Insurance Market Of Ukraine Research Articles

UKRAINIAN PROPERTY INSURANCE MARKET PERFORMANCE

The modern insurance market of Ukraine, in comparison with foreign countries, shows rather low development indices. However, the role of insurance in the financial development of the state is one of the determining factors, as it is possible to achieve equal distribution and redistribution of financial resources, to ensure reduction of state expenses in case of emergency situations and effective development of social protection. Purpose. The purpose of the article is the research of a condition and features of functioning of the property insurance market in Ukraine at the present stage. As a result of the conducted research it became possible to emphasize the problem points of insurance activity performance as a whole and property insurance in particular. It has allowed to designate prospects of optimization of activity of the given segment of the national insurance market. Methodology. In course of the research the following methods were used: dialectical method – to clarify the importance of the studied issue among the scientists; horizontal analysis method – to consider the dynamics of indices of property insurance market performance by certain types of insurance objects; vertical analysis method – to determine the role of property insurance sector in the insurance market of Ukraine; induction method – to draw conclusions. Results. Indices of the insurance market activity in Ukraine are analyzed and the basic tendencies of its development are defined in the article. From the critical position the peculiarities of functioning of the property insurance sector were assessed: both within the segment by types of insurance objects and in general, against the background of other types of insurance. The analysis made it possible to identify the problematic aspects and drawbacks of the property insurance activity that contributed to the development of offers on improvement of insurance activity in the property insurance sector. Practical significance. The practical application of the proposed methods of reducing gaps in property insurance would make it possible to increase the potential of the state insurance market and facilitate the growth of the level of confidence of the population in insurance as an instrument of their own security and equalization of their financial position in case of unexpected events.

ФОРМУВАННЯ ДИНАМІЧНОГО ПОТЕНЦІАЛУ СТРАХОВОГО РИНКУ УКРАЇНИ

Formulation of the problem. The article presents the author's opinion on the peculiarities of the functioning of the Ukrainian insurance market and the specificity of its dynamic potential formation. The urgen cy of the problem is justified by the rapid changes in the financial market, namely, insurance services in connection with the spread of negative expectations of production structures, based on the global forecasts of the next global financial crisis and the global recession. The purpose of the article is to express the characteristics of the current state of the insurance market in Ukraine and the formation of methodological provisions for the dynamic analysis of the potential of the insurance market, taking into account the influence of environmental factors. The object of the study is the process of dynamic analysis of the potential of the insurance market, taking into account the influence of environmental factors. Methods used in the study. Methodological basis of the study were the methods and principles of scientific knowledge, general and specific methods used to justify the determination of the specificity of the dynamic analysis of the potential of the insurance market, taking into account the influence of environmental factors. The hypothesis of the study was the assumption that long -term government support for the insurance market helps stimulate demand with a gradual increase in capitalization. Presenting main material. It is emphasized that in the conditions of limitation of financial resources in the activity of domestic enterprises, it is necessary to rely on updating the system of financial regulation in the country, in particular at the expense of insurance instruments, to direct its activities to attract additional financial resources. Express characteristics of the insurance market of Ukraine are given, dynamic and structural analysis of insurance market indicators and main insurance services is carried out. Recommendations for dynamic analysis of the potential of the insurance market are offered, which are based on the principles of sustainable development analysis. Originality and practical significance of the study. The study identified the need to improve the situation in the insurance market through the implementation of a number of systematic multi -vector measures aimed at eliminating both chronic problems and caused by the global financial crisis. Particular emphasis in terms of practical implementation is recommended to activate the investment potential of the insurance market, the formation of effective market mechanisms for attracting investment resources in the national economy by ensuring the effective functioning of the insurance market. Conclusions and prospects for further research. The conducted research proves that the factor that ensures the growth of the insurance market from the supply side should be the increase of capitalization of national insurers. Under these conditions, subordinated loans and measures to stimulate the refinancing of profits of insurance companies will gain special urgency. Creating favorable conditions for the development of insurance requires deep theoretical research and scientific advice, which can be an important factor in the effective functioning of the national insurance market.

