Insurance Market Of Ukraine Research Articles

Страхування відповідальності власників транспортних засобів в Україні в контексті євроінтеграції та страхового менеджменту

Mandatory civil liability insurance for owners of land vehicles in Ukraine provides social protection for road accident participants and contributes to European integration processes. The purpose of the research is to analyze the current condition of the car liability insurance market in Ukraine, identify problems and substantiate practical recommendations for improving insurance management, taking into account European integration processes. The mandatory liability insurance for owners of land vehicles in Ukraine was systematized. The structure of the car insurance portfolio of insurance companies in Ukraine was analyzed. The impact of war and quarantine on the structure of the insurance portfolio and the level of digitization of the car insurance market in Ukraine is substantiated. The main indicators of the market of mandatory liability insurance for land vehicles owners in Ukraine are analyzed. The necessity to increase the size of insurance sums to European standards is substantiated. The recommendations regarding the use of the direct losses compensation system for all participants in the market of mandatory liability insurance for owners of ground vehicles under internal contracts are given. Proposals to improve the quality of liability insurance under an internal agreement by introducing non-cash payments with private individuals when paying compensation and changing the procedure for calculating the cost of repairing cars when damage is established are substantiated.

Anti-crisis management of insurance companies

The article analyzes various approaches to defining the concept of anti-crisis management, in which anti-crisis management is interpreted as a set of measures of the state (anti-crisis management at the macro level) and the management of a specific financial institution (anti-crisis management at the micro level). The data on the change in macroeconomic indicators of the world's leading economies and the risks to the global economy provoked by russia's full-scale war against Ukraine are collected and systematized. The current state of the world economy, the processes that the full-scale invasion initiated in it, the magnitude of the growth of energy prices, interest rates, inflation rates in the context of the world's largest economies, macroeconomic indicators of Ukraine, namely the scale of the collapse of the Ukrainian economy as a result of the war, the dynamics of GDP, inflation, and the forecast dynamics of the inflation rate are studied. The author assesses the current state of the insurance market, the approximate amount of its losses, the main indicators of insurers' activities, such as the volume of insurance premiums, insurance payments, the level of payments, the level of reinsurance, changes in the structure of the insurance portfolio of insurers, the unprofitability or profitability of a particular type of insurance, and the impact of global economic processes on the insurance market of Ukraine. The author analyzes the feasibility of taking anti-crisis management measures at the level of legislation, state regulation, control and supervision, management of insurance, investment and financial activities of Ukrainian insurers. The author examines the operational measures taken by the management of domestic insurance market participants in the first days of the war to reduce the impact of the most catastrophic threats to the financial condition of companies, life and health of their employees, etc. The author provides a list of the main anti-crisis management strategies for restoring the economic potential of insurers and analyzes the ways to reduce the impact of a full-scale invasion of the insurance market and restore the insurance market, and the measures taken by insurers today to adapt the activities of insurance companies in wartime.

IMPROVEMENT OF THE FINANCIAL AND ORGANIZATIONAL MECHANISM OF THE FUNCTIONING OF THE PENSION FUND OF UKRAINE

The article substantiates the effectiveness of creating a pension system in Ukraine. An analysis of the effectiveness of the functioning of the Pension Fund of Ukraine was carried out. The state and main trends in the development of the insurance market in Ukraine have been studied. An approach to analyzing the relationship between the Pension Fund's budget income indicators and the minimum wage is proposed, which will make it possible to assess the effectiveness of functioning and development prospects. It is proposed to analyze the connection between the profit from investing the assets of non-state pension funds and pension contributions, which will contribute to the activation of investment activities and guarantee the depositor reliable pension security. Recommendations are provided regarding the prospects for pension development and definition The Pension Fund of Ukraine is one of those institutions of the state, the main function of which is the implementation of social security of citizens. An analysis of the pension system in Ukraine was carried out. In recent years, the Pension Fund of Ukraine has been working to ensure that citizens do not waste time on applications and queues, but receive quality services remotely. For this purpose, the Portal of electronic services of the Pension Fund of Ukraine was introduced, in which users can use new electronic services: "Pension calculator", "Electronic work book", "Automatic pension assignment" and the mobile application "Pension Fund" . It has been proven that until the authorities create all the necessary foundations for the introduction of an effective civil service, as well as the implementation of a high-quality and meaningful state personnel policy, it is not necessary to talk about improving the quality of staffing of the bodies of the Pension Fund of Ukraine. creation of economic prerequisites is almost the most important among the areas of improvement of the functioning of the Pension Fund, since the basis for deductions of contributions is the salary and income of citizens.

