Insurance Market Of Ukraine Research Articles

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.

Determining the leaders of Ukraine’s insurance market based on the adaptation of the DEA method

The escalating wartime risks in Ukraine has led to a rapid reduction in insurance coverage in life and non-life segments. The purpose of the study is to rank Ukraine’s insurance companies based on an adaptation of the DEA method to the insurance market conditions. The study utilized the Supervisory Statistics of the National Bank of Ukraine as data. The study also used ranking of insurance companies based on technical efficiency criteria. The output indicators include the profitability of total capital (Output1) and the occupied share of the insurance market (Output2). The input indicators comprise the volume of total assets of insurers (Input1), the share of equity capital in assets (Input2), the level of gross payments (Input3), and the level of payments to insurance reserves (Input4). The ranking of insurance companies is based on minimizing the distance of each from the bounds of technical efficiency by solving a set of optimization problems. Based on the modeling results, a list of market leaders (7 companies) was formed for the end of the third quarter of 2023. They served nearly 37% of the insurance market in Ukraine, accumulating 41.5% of the total assets of this financial market sector. So, the primary issue for insurance companies is the loss of solvency due to the absence of adequate levels of insurance reserves. Therefore, priority measures should include strengthening regulatory constraints in this financial market segment to facilitate its qualitative renewal.

The state of the property insurance market of Ukraine in the conditions of war

Introduction. The paper highlights the theoretical and methodological foundations of the functioning of the property insurance market in Ukraine. It was determined that property insurance is of crucial importance for raising the standard of living of the population and creating a strong system of protection of state finances, ensuring the stability of the country's economy. The purpose of the paper is to determine the essence of insured property and research the state of the property insurance market of Ukraine during the period of martial law. Results. The current trends in the development of property insurance in Ukraine are considered. The paper examines and analyzes the current state of the property insurance market of Ukraine and the main indicators of insurance activity for 2021-2023. It was determined that property insurance is the largest branch of the insurance market of Ukraine, and despite all the problems related to the war, the Ukrainian insurance market continued active recovery in 2023. The main problems of the property insurance market, which restrain its development, are identified, directions for its improvement and further development are proposed. In order to develop the insurance property of Ukraine after the war, it was proposed to soften the regulatory requirements for calculating contributions, reduce the tax burden on insurance activity, strengthen the control of insurance payments, and ensure the possibility of preferential lending. Conclusions. Analysis of the development of property insurance in Ukraine in recent years allows us to come to the disappointing conclusion that the war significantly affected the development of property insurance, there was a significant decrease in insurance premiums and insurance payments in 2020. But in 2023, the property insurance market of Ukraine began to grow, which indicates its readiness for adaptation and recovery in the post-war years.

ЧИ ПОТРІБНЕ УКРАЇНІ СПЕЦИФІЧНЕ РЕГУЛЮВАННЯ ВИКОРИСТАННЯ ГЕНЕТИЧНОЇ ІНФОРМАЦІЇ ДЛЯ ОЦІНКИ РИЗИКІВ У СТРАХУВАННІ?

Introduction. The article examines the specifics and role of genetic information for insurance risk assessment in the life insurance market in Ukraine. Problem Statement. The insurance market developments of different countries are increasingly characterized by the adoption of specific regulations regarding the features and conditions of use of genetic information. Therefore, the issue of regulating the rights and obligations of all participants in insurance relations regarding the use of such information of future owners of insurance policies for underwriting in insurance requires a comprehensive solution taking into account the interests of all parties. The purpose of the research is to evaluate the necessity of application of specific regulations on the insurance market, specifically in the field of using genetic data for insurance purposes. Methods. The sources of materials were scientific publications, analytical studies, as well as legislation in the field of regulation of the use of genetic information for the assessment of insurance risks. The research paper used the following empirical methods, such as analysis, synthesis, grouping, description, comparison, theoretical generalization. Results. The results show that currently some risks exist in Ukraine: firstly, the genetic discrimination, since most life insurance companies are interested in the genetic information of policyholders, and can request it from any third parties: therefore, there is a possibility of using it to assess insurance risk; secondly, an information asymmetry, which is a consequence of greater awareness of insurance companies about the insurance risks than that of the policyholders. After all, policyholders may not inform the insurance company about all the genetic data (for example, the results of genetic studies) that describe their genetic predisposition to future changes in health. Conclusions. This study substantiated factors which confirm the relevance of introducing legislative regulation regarding the use of genetic information (including the results of genetic analyzes) for underwriting in insurance.