The Insurance Market in Ukraine: The State and Development Prospects

In the current conditions of the economic development in Ukraine, an important place is occupied by the system of insurance relations. Although the insurance market in Ukraine is characterized by a low level of insurance culture, some insurers don’t fulfill their obligations, distrust of the population towards insurance companies, imperfection of state regulation mechanisms of the activity of these enterprises, low incomes of the population, etc.The research of the domestic insurance market shows that insurance itself provides the population with insurance protection against various insurance risks and is the most stable source of long-term investments. The existing insurance system in Ukraine is based mainly on principles that have demonstrated its inefficiency and do not meet the needs of the national economy. Urgency of this problem requires further study of the history of the insurance development as a whole, the identification of the development stages of insurance of the independent Ukraine and identification of a group of factors that influence the insurance market development.Growth of the entrepreneurial activity in the late nineteenth century and a stormy development of joint-stock companies were the beginning of agreements conclusion, definition of the rules of insurance, expansion of the reinsurance activity.Developmentoftheinsurancebusinesshasshownitsprofitability, therefore, in our country there is no significant decline in the number of insurance companies. In the competitive environment, insurance companies are increasingly expanding their range of insurance risks, seeking to increase their competitiveness. Insurance has a long history of formation, and research into historical aspects of the insurance development has begun with its evolution. Having analyzed literary sources, we have come to the conclusion that in Ukraine, the insurance development took place under the legal conditions that existed in the period of Kievan Rus and Tsarist Russia, and later in the USSR. Only the adoption of the Law on Insurance in 1996 made the domestic insurance market more developed and modern. Current state and four groups of factors that influence the insurance market development in Ukraine are analyzed. Prospects for the development of the insurance market in Ukraine are substantiated.

Development of life insurance market in Ukraine

Purpose. The aim of the article is to study the main problems faced by the domestic life insurance market, substantiation of the negative impact and identification of opportunities for its future development. Methodology of research. The research is based on scientific and practical developments of scientists and specialists. The following methods are used to achieve this purpose, among them are analytical (when analyzing the main components of the life insurance market); generalization (when compiling data on the assessment of the life insurance services segment functioning in order to identify patterns of its trends); evaluation and inference (to summarize the subject of the research). Findings. Insurers’ dynamics in the domestic insurance market in recent years in terms of their numbers have been analyzed; an assessment of the structure in terms of gross and net insurance premiums and payments has been substantiated. The comparative characteristics of digital indicators of the Ukrainian and European life insurance markets have been considered. The issue of inclusion of insurance services in social programs and urgent deterrents of its solution in Ukraine has been studied. The advantages and disadvantages of life insurance areas (the accumulative pension, the insurance against accidents at work) have been analyzed. An assessment of the composition of the social package in the Ukrainian insurance market and the importance of each component, namely the basic social guarantees and additional material benefits, taking into account the available potential has been done. Originality. Theoretical and practical foundations of life insurance market development have been deepened on the basis of cooperation between the state, which at the same time assumes responsibility for maintaining the minimum income of all citizens, and also maximally stimulates the development of various forms of non-state insurance in order to save life, health and income. Practical value. The results of the research can be the basis for future scientific exploration in the field of effective development and functioning of the life insurance market. Key words: insurance, life insurance, accumulative pension insurance, insurance of working accidents, life insurance market.

