemic competitiveness of the Visegrad Group economies on the development of their non-life insurance markets in 2004–2020. The study analyzes the literature on the subject, as well as the methods of descriptive statistics and econometric analysis, for the needs of which synthetic indicators of the development of non-life insurance markets of the analyzed countries were constructed. Based on the conducted research, it was found that Poland’s position within the Visegrad Group in terms of the development of the non-life insurance market was leading, despite the fact that the Czech Republic was characterized by the highest level of systemic competitiveness. Moreover, there were similarities between the markets of both countries. They were shaped in a positive, statistically significant way by the same components of systemic competitiveness (property rights and freedom of the labor market). The next places were taken by the Hungarian and Slovak markets. Keywords

Insurance market development trends in medium-term documents of the Bank of Russia

Insurance market development trends in medium-term documents of the Bank of Russia

Trust, Socioeconomic Factors, and Institutional Dynamics in Africa's Emerging Insurance Market

The study investigates the causality link between trust and insurance market development and the influence of socioeconomic and institutional factors on trust in insurance in the emerging market context. Relying on dual theories of bounded rationality and opportunism, VAR Granger Causality Test and the Two-Stage Least Squares (2SLS) analytical approaches, and a contextualised understanding of Africa's insurance market, the study finds a unidirectional causal link from trust to insurance market development, which suggests that market activities are driven by trust in insurance. Additionally, results show that trust in insurance is driven by socioeconomic and institutional factors in Africa’s insurance market. Against expectation, however, income inequality increases trust in insurance. But as expected, corruption reduces trust in insurance and human capital development increases it. The paper recommends reforms targeted at increasing trust within the socioeconomic and institutional framework. The findings provide useful insights into the growth paths of emerging insurance markets, which adds significantly to extant knowledge on the connection between trust and financial exchanges.

Детермінанти низького рівня розвитку ринку страхування життя в Україні

The aim of the study is to find a correlation between indicators such as average wages and gross insurance premiums in the life insurance industry. The purposes of the research are: determination of the main determinants that affect the development of the life insurance market over a twenty-year period, search for the main reasons for the low level of life insurance in Ukraine. The methods of research in this publication are the methods of scientific abstraction, induction and deduction for a comprehensive consideration of the reasons for the low level of development of life insurance in Ukraine, individual provisions of the research are supplemented by methods of economic and correlational analysis. It is found that during the period of its formation, the insurance market of Ukraine in the field of life insurance went through several stages of its formation and continues to be formed and improved. It is determined that in 2022, the share of gross life insurance premiums in GDP equaled 0.09%, which is a very low indicator compared to developed foreign markets. This indicates the weak development of this type of insurance due to a number of reasons. A retrospective analysis of scientific publications and research over a twenty-year period showed that one of the reasons for the low level of development of life insurance is the low income of potential customers of the insurance company, which was indicated by a large number of publications. Since the salary is the main type of income of our compatriots, it is assumed that its level affects the volume of gross insurance premiums. To test this hypothesis, a correlation coefficient of 0.965 was defined. This indicates a direct relationship between wages and gross insurance premiums. The correlation coefficient is determined based on statistical information on average wages and gross life insurance premiums over a twenty-year period. Therefore, it can be predicted that the determinant of the growth of the life insurance market will be the increase in wages of potential consumers of insurance services in real terms. Further research in the field of the life insurance market will concern the forecasting of the salary level of potential consumers of insurance services, at which the volumes of life insurance will be growing.

Сучасні тренди розвитку загальноєвропейського ринку аграрного страхування: можливості та перспективи для України

Under martial law on the territory of Ukraine, insurance of agricultural products becomes particular relevance, since the danger of losing future crops is scaled not only due to the traditional hazards (agronomic, natural and climatic, financial and economic, etc.), but also due to the presence of wartime risks. The scientific novelty of the presented article lies in the substantiation of the expediency of further development of agrarian insurance in Ukraine, taking into account the global experience and European experience in particular. The article identifies the key problems that impede the functioning of the agrarian insurance market in Ukraine. Based on the results of the study, a comparative analysis of the existing models of functioning of agrarian insurance markets in the countries of the European Union is carried out, their advantages and disadvantages are substantiated. The importance of insurance for a sustainable development of agribusiness and ensuring the country’s food security is emphasized. Summarizing the current trends in the pan-European agrarian insurance market, the authors of the article emphasize the expediency of diversification of insurance protection of agricultural producers by expanding the range of insurance services (microinsurance, index and classic insurance). On the basis of a generalization, an analysis of the key parameters of the development of the agrarian insurance market in Ukraine for 2019–2022 is carried out, the authors’ proposals aimed at forming a model of public-private partnership are formulated, the expediency of strengthening social responsibility and increasing the stability of communication links between stakeholders of the agrarian insurance market, as well as ensuring comprehensive digitalization of the insurance process, is substantiated. The implementation of these measures is considered in the context of adaptation of the national agrarian insurance market to the pan-European insurance space.

The Necessity and Feasibility of Usage-Based Insurance for New Energy Vehicles in China

Aims: With the continuous development and growth of China's new energy automobile market, new automobile owners desire exclusive auto insurance. However, most insurance companies use traditional automobile commercial auto insurance to cover them. Under this pricing model, there is little overall difference in premiums, regardless of whether the driver's driving behavior is good or not. This paper wants to implement usage-based insurance (UBI) in China because it can add more auxiliary pricing factors, adjust according to the driver's driving behavior changes, and make auto insurance pricing more scientific and fair.
 Study Design: This paper employs the literature review and market research methods to analyze the current product supply and consumer demand in the Chinese auto insurance market. Firstly, introduce the current situation of the development of the new energy automobile insurance market in China and its problems. Then, discuss the necessity and feasibility of developing UBI auto insurance for new energy vehicles in China. Finally, based on the reality of China's new energy vehicle UBI auto insurance gives some programs.
 Conclusion: This paper finds that from the perspective of insurance companies, consumers, and the social level, UBI auto insurance for new energy automobiles is necessary, and it is also the direction of future auto insurance reform and development. Subsequently, combined with China's current relevant policies and technologies, it is concluded that the development of UBI auto insurance for new energy vehicles in China is feasible.

