Insurance Market Of Ukraine Research Articles

ПЕРСПЕКТИВИ РОЗШИРЕННЯ СТРАХОВОГО РИНКУ ЧЕРЕЗ ПРИЗМУ ФІНАНСОВОЇ АКТИВІЗАЦІЇ СТАЛОГО РОЗВИТКУ РЕГІОНУ

Анотація. Узагальнено аргументи і контраргументи в межах наукової дискусії з питання основних перспектив розширення страхового ринку через призму фінансової активізації сталого розвитку регіону. Основною метою проведеного дослідження є теоретичні засади страхового ринку в контексті фінансової активізації сталого розвитку регіону. Систематизація літературних джерел і підходів до розв’язання проблеми розширення страхового ринку через призму фінансової активізації сталого розвитку регіону засвідчила, що більшість вітчизняних учених, котрі займалися цим питанням, розглядали окремі інструменти стимулювального впливу на соціальну, економічну та екологічну сфери регіонів. Актуальність розв’язання цієї наукової проблеми полягає в тому, що вітчизняний страховий ринок перебуває на стадії свого формування, а це в багатьох ситуаціях не дозволяє застосовувати його як дієвий інструмент реалізації політики держави. Ураховуючи, що сталий розвиток і страхування як підсистеми загального економічного простору здійснюють взаємний вплив одна на одну, відсутність теоретико-методологічного обґрунтування стратегії розвитку страхового ринку негативно впливає на логічність і послідовність сталого розвитку суспільства. Досліджено питання проблеми реалізації страхової діяльності в Україні. Це здійснено в такій логічній послідовності: визначення сталого розвитку регіону і його активізації; дослідження страхового ринку на сучасному етапі розвитку; визначення пріоритетів розвитку страхового ринку з точки зору забезпечення сталого розвитку регіону. Об’єктом дослідження обрано сталий розвиток регіону та його активізація, а також страховий ринок України. Представлено результати емпіричного аналізу страхового ринку України, який засвідчив, що страховий ринок має тенденції до розвитку. Запропоновано основні напрями інтеграції страхової діяльності в систему сталого розвитку регіону з позицій його активізації. Дослідження емпірично підтверджує і теоретично доводить, що існують перспективи розширення страхового ринку через призму фінансової активізації сталого розвитку регіону. Результати проведеного дослідження можуть бути корисними для фінансистів-практиків, представників академічних кіл, студентів, усіх, хто цікавиться концепцією сталого розвитку. Ключові слова: активізація сталого розвитку регіону, інструменти активізації, страховий ринок, страхові виплати, страхові премії, страхування, глокалізація, Covid-19. Формул: 0; рис.: 0; табл.: 1; бібл.: 11.

Assessment of infrastructure entities’ activity on the insurance market

The paper presents an approach to assessing insurance market infrastructure entities’ activity that allows identifying gaps and weaknesses and seeking ways of addressing them in the context of revitalization of such emerging insurance markets as Ukrainian. To determine the impact of costs of insurance market infrastructure entities on the financial performance before taxes resulting from insurance activity, the regression formula is used. It demonstrates significant dependence between financial performance before taxes of insurers and costs of accident commissioner services. Based on this, an assessment approach for groups of insurance market infrastructure entities is created. The assessment results suggest that the efficiency of insurance market infrastructure entities in Ukraine is unsatisfactory (135 points out of 390). To develop infrastructure entities of the insurance market in Ukraine, it is expedient to ensure an effective regulatory framework for all insurance infrastructure entities, including registers, reporting, and a requirement to disclose information on their performance.