Insurancе of business’ risks

The paper emphasizes the role of entrepreneurial risk insurance in economic protection and the stable development of the activities of Ukrainian entrepreneurs. The features of the interaction of insurance and entrepreneurship in Ukraine are considered. The list of business risk insurance objects is given. The paper highlights the types of entrepreneurial risks that may be insured. The main features of insurance of entrepreneurial risks in modern business conditions are investigated. It has been determined that insurance of entrepreneurial risks is one of the most effective ways of influencing financial relations on the business process during the development and implementation of management decisions. The system of insurance services offered today in the domestic insurance market helps to reduce the negative consequences of insured events, and provides protection against losses in the process of doing business. Attention is drawn to foreign experience in providing insurance services depending on the specifics of entrepreneurial activity. Limitations for active demand for insurance services for insurance of entrepreneurial risks are considered, the main of which are the high cost and imperfection of the terms of the contract. The structure of gross and net premiums by type of insurance in the insurance market of Ukraine for the period 2017-2018 is analyzed. Conclusions are made about the low specific weight of the studied insurance services in the total amount of insurance premiums and unsatisfactory dynamics. The main problem points are highlighted, which are an obstacle to the successful development of the studied segment of the Ukrainian insurance market. It was recommended to insurance companies to expand offers for entrepreneurs, taking into account the specifics of professional activity. To develop and support the interaction of insurance and business in Ukraine, it is necessary to improve the legislative framework for this type of activity.

A strategy of insurance market development in conditions of latent military conflict in Ukraine

One of the basic preconditions of overcoming economic consequences of the military conflict in the East of Ukraine is a developed financial sector, an integral part of which is insurance market. Considering existence of internal problems of the industry’s development, that are strengthened by influence of military-political instability, the domestic insurance companies cannot fully achieve effective redistribution of risks and capital, as well as provide stability of economic system in the whole. This research is directed to the theoretical justification of a perspective strategy of the insurance market’s development in conditions of latent military conflict as well as to offer the appropriate practical recommendations for Ukraine. In order to achieve the set goal, there was substantiated the necessity of a complex application of the general scientific and special methods of cognition, namely methods of abstraction, analysis, synthesis, grouping, analogy and comparison, as well as the economic-mathematical methods. Basing on the official data on an insurance market’s development in Ukraine, there was revealed a tendency to worsening of its abilities in provision of national financial security, that is confirmed by shortening of volumes of insurance premiums and formed insurance reserves, as well as reduction of ratio of the insurance premiums to GDP and number of population in Ukraine during the last years. Moreover, with the help of instruments of correlation-regressive analysis, there was revealed a dependence of the level of the insurance market’s financial potential usage on the level of insurance penetration in Ukraine in the years 2002-2019. We define economic problems of latent military conflict, which can be solved with the help of insurance market, in particular, a slow economic growth, conditioned by a high level of credit risks, the unresolved issues of responsibilities’ fulfillment by insurance companies in conditions of military conflict and after it, as well as a rapid increase of financial needs of healthcare system. In accordance to this, there were given recommendations concerning their solution, which foresee a priority in medical insurance development, widening of insurance conditions and list of insurance risks, connected with bank crediting, as well as development of new insurance products, considering an influence of a military conflict’s factor. In conditions of overcoming the consequences of military conflict, the transformation of insurance market’s role appears, which is connected with increase of risks level and slowing down of financial resources movement. The proposals, formed as the result of this research, can be useful to develop the perspective plans of Ukrainian insurance market’s development. At the same time, the coordination of actions of the state regulators, unions of market’s participants, owners and management of insurers, as well as consumers of insurance services, are needed.

Stimulating and limiting factors for the growth of investment potential of Ukrainian insurance companies

The fact that the accumulated investment potential (IP) of insurance companies (IC) does not have a significant impact on the processes of economic growth in Ukrainian practice actualizes the task of researching the practice of investing in the activities of domestic insurers. The purpose of the study is to find out, classify and highlight the main factors that influence the formation of the Ukrainian IC’ IP and give recommendations for overcoming a number of related difficulties. According to the results of investigation of the Ukrainian insurance industry development trends in 2011–2018, it was concluded that rates of their IP accumulation are insufficient. There is a decrease in the aggregate value of insurers’ investment assets and a reduction in the composition of investment attractive financial instruments. Low efficiency and simplification of investment strategies of IC are noted. The factors that exert a stimulating and inhibitory influence on the investment processes in the Ukrainian insurance market were identified. Ways and tools were proposed to strengthen the effect of incentive factors and eliminate or minimize the effect of the considered restrictive factors that can be used in the practice of state regulation of the insurance industry of the country. Considering the examined factors should allow the state regulators making more effective decisions to improve the investment activity of insurers and enhance its importance in the development of the national economy.

