Market Constraints to the Innovative Development of the Insurance Market in Ukraine: Challenges and Prospects

Анотація

This paper explores the key barriers hindering innovation in the Ukrainian insurance market, focusing on financial, technological, and human resource constraints. A descriptive-analytical and mixed-methods approach, including financial data analysis and expert interviews, was applied to identify the most pressing challenges and assess opportunities for modernization. The study demonstrates that low capitalization, outdated IT systems, and a shortage of qualified specialists remain the most significant obstacles, exacerbated by the ongoing war and macroeconomic instability. While financial and technological constraints are the most direct impediments, the shortage of skilled personnel is largely a consequence of these limitations. Nevertheless, the presence of international insurers, growing premium volumes, and prospects for European integration present opportunities for innovative development. The findings emphasize the importance of regulatory reform, investments in digitalization, and improved financial literacy. The paper contributes to the debate on innovation in emerging insurance markets and highlights directions for further research, including consumer trust, regulatory sandboxes, and cross-country comparisons.

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