Medical insurance in the Ukrainian social security system

Undoubtedly, health insurance is an important type of social insurance. The purpose of the study is to determine the place of health insurance in the social security system of Ukraine. Theoretical approaches to the interpretation of the concept of «health insurance» were analyzed in the article. In the modern scientific literature, health insurance is mostly considered both as a type and form of personal insurance and as a form of social protection in the field of health care. It has been established that the concept of health insurance is practically absent in the current legal acts of Ukraine. The author proves that health insurance occupies a prominent place in the country's social security system. Health insurance is a type of social insurance. According to the study, health insurance can be classified according to various criteria, including: the nature of financing, the form and the type of insured. The main types of social benefits and material support for health insurance are analyzed. The authors state that the analysis of regulatory documents has shown that there is a discrepancy in the financing of health insurance, which significantly affects its development. The modern health insurance market in Ukraine was studied, in particular, the indicators of 10 leading insurance companies (insurance premiums, insurance payments and the level of payments) were analyzed. It was found that USG (including Globus), Universalna and Unika had the highest level of payments. The theoretical and statistical analysis has revealed and justify a number of problems and obstacles to the establishment and development of health insurance in Ukraine, including, for example, insufficient awareness of citizens about health insurance opportunities, the need to improve the regulatory framework for health insurance, and the unreadiness of the existing health care infrastructure to provide tangible benefits in obtaining medical services by insured persons. As a result, the authors stated that health insurance in Ukraine has significant prospects for development, and a number of measures need to be implemented.

СУЧАСНИЙ СТАН ТА ПЕРСПЕКТИВИ РОЗВИТКУ ПЕРЕСТРАХУВАННЯ В УКРАЇНІ

The paper examines and emphasizes the need to rethink the concept of reinsurance, focusing on the demands placed on today's insurers, the task of a systematic and comprehensive analysis of the situation and basic indicators describing the current reinsurance market of Ukraine becomes extremely urgent, with the aim of identifying the main trends and features that stand out at the national level. The article reveals the economic necessity of reinsurance as an integral factor that determines the position of the insurance market, and emphasizes the need for its state regulation in Ukraine due to the rather narrow legislative provision, which does not allow to fully cover all the details related to this area. The main indicators related to the activities of reinsurers in Ukraine in 2017–2021 were analyzed, as a result of which it is possible to assert the presence of problems in the trends of the reinsurance market and the need to find and implement optimal ways to increase the financial security and stability of reinsurance participants. As a result of the assessment of the defining elements characterizing the development of the reinsurance market in the insurance market of Ukraine, it was determined that it depends to some extent on the negative factors of economic changes on the state background, as a result of which it is at the stage of uncertainty and periodic fluctuations in terms of the reduction of the number of insurance companies, the deterioration of the volume their received premiums and created reserves. The existing problems related to the imperfection of state regulation and difficulties in the economic and political background are outlined, and the prospects of reinsurance in Ukraine are formed, taking into account the opportunities and available advantages. If we talk about the minimization of the negative consequences that appeared due to the exacerbation of certain phenomena, the need to establish effective ways of overcoming the existing defects, taking into account the formed potential in the long term, becomes quite urgent. In the general summary of all the information presented, it is emphasized that the study of such a component of the insurance market as reinsurance, its role, determination of advantages and disadvantages and directions for its improvement is quite promising in view of the economic need of this category in the development of the activities of insurers and the economy of the country as a whole.

