Identification of key challenges of insurance market regulation in the context of globalisation and integration into the European market

Анотація

The purpose of this study was to identify the factors that shaped the development of the Ukrainian insurance segment in the context of globalisation and determined its integration into the European market. The study used SWOT analysis of the insurance market of Ukraine, comparative analysis of Ukrainian and European insurance legislation, and case analysis of Poland’s integration into the European insurance market as an example of the gradual implementation of European standards in national regulation. It was determined that the development of the national insurance market took place in unstable and unfavourable conditions, as a result of which, in 2022-2023, there was a reduction in registered insurers from 128 to 101, and the number of concluded insurance contracts – by 25,755. The Ukrainian insurance market also demonstrated a low level of insurance penetration – 2% of gross domestic product, while the European average was 7-10%. The analysis of the Polish experience proved that the implementation of European Solvency II standards and cooperation with the European Insurance and Occupational Pensions Authority contributed to the sustainable development of the national insurance segment. Between 2016 and 2022, Solvency Capital Requirement coverage increased from 266% to 272%, considering the minimum recommended level of 130%. This growth meant that the Polish insurance market not only adapted to European standards, but also demonstrated the potential for Sustainable Development. The results of the comparative analysis indicated that the Ukrainian insurance segment demonstrated resilience to crises, and its potential for sustainable development can be enhanced by adapting the experience of other countries and integrating into the pan-European insurance space. The date of this study can be used to enhance the stability of the Ukrainian insurance market in uncertain conditions, and to promote its further sustainable development within the context of globalisation and European integration

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