FUNCTIONING OF THE INSURANCE MARKET IN UKRAINE

Abstract

In the article considers the current trends in the development of the insurance market of Ukraine. The number of insurance companies is shown, including the insurance companies that provide personal insurance. The dynamics of insurance payments by insurance companies during 2018–2020 in the context of different types of insurance is studied. The structure of insurance premiums according to different types of insurance is considered, their dynamics and development trends are analyzed. There are indicators that indicate the high potential for development of the insurance market of Ukraine and the measures that should address this. In particular, the need to change the approaches of the state regulatory policy to the activities of insurance companies is pointed out. The positive impact of the development of long-term types of insurance for the country's economy is shown. Based on statistical data, the types of insurance that are most unprofitable for insurance companies have been studied. Some world tendencies in the development of insurance business and their influence on the domestic insurance market are shown. The types of voluntary insurance that are most in demand on the market are considered in the context of individual indicators, and their dynamics are given. Some peculiarities of the development of the insurance services market of Ukraine are given, in the context of the specifics of economic relations of the transition economy and the transformation of market relations of its subjects. The importance of insurance relations and the level of development of the insurance market for the formation of an efficient economy and long-term investment resources, to ensure economic growth, redistribution of free financial resources is shown. Conclusions are made on the current state of the insurance market and prospects for its development.