Сучасний стан пенсійного страхування в Україні

The current state of pension insurance in Ukraine constantly requires additional research that would update its development indicators, reveal new trends in its development, justify the feasibility of its reform, and take into account the influence of various factors. The purpose of the study is that based on the assessment of the current state of the pension insurance system in Ukraine, it is necessary to identify the main problems of its development and substantiate practical recommendations on the directions of reforming the social policy of the state regarding pension provision. The compulsory state pension insurance indicators in Ukraine, conducted by the Pension Fund of Ukraine for 2018-2022, were evaluated, which revealed the main trends of development and outlined the main problems. The performance indicators dynamics of non-state pension funds in Ukraine over the past five years has been investigated, trends in the development of accumulative non-state pension insurance have been outlined. The life insurance market in Ukraine is investigated and the voluntary pension insurance indicators are analyzed separately, which provides for the achievement by the insured person of the retirement age determined by the contract. The bank deposits dynamics of households in Ukraine as the potential of additional pension provision of the population is considered. It is proposed to motivate by the state creating corporate non-state pension funds. The practice spread of concluding pension insurance contracts with insurance companies by employers would create an additional source of pension payments and reduce the financial burden on the budget of Ukraine. The existing proposals for reforming pension insurance in Ukraine will contribute to increasing the confidence of the country’s population in both state pension provision and non-state pension insurance.

ОСОБЛИВОСТІ ЗДІЙСНЕННЯ ІНВЕСТИЦІЙНОЇ ДІЯЛЬНОСТІ СТРАХОВИМИ КОМПАНІЯМИ В УКРАЇНІ

The article studies the essence and features of the investment activity of insurance companies. It was found that the investment potential of an insurer, measured as its ability to carry out investment activities, is a characteristic of the company. The main financial resources for investment by an insurance company are its own and borrowed funds. Special attention is paid to the matter that there are legislative restrictions on the investment of insurance reserves by insurers, because the unconscious use of insurance reserves belonging to a group of attracted funds of insurance companies may cause a lack of funds to cover insurance claims. The insurer may dispose of the funds raised during a certain period, the time limits of which depend on what type of insurance the company carries out – life insurance or non-life insurance. It is specified that a non-life insurer can form only short-term insurance reserves and invest them in current financial investments with high liquidity. The life insurance companies that accumulate insurance reserves for a sufficiently long period can carry out long-term investment activities. The general level of development of the insurance market in Ukraine in 2018–2022 was studied. Among the main reasons for the reduction in the number of insurance companies over this period are noted: the introduction of solvency standards in 2018, the introduction of a new regulator presented by NBU, the Covid-19 pandemic and the crisis caused by it, and the russian invasion of Ukraine. The dynamics of the main performance indicators of insurers in recent years have been considered. During the period under review, there was a drop in almost all key performance indicators of insurance companies, except for the value of assets and the volume of insurance reserves. Among the key factors that restrain the development of investment activities of insurance companies are the difficult political and economic situation in the country, imperfect legislation, outdated state regulation regarding the placement of insurance reserves, low level of capitalization of the stock market, and high investment risks, which only increase the conservatism of insurers regarding the implementation of investment processes.