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.

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

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.

СТАН ТА ЦИФРОВІ ВЕКТОРИ РОЗВИТКУ РИНКУ СТРАХУВАННЯ УКРАЇНИ

The article examines the current state and digital vectors of the development of the insurance market of Ukraine and identifies promising directions for the digitalization of insurance. The essence of the insurance category is revealed. It is noted that the insurance market in Ukraine lags far behind developed countries. An analysis of the dynamics of the number of participants in the insurance market, the amount of assets of insurance companies, the structure of the insurance portfolio by types of insurance was carried out, and the main trends of the insurance market in Ukraine were revealed. The keys to the stable development of insurance activity in Ukraine have been defined as: quick response to new conditions and customer requests; the ability to adapt, accumulate positive experience, analyze and correct negative moments; develop harmoniously, find a balance between the accumulation of new knowledge and their practical application. Factors influencing and functioning of the domestic insurance market are determined. The features of modern trends in digital insurance tools, as an important mechanism for the growth of the insurance market, are revealed. It was found InsurTech that modern technologies are important for insurance companies. These InsurTech nclude artificial intelligence technologies, new inventions in the field of cyber security, big data analysis («bigdata), blockchain technologies, the Internet of Things (LoT ) and smartphone applications.

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.

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.

Формування конкурентних переваг і конкурентного потенціалу компаній зі страхування життя

The article defines the competitive advantages and competitive potential of life insurance companies (LICs). It is noted that the insurance business is an important part of the financial and credit system, and the insurance market is an ideal place for the development of this industry. Attention is focused on the fact that the life insurance market in Ukraine is at the stage of formation. The current unstable socioeconomic situation, the military aggression of the russian federation, and the peculiarities of the cultural and historical traditions of Ukrainians are the main obstacles and problems for its development. Based on the carried out SWOT analysis, it is concluded that there are certain problems in the activities of LICs. Along with the spread of global trends in globalization and integration of national markets, automation of operational processes, increased competition, trends that are characteristic features of the Ukrainian insurance market are manifested. It is determined that the management of the competitive potential of LICs depends on the adoption of the right managerial decisions in the formation and use of its competitive advantages. The measures are presented in the form of program-target blocks that will provide the basis for creating a mechanism for managing the competitive potential of LICs. In addition, each of the blocks can be considered as a separate subsystem that consists of different components. The components of management of the competitive potential of LICs are defined. It is determined that the assessment of the insurer’s competitive advantages and competitive potential will be possible only with the help of a systematic assessment, which has a clear basis of comparison. This assessment should take into account not only the financial aspect, but also the results of management, the effectiveness of the use of marketing tools, the quality of insurance services and the service of the insured. Measures to increase the competitive potential of insurance services are presented. It is concluded that one of the important conditions for effective management of the competitiveness of life insurance companies is to determine the competitive advantages and competitive potential of LICs, which in the long run allows to assess the level of competitiveness of an insurance company and develop certain measures to adapt to the needs of the insurance market at all stages of operational activities and management links for a quick and prompt response to external threats.

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

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

Problems and challenges in regulating the insurance market of Ukraine in the context of European integration

In Ukraine, the insurance market has historically faced problems with its development, which have been exacerbated by the full-scale Russian invasion. The study of difficulties in this area, assessing the prospects for European integration, remains relevant. The purpose of this study was to provide recommendations for more effective development of the insurance market in Ukraine based on the experience and principles of European countries. The methods that were used in the framework of the study were forecasting, systematisation, formal and legal. The paper assessed the role of the insurance market in the country, described the need for more active development, considering the positive aspects that arise in the case of a high level of development of this institution. It is concluded that significant losses were acquired in the insurance market of Ukraine due to a full-scale invasion of Russia, the causes of losses, and consequences in the future are described. Some opportunities for introducing the latest technologies into the sphere were also noted, both to improve the functioning of the market as a whole, and for its easier implementation in the structure of the European Union. As a result of the analysis of the regulatory framework of Ukraine and the European Union, it was concluded that the norms of EU unification are more stringent. This is conditioned by the stricter regulations described in some directives. Based on the analysis, recommendations have been formulated that can be used in the future to facilitate the European integration of the Ukrainian market. The results obtained in the framework of the study can be used in the development of the national policy of Ukraine for the development of the insurance sector

Assessing the impact of the russian invasion on the competitiveness in the Ukrainian insurance market