METHODOLOGICAL APPROACHES TO ESTABLISHING A LIFE ASSURANCE GUARANTEE SCHEME IN UKRAINE

Abstract. The article investigates the features of creation, implementation and functioning of life assurance guarantee schemes. Based on the analysis of Ukrainian experience with insurers’ failure during 2011—2019, as well as other mechanisms of policyholders’ protection (internal risk-management, reinsurance, risk-based prudential supervision, early interventions, policyholders’ priority in winding-up process), the article proves the necessity of insurance guarantee scheme (IGS) as the last-resort protection, especially in case of long term life assurance in Ukraine.The expected guarantee costs for Ukrainian insurance market are calculated in compliance with Solvency II capital requirements. The expected losses of the system in the event of failure as a proportion of remaining insurers’ gross premiums for various asset shortfalls are estimated. Considering high concentration in life insurance market of Ukraine, it is revealed that possible losses due to the insolvency of the first four life insurers in Ukraine (from Top-10) are crucial for both the market and the guarantee scheme, despite the fact that the total expected costs of IGS appear relatively small, making up 0.35—0.45% of life assurance gross premiums (in 2019). This is typical for small and concentrated insurance markets, especially if more than 96% premiums are collected by top ten insurers, which make up only half of the market. When established, policyholder protection funds should be designed carefully to minimise any drawbacks, particularly the moral hazard problem and the burden on soundly managed member companies. The key features of an effective IGS for Ukraine are offered. It has been proven that any IGS initiatives should be delayed in Ukraine until proportional regulation that reduce the risks of insurance companies is introduced and prudential supervisory regime Solvency II implemented. Keywords: life assurance, protection mechanisms, insurance guarantee scheme, insurer insolvency, policyholder protection. Formulas: 0; fig.: 3; tabl.: 2; bibl.: 10.

Сучасні тенденції та особливості розвитку ринку автотранспортного страхування в Україні

The article is aimed at examining the modern features of the motor car insurance market in a pandemic period based on the analysis of tendencies and challenges in the activities of market participants to substantiate the promising vectors of transformation of this sector of the insurance market in Ukraine. As result of the study, the activities of domestic leading insurance companies in the sphere of motor car insurance by types of insurance and its forms; introduction of electronic policies and remote insurance services; activation of electronic European protocol; settlement of insurance events, tariff and price policy are analyzed. The channels of distribution of insurance services in the sphere of motor car insurance are explored and approaches to the use of remote Internet channels of customer service and sale of insurance products are developed. In particular, through the use of telematics technology based on the integration of the means of telecommunications and information processing and information transmission instruments, which significantly simplifies and accelerates insurance processes. According to the results of the analysis, a number of stimulating and disincentive factors in the development of the motor car insurance market of Ukraine are distinguished. The influence of financial and regulatory challenges in the activity of participants of the motor car insurance market in Ukraine is determined and the key problems of its functioning in the conditions of recessive phenomena of COVID-19 are singled out. The proposed recommendations are characterized by a modern approach to taking into account the peculiarities of the motor car insurance market in Ukraine in the process of developing measures to improve its functioning through the integration of its qualitative and quantitative trends both at the macroeconomic (the State-controlled) and at the micro level – insurance companies and their cooperation with policyholders.

Особливості та пріоритети розвитку ринку страхових послуг в умовах пандемії COVID-19

The article analyzes the features, trends and priorities in the development of the insurance market in Ukraine in the context of the COVID-19 pandemic. In particular, the main indicators of the development of the insurance market during the pandemic 2020 were analyzed and the comparison of these indicators from 2019 was made. The main factors that in today’s realities will encourage consumers to buy insurance protection are allocated, the peculiarities of interaction of insurers with insurance companies when concluding insurance contracts during the quarantine period are highlighted. It is determined that development of the insurance market in Ukraine in the context of the global coronavirus pandemic and in the novel regulatory conditions was characterized by the active implementation of innovative technologies in the activities of insurance companies and the «purification» of the market from weak and inefficient companies. It is proved that according to the main indicators of development, the market has suffered a slight recession, and therefore, the impact of the pandemic on the insurance market in Ukraine can be considered moderate. It is detected that the key factors when choosing an insurance company to buy insurance protection today are: opportunity to purchase an insurance service online; individual tariffs for each consumer based on their specific needs; presence of an easy-to-use mobile application. Thus, insurance companies that will be able to quickly reorganize their IT infrastructure to simplify the customers’ access to insurance services, providing the most convenient way (channel) of interaction, and offering products that best meet their lifestyle and needs, will strengthen consumer confidence and develop their business within those consumer ecosystems that are being formed in today’s turbulent conditions of development.