Страхова діяльність в Україні на прикладі страхової компанії

Abstract. Introduction. The article analyzes the state of the insurance company PJSC «SK Arsenal Strahuvaniya», examines the economic processes directly related to the conduct of insurance activities. Institutions and organizations of which JSC "Arsenal Insurance" PJSC is a member have been considered, and its main competitors on the domestic insurance market have been singled out. Purpose. The purpose of the article is to conduct an analysis of the company, which is being studied according to the main economic indicators, and to develop practical recommendations for improving the efficiency of its activities on the market of Ukraine. Results. Analytical data reflecting the net financial results of the insurance company for 2017-2021 are given. The general dynamics of insurance payments received and insurance payments made by this insurance company were analyzed. The rating of Arsenal Insurance PJSC for the first half of 2022 among other insurance companies of Ukraine in terms of capital, retained earnings, gross insurance premiums and the amount of insurance payouts has been determined. The dynamics of retained earnings of the insurance company for 2017-2021, which characterizes the efficiency of the business entity, were analyzed. Conclusions. The strengths and weaknesses of the insurance company's activities are highlighted, as well as its potential opportunities and threats using a SWOT analysis. It was found that the insurance company "Arsenal Insurance" is a powerful player on the insurance market of Ukraine and has valid licenses to provide financial services for more than 30 types of insurance. The company works to be not just among the best, but to be a leader in the insurance market and provide the highest quality service.

New Ukrainian Insurance System

The article discusses the new insurance system in Ukraine introduced by the Law of Ukraine On Insurance dated 18 November 2021, which became effective on 19 December 2021 and will come into full effect on 1 January 2024. In 2020 the National Bank of Ukraine became the new regulator of the Ukrainian insurance market and initiated the development of a new regulatory and oversight model in the insurance sector. The article discusses the problems related to the Ukrainian insurance market which are expected to be solved by the new regulation and oversight model. The author presents the most important new solutions introduced by the Law, such as requirements relaed to entering the insurance market, ownership structure, capital , the protection of consumer rights and exiting the insurance market. The article also shows a brief comparative analysis of the relevant provisions of the Law and Directive 2009/138/EC. The author concludes that the new regulations are comprehensive and consumer-oriented, which will help to solve existing problems and build a solvent and competitive insurance market.

Ways of preserving investment activity of insurance companies during martime

The article analyzes the key indicators of domestic insurance companies and assesses the state of the insurance market in Ukraine in the pre-war period. An analysis of innovations in the insurance market regulation system of Ukraine was carried out, namely the adoption of the Law of Ukraine "On Amendments to Certain Legislative Acts to Improve Functions on State Regulation of Financial Services Markets" and the Law of Ukraine "On Insurance". The dynamics of insurance companies' activity in the insurance market of Ukraine in the pre-war period and during the war is studied. The analysis of directions of placement of assets and reserves of insurance companies is carried out. The interaction of the insurance market with the regulator of the non-banking services market by the National Bank of Ukraine during the imposition of martial law in the country is analyzed. The risk standards for the placement of insurance assets and reserves by insurance companies in Ukraine in the pre-war period have been studied and recommendations for regulatory changes during martial law have been developed. The mechanism of state regulation of investment activity of insurance companies by the Solvency II directive is analyzed, the problems of the Ukrainian approach are outlined and the methods of regulation of investment activity during martial law are offered. Measures to stabilize the national insurance market and preserve the investment activity of Ukrainian insurance companies are proposed. It is concluded that the use of SCR (Solvency Capital Requirement) for investment activities of insurers in Ukraine, in particular, when calculating investment risks on several models, the main of which is the so-called “Standard formula” given the correlation between investments types.