ОСОБЛИВОСТІ ДЕРЖАВНОГО РЕГУЛЮВАННЯ СТРАХОВОГО РИНКУ УКРАЇНИ У ТРАНСФОРМАЦІЙНИХ УМОВАХ

Досліджено роль держави у процесі регулювання страхової діяльності. Здійснено аналіз сучасного стану страхового ринку, виявлено низку невирішених питань, що стримують його розвиток.Проаналізовано рівень проникнення страхування в Україні та країнах Європи, ступінь концентрації ринку страхування, рівень капіталізації. Досліджено тенденції розвитку страхового ринку в Україні та за кордоном. Наведено перешкоди розвитку страхового ринку в Україні. Охарактеризовано основні напрями реформування страхового ринку України відповідно до бачення НБУ майбутнього регулювання страхового ринку України. Розглянуто зарубіжний досвід функціонування єдиного фінансового мегарегулятора, а також особливості та можливий ефект від його впровадження на базі Національного банку в Україні. Здійснено порівняльний аналіз основних розходжень директив Solvenсy І і Solvenсy ІІ. Оцінено можливості та очікувані наслідки імплементації вимог директиви Solvency ІІ у діяльність українських страхових компаній. Наведено завдання, що стоять перед новим регулятором страхового ринку.Наголошено на важливості забезпечення прийнятного процесу виходу страхових компаній з ринку, а також доцільності створення системи гарантування виплат за договорами довгострокового страхування життя (на основі зарубіжного досвіду — використання моделі Ex-ante).

Аналіз сучасного стану страхового ринку України

Аналіз сучасного стану страхового ринку України

OPTIMIZATION OF CASH FLOW TO INCREASING THE FINANCIAL STABILITY OF INSURANCE COMPANIES

Currently, the Ukrainian insurance market demonstrates the emergence of problems in certain sectors and a reduction in the growth rate of insurance premiums. Losses of insurance companies also increase, which in turn leads to lower profitability of own funds and increases costs. All these are the reasons for the decrease in profitability of the insurance business. In order to maintain the status of insurance companies in the market, one should pay attention to the cash flow. In the process of operations it is important to optimize the cash flow and change the financial management methods of the insurance company accordingly. The financial stability of an insurance organization depends on the effectiveness of cash flow management, and due to the imbalance of funds, additional liabilities may arise that lead to the instability of the insurer's finances. The purpose of this study is to develop directions for optimizing cash flows, the implementation of which will improve the financial stability of the insurance company. The research shows the problems of financial stability of insurance companies. Having analyzed the scientific studies and publications, the general definition of financial stability was found. It is shown through the effective management of cash flow, especially through the optimization of output cash flow of insurance companies. The peculiarities of cash flows generated by insurance companies are determined, and the importance of cash flows for financial stability is shown. The article justifies the choise of propositions that can improve cash flows based on analysis of financial activity of NSSC “Oranta”. Investigation of the financial activity of NSSC “Oranta” shows that there are problems with the company's finances that are associated with the increased commercial expenses and receivable accounts. The algorithm of cash flow optimization was developed and its influence on financial stability through the increasing of profitability was explained. Having solved this problem, the insurance company can improve its capital structure, increase the profitability of the capital and its financial activity that will make company's finances more stable. Key words cash flow, cash flow balance, cash flow liquidity, insurance companies, financial stability.