INSURANCE MANAGEMENT TOOLS AND AREAS OF IMPROVEMENT

Introduction. The insurance market of Ukraine in recent years has been operating in the face of many challenges that require insurance companies to effectively use insurance management tools and their continuous improvement. The insurance market of Ukraine is directly affected by the macroeconomic situation and the slowdown in economic activity in 2020-2021, which led to a reduction in the assets of insurers, reducing their number and frequent violations by insurers of capital adequacy and solvency. Further development of the insurance market of Ukraine is possible only if the development of insurance management and improvement of its tools. Purpose. The purpose of the article is to assess the effectiveness of insurance management tools and justify areas for improvement. Method (methodology). In the process of research such methods were used as logical, which allowed to analyze scientific works and generalize a set of tools of insurance management; analytical, which was used to analyze the use of insurance management tools such as reinsurance, insurance reserves, standards for investing insurance reserves according to the National Bank of Ukraine in 2020-2021; tabular and graphical, which allowed to interpret the results of the analysis in a visual form. Results. Insurance companies to ensure a sufficient level of profitability of insurance operations, increase the market value of the insurance company, as well as timely and full fulfillment of obligations to policyholders and other economic agents form in accordance with current legislation strategy and tactics of insurance management based on specific tools: reinsurance , creation of reserve funds, diversification, rationing. The use of insurance management tools should be improved in the direction of harmonization of domestic legislation in accordance with the requirements of the European Union and international regulatory practices, as well as to adapt to domestic economic and social realities the best practices of insurance management.

Development of the voluntary health insurance market in Ukraine

This paper is aimed to study the development trends of the domestic voluntary health insurance market. The authors analyzed the current state of the domestic voluntary health insurance market by its types. In the study framework, the main tendencies were determined, while the relative ratios of voluntary health insurance market functioning were calculated. Health insurance has a great potential to be a promising source of additional funding for medicine in Ukraine. However, the systematization of scientific sources indicated that unresolved issues of further development of health insurance and the search for effective external funding sources for medicine in Ukraine, one of which may be the market of voluntary health insurance. This research’s urgency consists of insufficient healthcare budgetary funding and low healthcare quality, provoking external funding sources’ growth in national healthcare facilities such as voluntary health insurance. The study of the features of the voluntary health insurance market development was carried out in the following logical sequence: determining the relevance of the research topic; investigating the scientific background on the research topic; establishing the methodological basis; analyzing the indicators of voluntary medical insurance market development; considering the structure of health funding sources in Ukraine and some countries of Eastern Europe. The authors determined a need to develop voluntary health insurance in Ukraine as an external health funding source based on the findings. The conclusions and recommendations were formed. The study involved the methods of deduction and induction, analogy and comparative analysis, graphical method, method of statistical comparison. The research object is the voluntary health insurance market in Ukraine. The research period is 2012-2020. The obtained results indicated that the voluntary health insurance market is undoubtedly an essential component of the Ukrainian insurance market. The authors noted that it is an effective additional way for actual funding the social needs in medicine. Therefore, it calls for further in-depth study and more attention from the population. The results of this study could be helpful for scientists, health and insurance professionals.

Теоретико-методичні аспекти оцінки управління конкурентоспроможністю страхових компаній