Introduction of the ombudsman institute in the insurance market of Ukraine

The insurance industry plays an important role in the economy, contributing to the intermediation and risk-bearing mechanism. At the same time, the insurance industry contributes to socio-economic growth due to accumulated long-term financial resources that can be directly used in the economy. The purpose of the article is to develop recommendations on the possibility of creating an insurance ombudsman institute in Ukraine based on international experience. The set goal determined the solution of the following tasks: to investigate the legal aspects of the activity of the financial ombudsman in different countries and provide their comparative characteristics; to determine the specifics of the implementation in Ukraine of the alternative dispute resolution mechanism on the insurance market; justify the benefits of activating the activity of the insurance ombudsman institute in Ukraine. In the process of carrying out a scientific search, such general scientific methods as: abstract-logical; monographic; comparative; graphic; dialectical method; comparative legal method; structural-functional method. The peculiarities of the functioning of the relevant alternative mechanisms for resolving insurance disputes in different countries, the mechanisms for dealing with customer complaints, and the resolution of disputes with the participation of a professional mediator were studied. It was determined that in world practice, two main models of financial ombudsmen are usually distinguished: British and German. It is substantiated that the introduction of the insurance ombudsman institute in Ukraine as an alternative platform for considering complaints will have advantages for all participants of the insurance market.It has been proven that the activities of such an institution can consider disputes related to settlement of claims, wrongful sale, payment of insurance premiums, legal registration of the policy, delay of settlements, failure to issue insurance documents, etc. Such an insurance ombudsman institution will be responsible for protecting the interests and handling policyholder complaints, and the main purpose of the ombudsman’s activities is to handle policyholder complaints outside the court system in a cost-effective and impartial manner

Шляхи збереження інвестиційної активності страхових компаній під час воєнного стану

The article analyzes the key indicators of domestic insurance companies and assesses the state of the insurance market in Ukraine in the pre-war period. An analysis of innovations in the insurance market regulation system of Ukraine was carried out, namely the adoption of the Law of Ukraine "On Amendments to Certain Legislative Acts to Improve Functions on State Regulation of Financial Services Markets" and the Law of Ukraine "On Insurance". The dynamics of insurance companies' activity in the insurance market of Ukraine in the pre-war period and during the war is studied. The analysis of directions of placement of assets and reserves of insurance companies is carried out. The interaction of the insurance market with the regulator of the non-banking services market by the National Bank of Ukraine during the imposition of martial law in the country is analyzed. The risk standards for the placement of insurance assets and reserves by insurance companies in Ukraine in the pre-war period have been studied and recommendations for regulatory changes during martial law have been developed. The mechanism of state regulation of investment activity of insurance companies by the Solvency II directive is analyzed, the problems of the Ukrainian approach are outlined and the methods of regulation of investment activity during martial law are offered. Measures to stabilize the national insurance market and preserve the investment activity of Ukrainian insurance companies are proposed. It is concluded that the use of SCR (Solvency Capital Requirement) for investment activities of insurers in Ukraine, in particular, when calculating investment risks on several models, the main of which is the so-called “Standard formula” given the correlation between investments types.

REINSURANCE MANAGEMENT IN THE GLOBAL FINANCIAL MARKET CYCLICITY CONDITIONS

The globalization of economic relations and the integration of Ukraine into the world financial market have significant impact on decision-making in an insurance company in Ukraine. These aspects actualize the study of the insurance companies’ activities in the conditions of world financial market cyclical development, and it determines the purpose of the article. The purpose of the study is to develop theoretical and methodological provisions and practical recommendations for managing reinsurance in conditions of cyclical development of the global financial market. Solving the tasks set in the research was carried out using scientific methods of analysis, synthesis, induction, deduction, and analogy – to study trends in the development of the Ukrainian insurance market; logical generalization – to determine the peculiarities of reinsurance management in conditions of cyclicity of global financial markets; comparative and statistical analysis – for analyzing the share of premiums belonging to non-resident reinsurers; Fourier analysis – for analyzing the cyclicity of the development of the global financial market and the reinsurance market in Ukraine. Global business activity develops cyclically. The first cycle is long-term and consists of 14 quarters. Within the long-term cycle, harmonics of a shorter cycle, namely 1 year, were detected. The reinsurance market in Ukraine also develops cyclically. The length of the cycle is 4 quarters. It was established that the peaks of the harmonic oscillations of the development cycle of domestic reinsurance and the world cycle of business activity are antiphase, that is, the phase of the oscillations differs by half a period. The length of the domestic reinsurance development cycle and the global business activity cycle are equal, and the distance between the extremes of the cycle functions is 2 quarters. The practical value of the obtained results is that the established relationships between the cycles and phases of the global business activity development and the reinsurance market of Ukraine provide a toolkit for making management decisions regarding the modeling of a reinsurance portfolio effective structure in the insurance company