The full-scale russian invasion and war in Ukraine have inflicted substantial damage on the Ukrainian economy across various sectors. During crises, a common phenomenon is a decline in market competitiveness. This paper seeks to investigate whether the war in Ukraine has resulted in a reduction of competitiveness in the Ukrainian insurance market. To assess this, a range of traditional measures of market concentration, as well as various statistical tests, were applied to three crucial indicators from the Ukrainian insurance market, namely, assets, insurance premiums, and insurance payments for the period from January 1, 2022 to July 1, 2023. The findings suggest that, despite substantial losses incurred by the Ukrainian insurance market due to the invasion, the competition in the market did not experience significant degradation. However, the existing trends indicating a propensity for increased market concentration are cause for concern and demand immediate attention from regulators to prevent the deterioration of the market. To prevent market degradation stemming from current trends, regulatory bodies like the National Bank of Ukraine should carefully monitor adverse developments. They ought to integrate commitments to ensure market competitiveness, complemented by specific quantitative metrics for oversight, into their strategic plans and concepts for the development of the insurance market. Given the persistent threat of russian bombing in Ukraine, a viable and promising direction involves the proactive adoption of digital services and products. AcknowledgmentsAlex Plastun gratefully acknowledges financial support from the Ministry of Education and Science of Ukraine (0121U100473).

Identification and interpretation of internal factors influencing the agricultural insurance market in Ukraine

The functioning of the agricultural insurance market in Ukraine is an objective reality and a necessity due to the urgent need to create a safe environment for agricultural production. The ability to consolidate financial resources in the field of insurance contributes to increased responsibility for probable risks distributed in space and time, so it is worth considering insurance relations in the agricultural sector. The purpose of the study is to theoretically and methodologically justify the processes of identifying internal factors influencing the further functioning of the agricultural insurance market in Ukraine. The methodological perspective of this study is based on the use of general scientific and specific methods of cognitive activity: abstract-logical, economic-statistical, structuralfunctional, deduction, induction, and formalisation. A panel database was formed for the period 2012-2021 broken down by the regions of Ukraine. The territorial features of changes in the ratio between insured and sown areas in the western, central, eastern, and southern regions of Ukraine are reflected. Based on the results of the conducted modelling (two models are presented simultaneously: a regular model and a one-year lag model), the influence on the insured area of such factors as sown area, yield, gross harvest, and internal price for agricultural products is established. A comparative characteristic of the statistical qualities of the presented models was made using indicators such as “Residual standard error”, “Multiple R-squared”, and “Adjusted R-squared”. The results of the regression analysis showed the statistical significance of certain factors in motivating agricultural commodity producers to participate in the insurance process. The practical value of the proposed measures lies in formulating practical recommendations for enhancing cooperation among stakeholders in the agricultural insurance market during wartime and post-war periods

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.

Analysis of the activity of the insurance company and prospects of its development on the market of insurance services (on the example of PJSC “Insurance Group “TAS”)

The relevance of the work lies in the need to ensure the effective operation and development of insurance companies on the insurance services market in the conditions of globalization and growing international competition. The purpose of the study was to define the essence and to do the analysis of insurance services for individuals and legal entities as well as the prospects for their development. The study used the method of analysis and synthesis, and the factor analysis of the overall profitability indicators was also carried out. The analysis of insurance services was carried out on the example of the activities of the insurance group “TAS”. The main results of the study are presented in the analysis of the financial and economic indicators of the insurance group “TAS”. The dynamics of insurance premiums, insurance payments and insurance reserves of the company under study, including those by type of insurance services, are analysed. The analysis proved that the insurance company “TAS” currently holds the leading positions on the Ukrainian insurance market in terms of insurance payments. The factors that positively influence the development of insurance and ensure its constant financing are considered. In order to determine the level of profitability on the insurance services market, the article analyses profitability indicators for the products of the insurance company “TAS” and tracks the impact of changes in the structure and volume of insurance products on these indicators. The article presents the structure of the insurance development cycle, which allows to define the goals of insurance services development and requires an assessment of the company’s capabilities for their implementation. It is proved that the introduction of new insurance services will allow the insurance company “TAS” to ensure continuous and stable operation on the market. The practical significance of the research lies in the substantiated prospects for the development of insurance company services

