Directions of the development of the insurance market of Ukraine in the conditions of war

Abstract

In the conditions of martial law, it is especially important to analyze the current situation in the insurance market and the problems that restrain its development, especially in the conditions of martial law, because insurance provides a wide range of professional financial services, and the insurance market has the largest capital among non-bank financial institutions. If we do not study the main indicators of the development of the insurance market, we can fall far behind European countries and eventually provoke an economic crisis. Two groups of insurance companies continue to operate on the insurance market of Ukraine: companies specializing in life insurance (IC life) and companies specializing in risk types of insurance (IC non-life), the number of which is gradually decreasing. In general, the majority of NASU participating insurers have already exceeded the indicators of the pre-war year and continue to recover steadily and already increase volumes, which is confirmed by the market share based on growth drivers. Analysis of the development of the insurance market of Ukraine shows that in recent years the growth of the total assets of insurance companies was relatively small, but at the same time the number of insurance companies decreased. However, the main regulator of the insurance market, the National Bank of Ukraine, which aims to bring the market closer to international standards, does not occupy a significant place either in the economy of our country or in the developed countries of the world. The main problems that prevent the effective development of the insurance market are the lack of perfect legislation that would contribute to the development of the insurance market, inefficient implementation of regulatory requirements, high tax burden and low solvency of the population. To solve these problems, it is necessary to create favorable conditions for the activity of insurance companies, to improve the national insurance culture, and to expand insurance protection. The development of these areas will help make the Ukrainian insurance market more efficient and accessible.