The article is concerned with consideration of the theoretical and methodological aspects of the management of competitiveness of insurance companies. It is specified that insurance activity belongs to the most profitable and risky types of business. Over the past few years, there has been a tendency to reduce the number of insurance companies in the insurance market, which will strengthen the processes of concentration, monopolization and competition between powerful players in the insurance market. Under such conditions, the issue of determining the level of competitiveness management of insurers, as well as their competitive advantages and factors that form a competitive position in the market, acquires special relevance and urgency. The versatility of the concept and the actualization of the study of the competitiveness of insurance companies in the insurance market of Ukraine, along with the significant achievements of Ukrainian scholars in this area, determine the need to apply a comprehensive methodology for assessing these processes. To analyze the state of competition in a certain segment of the market, it is proposed to focus on the concentration coefficients and on the Herfindahl-Hirschman Index. The next stage of the assessment is the study of the factors of influence and their ranking by the weight of the impact on the final result. A characterization of the quantitative, qualitative, matrix and graphic methods that can be used in the course of assessing the competitive position, competitive advantages and competitiveness of the insurance company are carried out. As the final stage, an analysis of the efficiency of the insurer’s competitiveness management process based on the SIX SIGMA concept is proposed. It is concluded that managing the competitiveness of an insurance company is a complex process that is formed under the influence of a number of changing and dynamic factors and components, and also has immense number of manifestation forms. That is why the assessment of the level of competitiveness management of insurance companies should be based both on the use of existing methodologies and on the introduction of innovative approaches to the analysis of the level of competitive advantages of business entities in the insurance market of Ukraine

СУЧАСНИЙ СТАН СТРАХОВОГО РИНКУ: ПРОБЛЕМИ ТА ПЕРСПЕКТИВИ РОЗВИТКУ

The insurance market and its products are an important and indispensable attribute of a country operating on the basis of a market economy, as it provides the right to an effective system of protection of personal and property interests of citizens and legal entities, their rights and social stability. Economic security is an important financial instrument of the national economy, as well as a powerful source of capital accumulation for long-term investment in the national economy. Observation of the current state, trends and forecasts of the insurance industry is the main direction for the study of industry development. This article examines the state of the Ukrainian insurance market as one of the significant sectors of the financial market and the national economy as a whole. To ensure a qualitative statistical analysis and comparison of national insurance companies with companies in other international markets, especially with the national insurance market of the European Union, it is recommended to adopt a single European classification of insurance, which requires some changes in legislation. The study showed that the main indicators of the domestic insurance market have positive trends, but their individual functions and characteristics of the system do not correspond to promising areas of development. Taking into account the current situation on the insurance market of Ukraine, the main problems of its functioning are identified and the prospects for the development of the country's insurance industry are described. For the study it is advisable to use a full set of different statistical techniques and methods that allow comparisons in time and space, to establish cause-and-effect relationships between indicators, to determine in absolute and relative terms the various factors on the basis of the effectiveness of others. In order to improve the situation on the insurance market, domestic companies should gain experience from foreign insurance experience and change their own business models, including improving the national mechanism for supervising insurance companies, adapting insurance rules to world standards and introducing the latest insurance technologies and quality standards in this area.

Реалізація інноваційних інструментів розвитку аграрного страхування у світі

The article is concerned with analyzing the experience of implementing innovative instruments for the development of agrarian insurance in the world. The article is aimed at defining the latest global trends in the development of insurance in the agricultural sector in order to introduce and implement effective insurance mechanisms in domestic agricultural practice. In the course of the research, the following methods were used: dialectic cognition, abstract-logical approach – in generalization of research results and formulation of conclusions; scientific foresight – in terms of formation of directions for development of the agricultural insurance market in the world. Types of agricultural insurance are defined as follows: private agricultural insurance, the State-based agricultural insurance, non-commercial agricultural insurance. It is noted that the world experience of introducing new insurance programs under the influence of globalization transformations in the global agri-food markets demonstrates new opportunities and challenges for the development of agricultural insurance in Ukraine and requires further scientific researches. A number of reasons have been identified that hinder the development of the agricultural insurance market world-wide. A discrepancy between the dynamics of the development of the agricultural sector of the economy and the volume of agricultural insurance in the world is identified, also the underdevelopment of the insurance instrumentarium in the full extent is specified. It is emphasized that the development, implementation and success of agricultural insurance programs require a high level of coordination, cooperation and common vision. The conclusion on the extant problems of development of the insurance market in Ukraine, caused by the lack of a clear strategy for its development along with no consideration of the interests of all its participants, is substantiated.