СУТНІСНІ АСПЕКТИ ЗАБЕЗПЕЧЕННЯ ФІНАНСОВО -ЕКОНОМІЧНОЇ БЕЗПЕК СТРАХОВИХ КОМПАНІЙ У КОНТЕКСТІ РОЗВИТКУ КОНКУРЕНТОСПРОМОЖНОГО РИНКУ СТРАХОВИХ ПОСЛУГ

Introduction. Insurance is an important part of the formation of the financial security system of the state. Insurance in Ukraine covers less than 15% of the insurance field, which allows us to predict the rapid development of the insurance market in the near future. The insurance industry in Ukraine will be able to provide more diverse insurance services as it builds its potential. At the same time, the expansion of insurance will create space for the emergence of new threats to the normal operation of insurers, and the issue of ensuring their financial and economic security in the new operating conditions will become even more relevant.The reason for bankruptcy and liquidation of insurance companies in many cases is the low level of their financial and economic security. Therefore, it is necessary to draw the attention of the scientific community and insurance professionals to the problem of finding new opportunities to counter the risks and threats of insurance activities and to develop a mechanism for timely identification of declining financial and economic security of the insurer.Purpose. The purpose of the study is to establish areas for financial and economic security of insurance companies in the context of the development of a competitive insurance market in Ukraine. To achieve this goal, important tasks are: the study of the current state of development of the insurance market and the development of a list of practical recommendations for increasing profitability and improving the management of financial and economic security of domestic insurers.Methods. In the course of research the monographic method and a method of the theoretical analysis are used. Techniques of content analysis and synthesis are also used. The method of generalization was used in the process of forming conclusions based on the results of the study. A graphical method was used to visualize the stratistic data.Results. The article examines a set of issues related to insurance activities and ensuring its financial and economic security. The concept of financial and economic security of the insurance company, the essence and strategic aspects of its provision are studied. The definition of strategic management of financial and economic security of an insurance company is offered. The necessity of increasing the level of financial and economic security of insurers is substantiated and proposals are given on perspective directions of its improvement.Originality. The main threats for the security-oriented functioning of the competitive insurance market in Ukraine today are: cyber-attacks, lack of mechanisms to control the transparency of insurance market participants, low efficiency of regulation and quality control of insurance services, non-compliance of domestic insurance products with European standards, lack of national strategy of safety-oriented development of the insurance market. One of the main reasons for bankruptcy and liquidation of insurers is the inadequate level of their financial and economic security, which may be caused by the imbalance of insurance portfolios of companies. The main recommendations for increasing the level of profitability and modernization of financial and economic security management of insurance companies may be as follows: working out a general strategy for the development of the insurance company for five years, taking into account threats of digitalization of financial relations and trends in behavioral economics and interests of the company in the long run, ensuring the balance of the insurance portfolio, ensuring the appropriate level of qualification of employees of insurance companies, creating a separate unit for financial and economic security, developing new effective advertising strategies, implementing new insurance products (eg. cyber insurance).Conclusion. Further development of the competitive insurance market of Ukraine is impossible without ensuring financial and economic security of insurance companies in the strategic perspective, which, in turn, requires the development of theoretical and methodological provisions and practical recommendations for modernizing economic relations in the field of insurance and economic security. With the spread of digital and behavioral economic models, insurers face an important task of building a quality policy of strategic management of financial and economic security, which should be based on maintaining their proper financial condition, ensuring financial reliability and stability in the long run and tactical perspectives.

Динаміка розвитку України крізь призму показників топ-рейтингу страхових компаній

Insurance is a powerful catalyst for development of economy around the world. The domestic market of insurance services promotes to the redistribution of risks in the economy and forms the social protection of the population. Constant changes in economic processes and improvement of the provisions of state regulation form the relevance of the study of changes in insurance market indicators. The purpose of the study is to establish the dynamics of development of the insurance market in Ukraine through the prism of the top rating of insurance companies, including analysis of indicators of Zhytomyr region and to identify major gaps in the insurance sector and ways to remove it. The key tasks include: analysis of insurance payments and payouts of the top rating of insurance companies of Ukraine; assessment of the insurance market of Zhytomyr region in terms of insurance types; analysis of risks and prospects of the insurance market in the conditions of COVID-19. General scientific and statistical methods became research methods, namely: system analysis and generalization; methods of scientific abstraction, observation and comparison. The level of insurance payments and insurance payouts according to the top rating of insurance companies in Zhytomyr region and in Ukraine in general is assessed. A tendency to reduce the number of insurance companies due to changes in government regulation is detected. The specific weight of insurance payments and insurance payouts of Zhytomyr region within Ukraine is determined. A need to restore public confidence in the insurance market in order to increase the percentage of life insurance is detected. Leading companies in risky types of insurance in Zhytomyr region are identified. The risks and prospects of the insurance market in a pandemic are studied. The types of insurance that will suffer mostly from COVID-19 are identified. Ways to solve the problems of the modern insurance market in Ukraine are offered. Prospects for further research in this area are to improve regulations and to evaluate the actual indicators of the insurance market in a pandemic.