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Abstract. Introduction. Tourism for many countries is a priority for the national economy, as this industry has a positive multiplier effect on other economic activities. The high degree of riskiness of tourist activity necessitates the use of insurance mechanisms and insurance protection for all participants in the tourist market. Insurance allows you to optimize resources for the organization of insurance protection. It contributes to the rational structure of funds aimed at preventing (or promptly eliminating) the effects of risks that hinder the activities of economic entities. Purpose. The aim is to determine the role of insurance in ensuring the economic security of the tourism business and to develop practical recommendations for the development of insurance protection in the field of tourism. Results. Ensuring the safety of life and health of tourists and excursionists in Ukraine is a necessary condition for quality in the organization of tourist and excursion programs and a priority for all actors in the hospitality industry. The system of services to provide insurance protection against risky situations during a tourist trip is quite complex. This is due to the heterogeneity of probable adverse events that may occur at a particular time or under certain circumstances. Such services include insurance of life and health of the tourist, his property and liability, etc. Specific types of insurance against tourist risks are insurance in case of transport delays, bad weather during the stay of insured persons on vacation, as well as failure to provide or improper provision of services specified in the tourist voucher, etc. The current state of development of the domestic market of insurance services and travel insurance is analyzed. It is determined that the largest segment of the travel insurance market in Ukraine is health insurance. Insurance companies are currently creating insurance systems that, depending on their cost, may include a range of services, including evacuation and first aid services, as well as a range of services such as: payment for visits by relatives to the injured tourist in the host country, dental help, etc. Conclusions It was found that the main factors hindering the development of tourism insurance are: low insurance culture of tourists, owners and employees of tourism enterprises; public distrust of financial institutions; cases of insurance fraud against consumers of tourist services; imperfect legal framework and organizational and economic support, etc. A number of measures at the macro and micro levels are proposed for the development of tourism insurance in Ukraine, which will minimize threats to the safety of tourists and help ensure the economic security of the tourism business.