АНАЛІЗ СУЧАСНОГО СТАНУ ТРАНСФОРМАЦІЙНИХ ЗМІН НА СТРАХОВОМУ РИНКУ УКРАЇНИ

Among the financial markets of any country, the insurance market should occupy one of the leading positions, because it provides protection against adverse financial and economic events and situations that have arisen around the world in recent years due to pandemics, various natural disasters, significant fluctuations world energy prices. Ukraine seeking accession to the European Community should not be an exception. But, unfortunately, the insurance market in Ukraine has not been developed for many years, it is in decline, it exists mainly at the expense of compulsory types of insurance. This state of the market led to changes, the first of which was a change in the regulator. The National Bank of Ukraine, as a new regulator, has begun market transformation changes. Of course, this situation requires careful analysis, which was done in this study. In the course of the research, the article identifies and analyzes the regulator's proposals concerning changes in legislation and those that determine the rules of interaction of insurers with policyholders, reporting, internal and external control over the use of new technologies, strategic requirements and risk management. It was noted that the regulator started innovations very quickly and does not consider the complexity of the general economic situation in the country, the unwillingness of insurers in this period to such drastic changes, because such conditions significantly increase the risk of loss of bankruptcy. In addition, it has been investigated how the proposed changes actually affected the main financial and economic indicators of the insurance market of Ukraine. The dynamics of the number of insurers, the number of concluded contracts, the dynamics of insurance premiums in relation to insurance payments, the dynamics of total assets and paid-up share capital and formed insurance reserves from III – IV quarters 2020 to I – III quarters 2021 were analyzed. It was determined that, in general, the market showed a positive dynamics in the vast majority of indicators. Thus, in the analyzed period recorded a stable situation. According to some indicators, there was an increase. But they also identified the main shortcoming that currently exists in the insurance market of Ukraine and needs to be addressed by the regulator – the adjustment of the timing of changes and cooperation on market transformation with insurers, because it is a joint movement that requires coordinated positions and actions.

Current state of voluntary medical insurance in Ukraine

The current state of voluntary health insurance in Ukraine is analyzed in this paper. The place of voluntary medical insurance in the insurance market of Ukraine is determined. The essence, purpose, objectives, features, advantages and disadvantages of voluntary health insurance as one of the funding sources for medical sector are considered as well. The programs under which voluntary health insurance is currently implemented are listed, these are mainly personal and corporate ones. The main tendencies are investigated, relative indicators of the functioning level of voluntary health insurance market are calculated. The problems of voluntary health insurance are identified and measures for such insurance development in Ukraine are proposed. Our investigation is devoted, particularly, to the identification of the main problems in the development of voluntary health insurance in Ukraine. The authors investigated the availability of voluntary health insurance for population, analyzed the state of industry reforming in a certain period and substantiated the consequences of the reform impact on the voluntary health insurance market in Ukraine. The dynamics of the health insurance market indicators is analyzed on the basis of the size of gross insurance premiums and payments, as well as the calculated indicator - the insurance payments coefficient. In particular, insurance payments for voluntary health insurance in the regional context, by regions in individual insurance companies for a certain period of time are analyzed. The method of compiling the rating of insurers on the basis of insurance premiums and payments is proposed. It is determined that the level of medical services is growing, as well as the trust in voluntary health insurance in Ukraine. The main problems of the voluntary health insurance system functioning are highlighted and recommendations for improving the quality and availability of health insurance in Ukraine are proposed. These recommendations take into account a set of economic, legal and social factors of the insurance market development. Measures for state authorized bodies and private insurance companies that provide the extension of voluntary health insurance in Ukraine are proposed.