ANALYSIS OF THE STATE AND DIRECTIONS OF DEVELOPMENT OF THE INSURANCE SERVICES MARKET IN UKRAINE

Determining the current state of the insurance market in Ukraine and identifying promising areas for its development. Analysis of the current state of the insurance market is based on methods of analysis and synthesis, induction and deduction. The study of prospects for the development of the insurance services market is based on the methodology of scientific abstraction. The current state of the insurance market is taken into consideration and the dynamics of its development are analyzed. It was found that the current state of the domestic insurance market in its institutional and functional characteristics does not fully meet the trends of the global insurance market. It is substantiated that the functioning of a powerful market of insurance services is an important source of accumulation of funds for their further investment in the state economy. Emphasis is placed on systematizing the function of the insurance services market. The analysis of the main indicators of the insurance services market is carried out. It is established that the indicators of the insurance services market development are insufficient and do not meet the needs of the national economy. The reasons for the decrease in the number of insurance companies in the insurance services market of Ukraine are revealed. insurance companies with foreign capital. It is determined that the reasons for the low level of insurance propagation are the low level of public confidence in insurance companies, lack of awareness of Ukrainians in the insurance sector, and their low capital. The result of the analysis of the state of the insurance services market for 2014-2019 indicates that in general its unsatisfactory condition, which is confirmed by low values of indicators. Reduced number of insurance companies operating in the insurance market, the lack of a unified state strategy for the development of the insurance market in the country, the instability of the economic situation in the country and low confidence in insurers among the population negatively affect the development of the insurance market in Ukraine. The main problems of the insurance services market of Ukraine and prospects of its development were determined. The need to develop an effective and comprehensive strategy at the state level for the development of the national market of insurance services and suggested ways to solve the problems of the modern market of insurance services in Ukraine. Practical significance. The tendencies of development of the market of insurance services of Ukraine are made

Моделі оцінювання діяльності страхових компаній

The article is aimed at assessing the impact of the Solvency II requirements on the Ukrainian insurance market and making a forecast of possible situations after the introduction of these requirements. To achieve the aim, the following tasks were set: to describe both the quantitative and the qualitative requirements of the Solvency II in the EU and the conditions for their use in the Ukrainian insurance market; to predict a possible change in the insurance market of Ukraine under the influence of the Solvency II quantitative requirements, which was performed as a result of the presented research. It is specified that the «novelty» envisaged by the Solvency II, which is related to the use of internal models, is an important step in the different sense of the assessment of the activities of insurance companies. This assessment is dominated not only by the quantitative parameters, but also by the problem of generally recognized risk, to which company is inclined and which is ready to take over. However, a significant number of aspects of this approach still need to be closer defined. The criteria related to the use of internal models for the needs of the supervisory authority have so far had the nature of the initial assumptions, and the experience of insurance companies (using internal models for their own needs, not the needs of the supervisory authority) concerns only a small percentage of companies. The internal model allows the insurance company to independently determine the actual demand for the required amount of guarantee capital. However, internal models include certain risks. The most important types of risks to consider in the internal models are grouped as follows: technical and insurance risk; risk associated with assets; operational risk and other types of risk. It is projected that the implementation of the project is likely to face many more unexpected problems, but the idea itself is interesting and understood by both insurance companies and regulatory authorities.

