TRENDS IN THE DEVELOPMENT OF THE UKRAINIAN INSURANCE MARKET

Анотація

In today's economic environment, the insurance market plays one of the leading roles in ensuring the protection of property interests of individuals and legal entities and long-term investment in the real sector of the Ukrainian economy. The insurance market is an extremely complex multilevel system consisting of a number of interconnected and interdependent subsystems such as: insurance products, tariffs, sales and demand generation, infrastructure and more. The formation of a developed insurance market in Ukraine will provide favorable conditions for market transformation and stable development of the national economy, the development of the world economy and international relations, which makes the research topic relevant. The article considers and analyzes the current state of the Ukrainian insurance market and the main indicators of insurance activity for 2012—2019. It is determined that the reduction in the number of insurance companies is the result of the regulator's efforts to strengthen the market by removing players who do not meet the requirements of solvency and reliability. The key problems of the insurance market activity and problems that hinder its development are highlighted, the directions of its improvement and further development are suggested. The conducted research shows that the insurance market of Ukraine is an effective means of redistribution of funds that have previously been accumulated for further investment in the development of the country's economy. The analysis of integration processes in the Ukrainian insurance market makes it possible to conclude that the degree of its development is insufficient and the need for further liberalization is aimed at facilitating integration into the global financial space. In Ukraine, as in the world insurance market, there is a process of increasing the capitalization of national insurers, the merger of insurance, banking and industrial capital. Liberalization of trade in insurance services facilitated the entry of Ukrainian insurers into foreign markets, but the presence of national insurance capital on them is negligible. Today, the Ukrainian insurance market is under development and has certain advantages and significant disadvantages: the growth rate of the insurance market is lagging behind the economic growth rate, and its share in the country's GDP is negligible. But the Ukrainian insurance market has a strong potential for development.

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