OPTIMIZATION AND PROSPECTS FOR THE DEVELOPMENT OF INSURANCE IN THE TOURISM BUSINESS IN THE CONTEXT OF THE PANDEMIC

The purpose is the current state of tourism in Ukraine and the need to find alternative positive methods and tools to prevent the bankruptcy of the subjects of tourist activity. On the basis of a study of the peculiarities and risks of the subjects of tourist activity, which have increased in the conditions of the COVID-19 pandemic, recommendations for implementation in the practice of insurance as a method of preventing bankruptcy have been developed. Comprehensive insurance protection of business entities in the tourism industry should be carried out by combining insurance in such areas as: insurance against interruption of tourist activity (compensation for losses from business interruption for reasons beyond the control of the tourist operator, including those associated with COVID-19 and restrictive measures on tourism), civil and professional liability insurance of tour operators, travel agents, property and personnel insurance, as well as cyber insurance hiding. Methodology. The issue of insurance provision of the tourism industry in a pandemic requires a comprehensive and systematic approach. Modern realities require it to raise social standards of protection of the population in general and tourists in particular. Achieving risk minimization in tourism is possible only with the establishment of active cooperation between the state authorities, travel companies and insurance companies. Results. Insurance in tourism can be considered as a system of financial and economic relations between insurance companies, subjects of tourist activity and tourists on the satisfaction of the interests and needs of each of them. In the tourism business, the risk of adverse events and their negative consequences is particularly significant. Sometimes it is difficult to predict the presence of adverse factors or events for the well-being of tourists. Additional difficulties are associated with the participation and interaction of a large number of independent business partners (tour operators, consular services, hotels, transport companies, etc.) Thus, the probability of occurrence of insurance claims has substantial grounds. Value/originality. Analyzed the current state, threats and prospects of the situation in the insurance market in Ukraine. Various factors and objective circumstances influence the development of global and, in turn, national markets of insurance services. The priority of development of national and world economy in recent years is globalization of financial institutions. The substantial basis of integration and globalization processes is the movement of capital. The insurance market, as an integral part of the country's financial market, is primarily influenced by globalization processes. This market reacts almost instantly to the dynamic processes in the world economic environment and reflects the main trends reflecting the formation of the modern insurance space. The pandemic crisis differs from the previous ones in that the freedom of movement was considerably restricted. The aim of the study is to identify the most necessary adaptive and transformational changes in Ukraine, taking into account the factors caused by the pandemic. Today the domestic insurance market is experiencing many negative challenges. The question of what consequences are inevitable after the end of the quarantine and how they will affect the participants of the insurance market remains less relevant. The external and internal factors affecting the functioning of the insurance market of Ukraine have been considered. It is established that due to objectively direct consequences the number of insurance companies will decrease. It is established that in Ukraine insurance companies offer health insurance programs that provide financial support in case of COVID-19 diseases, as well as improve already existing insurance programs. Legislative changes that have occurred in Ukraine in the sphere of insurance in connection with the pandemic coronavirus are analyzed. It is established that the state implements measures aimed at protection and support of the population in the event of a pandemic. Existing and potential threats have been determined, the opportunities that will allow insurance companies to maintain and strengthen their positions in the insurance market have been identified.

Determining Competitive Advantages of Insurance Companies in Ukraine

Purpose: The study aims to analyze and determine the competitive advantages of insurance companies in Ukraine in order to increase their competitiveness on the basis of economic and mathematical modeling. Approach/Findings: Detailed analysis of performance indicators of the leading insurance companies in Ukraine was carried out. Based on economic and mathematical modeling, their competitive advantages were calculated. Factors that most significantly affect the competitiveness of an insurance company were determined. Originality/Value: The study includes a holistic and systematic approach to determining the competitive advantages of insurance companies in the Ukrainian market based on factor analysis of their performance. This study provides additional opportunities for strategic management of a company. The proposed approach can be the basis for implementing simulation experiments of an insurance company to determine the most significant indicators of its work to increase competitiveness. Practical Implications: Model calculations, carried out in the work, made it possible to determine the position and opportunities of companies in the Ukrainian insurance market, factors that increase the competitiveness of insurance companies, as well as directions for improving their development strategies. Research Limitations/Future Research: Research prospects are associated with further improvement of indicators that are system-forming in determining competitive advantages of insurance companies in Ukraine. Paper type: Empirical

Сучасні підходи до пруденційного регулювання на страховому ринку України

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

Agricultural Insurance as a Condition for Sustainable Development of Rural Areas

The agricultural sector is currently the leading link in the Ukraine economy, which largely determines the socio-economic development of rural areas. Agricultural insurance is an effective tool to reduce financial losses in the course of economic activity in agriculture.The aim of the article is to identify trends in the agricultural insurance market in Ukraine, highlight the factors influencing its functioning and on this basis substantiate the directions and prospects for further development of this segment of the insurance market as a condition for sustainable rural development. The following methods were used to implement the tasks: abstract-logical; system analysis; structural and functional; graphic; monograph; comprehensive analysis. In the study of the relationship between insurance premiums and 7 factors of influence, the method of regression analysis was used. According to the simulation results, it is established that by 53.6% the variation in the volume of agricultural insurance premiums depends on the volume of crop production by agricultural enterprises, by 52.5% – on the share of insured area and 92.1% on the average insurance rate. The value of the coefficient of determination according to this model indicates that the variation in the volume of insurance payments for agricultural insurance by 96.4% is determined by the variation of these factors. Factors of low level of distribution of agroinsurance in Ukraine are revealed, which are combined into blocks: factors connected with branch specificity of enterprises; factors related to the activities of insurance companies; natural and climatic factors; institutional factors.The directions of development of the agricultural insurance market in Ukraine are substantiated: first, the creation of mutual insurance companies and cooperatives, which will allow to take into account the specific needs of members of the company; secondly, the resumption of public-private partnerships, which will help the insurance company’s customers to develop a variety of sources of insurance costs, restore confidence in insurance as a tool for risk localization and increase the reliability of insurance compensation in the event of an insured event

