The current state and prospects of development of the insurance market of Ukraine

Abstract

Introduction. The study of the current state of the insurance market of Ukraine is based not only on the basis of its functioning, but also on the current activities of insurance entities and the diagnosis of the main indicators of their activities. In today's dimension, insurance itself is one of the strategic landmarks of the economic direction, which can not only accumulate financial resources, but also turn them into investments. It is obvious that such a functional feature contributes to the stable development of the economy, builds trust, defines the limits of insurance protection and outlines the interest of foreign investors. Diagnosis of the current state of the domestic insurance market makes it possible to analyze its main indicators and identify promising areas of development with an emphasis on problematic issues that arise under the influence of a changing environment. In view of this, the importance of systematizing our knowledge in the field of insurance becomes especially relevant.

Purpose. To diagnose the current state of the insurance market of Ukraine, which will determine the prospects for its development.

Method (methodology). The research used such methods as logical, which allowed to analyze scientific works in the field of insurance; analytical, which was used to analyze and evaluate the main indicators of the insurance market; statistical, which allowed to systematize the basic data of the insurance market in a time range; graphical, which allowed to interpret the results in a visual form.

Results. It is concluded that the current state of the insurance market in Ukraine is imperfect, which leads to a gradual decrease in the number of all its participants. The diagnostics of the main indicators of activity of insurance companies and the insurance market in general is carried out. The shortcomings of the insurance market are identified and their causes are identified. The necessity of adaptation of insurers to the certain perspective directions of their activity is substantiated. In particular, it is necessary to make adjustments to strengthen the position of insurance companies, integrate digitalization into their activities, diversify the process of providing insurance services, improve the regulatory framework and more. It also revealed the inability of insurance companies to fully adapt to today's challenges, in particular those caused by COVID-19. It is established that the practical aspects of the insurance market research need further study in the direction of accommodation of insurance companies to the conditions of permanent crisis phenomena.