Can insurance ensure economic growth in an emerging economy? Fresh evidence from a non-linear ARDL approach

PurposeThis study aims to explore the nexus between insurance penetration and economic development in Vietnam, one of the fastest-growing economies over the past two decades.Design/methodology/approachThis study uses an updated data set of the insurance sector in Vietnam from 1996 to 2020. The autoregressive lagging distribution and cointegrating non-linear autoregressive lagging distribution (NARDL) models are used to explore the nexus between the insurance market development and economic growth.FindingsThis study confirms the unidirectional causality and positive impacts of insurance market development on economic growth both in the short and long term, supporting the “supply-leading” hypothesis. Nonlife insurance has more significant but slower impacts on contributing to economic development in the long run. From the NARDL approach, this study also discloses the asymmetric relationship between the insurance industry and economic growth. Aggregate and life insurance display short- and long-term asymmetric impacts, whereas nonlife insurance shows long-term asymmetry.Originality/valueTo the best of the authors’ knowledge, this is the first study to examine the hidden asymmetries of the insurance-growth nexus in Vietnam from non-linear models. Notwithstanding the theoretical contributions to the prior literature, several practical implications are proposed for insurance businesses, policymakers and investors.

Страхування життя як додаткове соціальне забезпечення

Introduction. Life insurance arises from the need for individuals to provide financial protection and security for themselves and their families. It can be used as a tool for accumulating financial resources and as a means of pension planning. Life insurance in Ukraine remains less developed compared to other European countries due to low confidence in insurance companies, a difficult economic situation in the country, and the lack of proper legislative regulation in this area of insurance. Problem Statement. The increasing proportion of elderly people, according to demographic projections, determines the corresponding requirements for reforming primarily the social security sphere, and life insurance could become one of the effective ways of supplemental social security. Purpose. To highlight the potentialities of using life insurance as supplemental social security. Methods. We used general scientific and special methods, i.e. analysis, synthesis, grouping, description, comparison, theoretical generalization, and abstract-logical methods. Results. It is emphasized that life insurance inherently aims at additional protection and support of the financial and social welfare of the population. It is noted that in most developed countries, life insurance is integrated into the social security system. It is proved that life insurance in Ukraine is not a mandatory part of the social security system, but is available on a voluntary basis through insurance companies. The number of insured citizens and life insurance contracts concluded by life insurers in Ukraine during the last 5 years has been analyzed. Research of the voluntary life insurance market in Ukraine has been conducted and an overview of the programs offered by insurance companies according to the classes of insurance has been made. Conclusions. Life insurance as an opportunity for supplemental social security has a significant potential in our country. However, the impact of some negative factors, in particular, military aggression, and an underdeveloped stock market hinders the development of the voluntary life insurance market and the possibility to expand the share of the insured population of our country. Taking into account statistics, which are aggravated by the military situation in the country, there is a need for clearly defined legislative conditions for the use of life insurance as a supplemental method of social security.

Problems of Development of the Agricultural Insurance Market in Ukraine

Insurance is an effective tool for reducing financial risks for agricultural producers. Agricultural insurance allows to ensure a stable income for producers regardless reduce the risk of financial losses in case of negative impact of natural factors. The article explores the issues of agricultural insurance in Ukraine and in foreign countries. The authors analyze various aspects of agricultural insurance, from ensuring the financial stability of farmers to supporting sustainable agricultural development. The purpose of the article is to analyze the current state of agricultural insurance in Ukraine and determine the prospects for its development, as well as to compare the experience of other countries with agricultural insurance. The main scientific results of the study are an analysis of the activities and services of Ukrainian insurance companies, a review of the state support program for agricultural insurance in Ukraine, and a comparison of foreign experience in agricultural insurance in countries such as Germany, the United States, Canada, Spain, and Poland. The article uses scientific methods of analysis, synthesis and generalization to study the theoretical and practical aspects of the problem of agricultural insurance in Ukraine and the world. An analysis of foreign experience in this area was also conducted. The article examines the concept of "agri-insurance". A detailed analysis of the activities and services of the Ukrainian insurance companies ASKA, Universalna, Persha Insurance, and UPSK is carried out, and it is concluded that agricultural products are most often insured in Ukraine, and less often machinery and animals. The foreign experience of agricultural insurance in Germany, the USA, Canada, Spain and Poland is studied, their differences are identified, and the goal is to ensure the financial stability of farmers and support sustainable agricultural development, although each country uses different mechanisms to support agricultural insurance. The program of state support for agricultural insurance, which is currently being implemented by the Ukrainian government, is considered. The draft order "On a standardized insurance product for insurance of winter grain crops with state support against agricultural insurance risks for the entire period of cultivation" is analyzed. The study identifies prospects for the development of the Ukrainian agricultural insurance market, including the development of the insurance market, expansion of insurance coverage, use of the latest technologies, and development of new insurance products. The study is original in nature, as the authors consider the issue of agricultural insurance in a comprehensive manner and draw attention to its importance for the sustainable development of agriculture. The results of the study can be applied in decision-making practice for the development of agricultural insurance in Ukraine.