РОЗВИТОК ІНТЕРНЕТ-СТРАХУВАННЯ У НОВИХ УМОВАХ

The article is devoted to the study of internet insurance development in the light of the new circumstances, including its catalysts and inhibitors. The relevance of the topic chosen is based on the fact that such distribution channel as internet insurance helps to minimize face-to-face contact while insurance services distribution, that plays important role during the pandemic of Covid-19. On the basis of the conducted research different approaches to the definition of "internet insurance" were considered and generalized definition was determined. The article examines the current state of the Ukrainian insurance market and its tendencies. The way of internet insurance development in China and its impact on the whole insurance industry was analyzed. Determined insurance services consumers’ willingness to use digital distribution channels, that showed significant growth in the past year. Although the insurance market in Ukraine is characterized by a low level of insurance culture and there are contradictions in the legislation of the insurance field, insurance companies tend to use innovations, including internet insurance. There are two internet insurance systems: on-line and off-line, which are characterized by different levels of internet use. Matrix of on-line and off-line internet insurance services of top 10 Ukrainian insurance companies in terms of gross insurance premiums is characterized. Insurance companies use combination of internet insurance system and related services based on internet technologies to attract consumers by more personalized offers. Analysis of internet insurance products number and available related services is carried out. Despite benefits of internet insurance there are some problems to deal with. Advantages and disadvantages of internet insurance are analyzed. Prospects for the development of internet insurance in Ukraine are substantiated. In order to enhance development of internet insurance, it is necessary to improve the current legislation of Ukraine and financial literacy. An important point is the use of international experience.

Фактори впливу на розвиток добровільного медичного страхування

The article is aimed at studying the theoretical and practical aspects of factors influencing the development of voluntary health insurance (VHI) in Ukraine. The place and indicators of development of the health insurance market in Ukraine for 2012-2019 are researched. The dynamics of health insurance market indicators based on the amount of gross insurance premiums and payments is analyzed; it is proved that voluntary health insurance (continuous health insurance) is characterized by growth during the last five years. The factors that significantly influenced the development of the market and the current state of voluntary health insurance, in particular the COVID-19 pandemic, the economic crisis, high incidence rates of insured persons, the significant cost of an insurance medical policy, the lack of tax preferences for business regarding medical social packages and the lack of specialized educational institutions on the VHI, are determined. The classification of factors of influence on the development of voluntary health insurance according to the level of their occurrence is carried out, and it is determined that the following factors have the greatest force of influence on the VHI: deterioration of solvency of potential insurers; pricing in the medical market; excessive tax burden for legal entities. It is substantiated that the indisputable way of motivating the introduction of voluntary health insurance is to amend the tax legislation of Ukraine; micro insurance is proposed as a basis for the development of voluntary health insurance. Prospects for further research lie in the study of factors influencing the development of micro insurance in the country.

СТРАХУВАННЯ ЦИВІЛЬНО-ПРАВОВОЇ ВІДПОВІДАЛЬНОСТІ ВЛАСНИКІВ АВТОТРАНСПОРТНИХ ЗАСОБІВ У КОНТЕКСТІ ІННОВАЦІЙНИХ ТРАНСФОРМАЦІЙ

Insurance plays a stabilizing role in economic development, so it is an important financial area in an era of new challenges and threats. This leads to increased attention to insurance in general and the introduction of innovations in such an important area as liability insurance. The specific features of this industry require the development of important recommendations for improving the compulsory civil liability insurance of owners of motor vehicles (CCLIOMV) in Ukraine. The methodology and methods of work involve the use of a systematic approach, analysis, comparison, forecasting in the development of improved regulation of the liability insurance market. The condition for the successful functioning of the insurance market in Ukraine is a decent level of quality of insurance services based on such innovations in car insurance as telematics, namely Usage-based insurance (UBI), is a special program that allows discounts to drivers by tracking their mileage. Another new vector is mobile technology, which allows you to remotely control devices, develop the implementation and maintenance of insurance services with their help. The methods of encouraging the use of motor third party liability insurance services, as well as the approximation of the existing system CCLIOMV to European standards is the use of a bonus-malus – a correction factor for the size of the insurance premium. The need and effectiveness of the introduction of an electronic policy is the ability to independently choose a reliable insurer, provide a guarantee of the acquisition of legitimate insurance protection, the introduction of non-cash using Internet acquiring technology forms of payment for insurance services and more. The scientific research carried out in the work allowed to determine the forecast indicators of the introduced innovations in the insurance market. The results of calculations of the forecast model on the dynamics of sales of electronic policies CCLIOMV in Ukraine show that their volume is constantly growing and in 2022 will amount to about 7 million units. This allows us to forecast the coverage of electronic policies CCLIOMV up to 70% of all vehicles in Ukraine.