THE IMPACT OF THE INSURANCE MARKET ON THE FINANCIAL SECURITY OF UKRAINE

The need to ensure the state's financial security in the conditions of the growing number of global challenges, risks, dangers and threats as a prerequisite for restoring and preserving the stability of the national economic system was substantiated. The purpose of the article is to assess the impact of the insurance market and key indicators of its development on the level of Ukrainian financial security in order to determine the priority areas of its provision. The dependence of the state financial security level on a set of factors that have a close connection and mutual influence was studied. War is a massive structural shock to the Ukrainian economy since the total losses of the Ukrainian economy because of war, according to the general estimates of the Ministry of Economy and KSE, considering both direct losses and indirect losses (decrease in GDP, cessation of investment, the outflow of labour, additional spending on defence and social support, etc.) range from $564 billion to $600 billion. It was established that the growing number of negative security factors determine the impact of the insurance market on the financial, economic and social stability of society because an effectively functioning insurance market enables minimizing threats to individuals, society and the state as a whole. The mutual influence of the insurance market on the state's financial security is studied, which is manifested in the possibility of maintaining financial stability and stimulating economic development at the macro level through the accumulation of a significant amount of investment resources. The study of methodological and practical aspects of the impact of the insurance market on the state's financial security in the context of global hybrid threats was updated. The identification and assessment of the impact of threats associated with the state and trends in the insurance market of Ukraine were carried out using an indicator approach based on the Guidelines for assessing the Ukrainian economic security level. The limitation of the range of indicators used in it to assess the impact of insurance development on the level of financial security is proved. It is proposed to expand the list of indicators of the development of the insurance market, taking into account international experience. On the basis of correlation and regression analysis, the most significant factors of financial security in the field of insurance were identified. The results obtained can be used to substantiate the priorities for the insurance market development in the formation of the concept of Ukrainian financial security.

MODERN TRENDS OF DEVELOPMENT OF THE INSURANCE MARKET OF UKRAINE UNDER CONDITIONS OF IMPROVING PROFESSIONAL RESPONSIBILITY

The article is aimed at identifying the main trends in the development of the insurance market in Ukraine in the context of increasing professional responsibility. It has been substantiated that legislation and strategic documents on the organization of activities and insurance in Ukraine are the main prerequisites for the development of such a market. The dynamics of changes in the number of banks, non-bank financial institutions and insurance companies in Ukraine and the volume of their assets over the past three years has been analyzed. Based on the analysis of the structure of the insurance market, the most common types of insurance portfolio have been identified. It is noted that special attention on the part of insurance is required for various types of professional activities, which are rapidly developing in the context of digitalization of activities, informatization, convergence and uncertainty, which is due to the growth of risks of unintentional mistakes or negligence of employees of the organization, as a result of which harm may be caused to life and health, property and property interests of clients or business partners. The foreign experience in the development of insurance liability of medical workers is considered, which made it possible to substantiate the need for the development of protective medicine relations in Ukraine, taking into account the experience of other countries to increase the economic stability of cranes and the safety of members of the economic community.

НАПРЯМИ РОЗВИТКУ СТРАХОВОГО РИНКУ В УМОВАХ СЬОГОДЕННЯ

The insurance market in Ukraine is one of the most important components of the country's financial system. In today's conditions, it is under the influence of a number of factors that are leading to a change in its development trends. The article examines the main trends in the development of the insurance market in Ukraine under martial law and post-war recovery. The authors analyze the dynamics of the insurance market, its structure, insurance products and services, insurance companies, and insurance culture in Ukraine. The main trends in the development of the insurance market in Ukraine in today's conditions include: decrease in the size of the insurance market. In 2022, the volume of insurance premiums in Ukraine fell by 30% compared to 2021. This is due to military operations, as well as the economic crisis that arose as a result of the war; change in the structure of the insurance market. In 2022, the share of compulsory insurance in the total volume of the insurance market in Ukraine increased to 60%. This is due to the fact that in the conditions of martial law, the demand for compulsory insurance products, such as life insurance, property insurance, and accident insurance, increased; the growth of the role of digital technologies in the insurance industry. In 2022, insurance companies in Ukraine actively implemented digital technologies. This allowed them to improve the efficiency of their activities and ensure the availability of insurance services to the population. The growth of the role of insurance companies in ensuring financial stability. In 2022, insurance companies in Ukraine played an important role in ensuring the financial stability of the country. They paid insurance claims to those affected by the war, and also provided financial assistance to businesses. Conclusions: the insurance market in Ukraine has significant potential for further development. To do this, it is necessary to create favorable conditions for the activities of insurance companies, increase the level of insurance culture of the population, and ensure the stability of macroeconomic indicators.