АНАЛІЗ ПОКАЗНИКІВ ДІЯЛЬНОСТІ СУБ’ЄКТІВ СВІТОВОГО РИНКУ СТРАХОВИХ ПОСЛУГ

The economic sense of insurance marker at the article is determined. The insurance market is relations of insurance service realization and possibility of insurance funds to create conditions of risk reduction and elimination for all participation of economics activities and all segments of the population. Problems of insurance companies’ activities were determined at many scientific sources. Activities of life insurance companies at Ukrainian market were determine. Analyze of insurance companies’ data on national market was made, the main problems and measure of creation situation on insurance market of Ukraine. The insurance brokers, their classification and their functions were determined. But at modern research there are not analyze of insurance companies’ activities on global insurance market. The main aim of article is analyzed of insurance companies’ activities on global insurance market, the global tendencies on global insurance market was determined. Also, this article is dedicated to analyze of insurance companies on wolds insurance services market. At the article the important data such as the ratio of real estate premiums to victims and the ratio of life premiums to annuities. As basic for analyze great insurance companies of German, Great Britain USA, France, Switzerland, Bermuda. Also were analyzed data of most great world insurance brokers. Also the data of activity of world property insurance and life insurance companies were analyzed. Was determined, that during 2019 and 2020 profit of world insurance brokers create. Also was determined, that during 2019 life insurance profit of world insurance companies was created. The traditional insurance is not more the main business of life insurance field. The influence of pandemic COVID 19, showed both positives and negatives effects. Pandemic show impotent of having protection against force mayor. That is why, the support increased as for customer and for companies. Very impotent for insurance company to offer digital communication of all aspects, because it is world tendency. It is very important to develop these tendencies all time.

CURRENT STATE OF DEVELOPMENT OF THE INSURANCE MARKET IN UKRAINE

The given statistical data show that the interest of Ukrainians in insurance and the level of financial literacy of the population is growing, trust in insurance services is increasing. However, the crisis related to the COVID-19 pandemic and the economic crisis in 2020 continued to have a moderate impact on insurers. Insurers’ insurance premiums reported to the National Bank maintained an upward trend, but the increase was halved. The problematic consequences of the pandemic for insurers are: reduction of the share of insurance premiums for aviation insurance and property insurance; reducing the number of contracts related to new car insurance; difficulty in the organization of remote customer service by employees of the insurance company, namely the assessors of insurance losses; elimination of small insurance companies that failed to organize quality online services. The pandemic has led to both positive and negative consequences in the activities of domestic insurers. It gave a new impetus to the development of insurance culture among Ukrainian citizens. People began to understand the importance of such a service, especially life and health insurance. Therefore, it can be argued that most insurance companies in the market were able to adjust and find solutions for stable operation in conditions of economic danger. Thus, according to the current process of formation of the insurance market in Ukraine, we came to the conclusion that its further successful development will depend on: effective control over the activities of insurers by the state; strengthening the capital requirements of insurers, their solvency and assets; adaptation of domestic insurance legislation in accordance with the norms, rules and requirements of European and world markets; introduction of innovative insurance technologies and the latest service quality standards in this area; creation of associations of insurers on the most important insurance issues; creation of a comprehensive system of training and retraining; promotion of insurance services among the population.