Архітектоніка комплексної модернізації агрострахового ринку України в умовах трансформаційних процесів

Creating a strong agricultural insurance market in Ukraine as an effective resource and tool to strengthen the agricultural sector of the economy from the standpoint of minimizing risks affecting the profitability of production is one of the key stages in the development of the Ukrainian insurance system in the agricultural sector. However, the Ukrainian agricultural insurance market is still in its infanthood and is developing unsystematically, without a clearly defined development strategy and proper state support. The purpose of the article is to develop proposals for the architecture of complex modernization of the Ukrainian agricultural insurance market in terms of transformation processes with vector interpretation of its development. The architectonics of complex modernization of the Ukrainian agricultural insurance market in the conditions of transformation processes is offered and the expediency of its strategizing in the context of five key vectors is proved, which, in turn, compose a vector set of directions of strategic character. The author's vision of strategic vectors of complex modernization of the agricultural insurance market of Ukraine is focused on: format outlines of the market (key forms of its further development), compositional structural framework of the market (formatting within the sectoral configuration taking into account the peculiarities of each of the three sectors); in terms of formal – legal norms and rules of insurance and informal restrictions – ethical and cultural norms), innovation of agricultural insuranceactivities (new approaches to the use of agricultural insurance potential) and agricultural insurance environment (insurance environment in the agricultural sector of the economy). According to the key provisions of the strategy of development of the agricultural insurance market of Ukraine, a logical and functional approach to the architecture of modernization of the Ukrainian agricultural insurance market in the conditions of transformation processes based on the principles: efficiency, tolerance, modernity, innovation, strategizing, transparency, clientele, customer orientation format. The study contains theoretical and practical provisions that form the basis for sustainable and dynamic development of the local agricultural insurance market in terms of transformation processes.

Страховий менеджмент в умовах глобалізаційних процесів в Україні

Insurance represents the most efficient risk management instrument that can protect both individuals and business entities from financial risks arising from various unforeseen situations. In turn, expanding the horizons of the insurance market requires clarity and coherence in the activities of insurance companies, and therefore studying the factors that directly affect the management of insurance organizations appears relevant. It is found that one of the forms of risk control is insurance management, which includes the detection, assessment and intervention of risks, that is, a defense strategy for preparing for the unexpected events, as it is regulated by normative legal acts, and the implementation of principles and doctrines that are generally accepted. It is identified that the main methods of insurance management, such as avoidance, preservation, distribution, transfer, prevention and reduction of losses, can be applied to all areas of activity of both individuals and business entities, and can pay off in the long term. The development of the insurance market in Ukraine in the future is possible due to the introduction of an effective mechanism of insurance management based on system analysis and effective control at macro and micro levels. By implementing a risk management plan and considering various potential risks or events before they occur, economic entities can save their own money and protect their future by timely setting of certain contours in order to avoid potential threats, minimize their impact in case of their occurrence, and cope with the results.

СПЕЦИФІКА СТРАХОВИХ ПОСЛУГ БУДІВЕЛЬНО-МОНТАЖНОЇ ГАЛУЗІ

The article investigates the features of installation and construction risks insurance. It is found that relations in the field of insurance in Ukraine are regulated by the Law of Ukraine "On Insurance", but this regulatory act does not contain special provisions for construction insurance. It is emphasized that insurance in the field of construction includes a set of risks related to several branches of insurance. Objects of installation and construction risks insurance by relevant branches of insurance are identified. The types of insurance programmes in construction developed by world practice are systematized. Analysis of information from the websites of insurance companies operating in the insurance market of Ukraine and providing insurance services for construction risk insurance has led to the conclusion that currently in Ukraine, technical risk insurance is mostly carried out as property interest insurance during construction or installation work, or as the third-party liability insurance. In addition, the websites of most insurance companies provide only a list of objects and risks that are subject to installation and construction risks insurance. In some cases, this list is not specified and is represented by generalized wording (for example, IC ASKA). The analysis also has shown that indicative information on the level of insurance rates can be obtained only on the websites of 5 insurance companies out of 10 considered. Accordingly, conclusions are made about the state of development of risks insurance in the construction industry on the basis of the results obtained. In Ukraine in terms of installation and construction risks insurance, insurance companies provide insurance coverage of individual risks, not all risks (CAR), which may occur on the construction site, in contrast to world practice. Most companies provide construction risks insurance according to the rules of fire insurance. In addition, insurers' risks increase due to the low level of responsibility of developers to investors. Neither the legislation nor the terms of the contracts prevailing on the market require a higher level of responsibility. The construction industry in our country is developing dynamically, so there is a need for the improvement of construction and installation risk insurance. Nowadays, installation and construction risks insurance in our country is available only to large professional insurers who have reinsurance contracts with foreign reinsurers.