Заходи стимулювання страхового ринку України

Заходи стимулювання страхового ринку України

РОЛЬ ПРУДЕНЦІЙНОГО НАГЛЯДУ У СФЕРІ НАГЛЯДУ ЗА СТРАХОВОЮ ДІЯЛЬНІСТЮ В УКРАЇНІ

The article investigates the current state of the insurance market in Ukraine and the history of its formation. The existing problems that hinder the progressive development of the market and attract investment are considered. Attention is paid to the latest legislative state regulation of financial services markets (banking and non-banking) by one regulator (NBU) and the expediency of its introduction in the non-banking financial sector and its further role. The main levers by which Ukraine will be able to obtain a financial system that meets international standards have been identified. The focus is on the provisions of the EU Solvency ll Directive and the requirements and standards set out therein. It also substantiates the feasibility of securing prudential supervision of insurers, which defines its peculiarities and mechanisms by which it operates effectively. The experience of countries that have already introduced this type of surveillance is explored. A number of significant changes have been identified, among which are the following: transparent financial statements, new standards for service provision, extension of oversight functions of the Authorized Body, etc., which will allow for the proper protection of the rights of consumers of financial services. Purpose: to analyze the international norms and standards according to which insurers operate within the European Union. Do the research on the EU Directive (Solvency ll) and the feasibility of its implementation in national legislation. The advantages and disadvantages of prudential supervision of insurers have been identified. Methods: General and specific cognition methods have been involved in the writing of the work. Historical method, comparative-legal method, system-structural analysis method and formal-logical methods have been used as the basis of the research methodology. Results: justification for the introduction of a new transparent financial reporting system in the future; the need to create a new internal insurer risk assessment system and new capital adequacy requirements. Conclusions: A number of advantages and disadvantages of current changes and further transformation of domestic legislation in the field of insurance supervision to the best international standards have been identified. It examines what changes the insurance market of Ukraine is going through and what to expect from insurers in the coming years, what costs will have to be incurred and what they will receive as a result. The focus is on protecting the rights of consumers of financial services to prevent events occurring in the insurance market more than 25 years ago.

Оцінка та забезпечення надійності міжнародних страхових організацій на фінансовому ринку України

Modern views on the concept of financial reliability of insurance companies are analyzed and our own definition of this concept is given. The analysis of the main indicators of activity of the leading international insurance organizations in the insurance market of Ukraine is carried out. Approaches to assess the reliability of insurance companies are considered. An integrated indicator is proposed, which provides an opportunity to objectively assess the reliability of insurance companies. The reliability of insurance companies with foreign capital was assessed using the proposed integrated indicator and proposals were made to improve the management system of insurance companies.

EXPERIENCE OF DEVELOPED COUNTRIES ABOUT INSURANCE MARKET DEVELOPMENT

The current stage of development of the world economy and international relations, Ukraine's accession to the system of world economic relations necessitates the development of the insurance market, taking into account world experience and national peculiarities. The article deals with the problems of formation and further development of the insurance market for countries with economies in transition, in particular, for Ukraine, where there are dramatic changes in the economic system. The activity of the insurance markets of the USA, Poland, Great Britain, Germany, Switzerland and Japan is analyzed. It is revealed that the formation of a developed insurance market in Ukraine, taking into account the tendencies and features of the development of insurance markets of developed countries, influences the stable development of the national economy, the development of the world economy, international relations and the provision of favorable conditions for market transformation. A number of proposals to implement international insurance standards in Ukraine are substantiated.

Тенденції діджиталізації на страховому ринку України

Тенденції діджиталізації на страховому ринку України

An insurance company as an element of sustainable development of the state socio-economic system: Ukraine insurance companies case study

This article focuses on non-life insurance companies functioning and ensuring their sustainable development on the basis of the System Dynamics method application on the iThink system software platform. The key points of the research are the analysis of economic and mathematical methods, models, information technologies, which are used for risk valuation and insurance companies activity management; simulation models complex development for non-life insurance company management. The proposed approach allows insurance companies to analyse and pick up management factors for achieving sustainable development; to carry out an analysis of the indicators reflecting the internal and external factors that affect the stability of insurance companies and the insurance market of Ukraine. The proposed simulation-models are aimed at situational testing of the insurance company’s work in order to control financial sustainability and solvency indicators.