ДОРОЖНЯ КАРТА ВПРОВАДЖЕННЯ КІБЕР-СТРАХУВАННЯ В УКРАЇНІ

The article examines the process of implementing cyber insurance in the world and proposes a Roadmap for implementation in Ukraine. The key goals and objectives facing the insurance market of Ukraine and the regulator in order to achieve this goal are considered. Approximate deadlines for the necessary measures to prepare for the introduction of cyber insurance in the Ukrainian economy are outlined. The key features of regulations in the field of cyber security in the EU and Australia are highlighted and ways to adapt them in Ukraine are proposed. Promising means to increase the security of individuals and legal entities in the digital space on the example of the mechanism of interaction between insurers and expert organizations in Australia. The main vectors of cooperation between insurance companies and expert organizations in the field of cyber security in the Ukrainian and global insurance markets are listed. A system of interaction between the subjects of cyber-insurance relations with the positioning of the insured in the center of relations as a key participant in insurance has been developed, which proves the high customer orientation of this area of ​​insurance business. The current problems of the Ukrainian insurance market are substantiated and the ways of their solution through the mechanism of cyber insurance implementation are offered: modeling of the mechanism of estimation of losses from cyber attacks, monitoring of the current state of insurers, development of ways to minimize cyber incidents. The dynamics of cyber incidents in 2020 is analyzed and the correlation between the occurrence of global lockdowns caused by COVID-19 and the growth in the number of cyber attacks is revealed. Based on the analysis, it is proved that the introduction of cyber insurance in Ukraine is a necessary tool to protect all participants in insurance relations from cyber risks and for the development of the insurance market as a whole.

СУЧАСНИЙ СТАН РИНКУ АГРАРНОГО СТРАХУВАННЯ УКРАЇНИ

Ukraine occupies a leading position in the world in the production and export of agricultural products. At the present stage of development of the agricultural sector, the most important task is its further development, because the country has significant potential to increase and improve the quality of production. Agricultural production is one of the important, specific and at the same time the most risky areas of human activity. Specific features of the agricultural market: high cost of facilities due to the large area of land, increased risk of production, cumulative losses due to natural disasters and progressive climate change, he duration of the production cycle, affects the profitability of farmers, necessitate the use of one of the most important tools for minimizing risks — insurance and, if necessary, further diversification of risks through reinsurance. The article considers the main indicators of agricultural insurance: in terms of insurance companies, in terms of regions, in terms of agricultural crops. The amount of insurance payments in terms of insurance companies and agricultural crops is analyzed. Trends in animal insurance are presented. The agricultural insurance market in Ukraine is developing slowly, but in recent years still shows a positive upward trend. For a country with a huge potential of the agricultural sector of the economy, the saturation of the agricultural insurance market with insurance services and the actual volume of agricultural risk insurance, undoubtedly, are insufficient. Now agricultural insurance in Ukraine is actively developing. However, despite the positive dynamics, the current state of agricultural insurance in Ukraine does not meet its main task - to manage risks in the agricultural sector to ensure its stable operation and sustainable development of the agricultural sector of the economy. The current system of agrarian risk insurance in Ukraine, including the provision of state support to the agricultural sector, requires improvement and should be aimed at ensuring adequate protection of the interests of agricultural producers and food security, stabilizing production and income in the agricultural sector and encouraging the best technology agricultural production