THE ROLE OF THE INSURANCE MARKET IN STRENGTHENING THE ECONOMIC SECURITY OF UKRAINE: CURRENT TRENDS AND THREATS

Abstract

The article examines the role of the insurance market in ensuring the economic security of the state in the conditions of modern socio-economic transformations and the growth of global and national risks. The relevance of the topic is due to the fact that insurance is an important element of the country's financial system, which ensures the protection of property interests of business entities and the population, contributes to the stabilization of economic processes, the formation of investment resources and increasing the resilience of the national economy to internal and external threats. The paper analyzes the current state of the insurance market of Ukraine, identifies the main trends in its development, and outlines key factors that affect the level of economic security of the insurance sector. The article systematizes the main threats to the economic security of the insurance market and proposes a set of measures to minimize them. The article systematizes the main threats to the economic security of the insurance market and proposes a set of measures to minimize them. In particular, the need to improve state regulation of the insurance sector, harmonize national legislation with international standards, develop the reinsurance system, increase the level of digitalization of insurance services and form an effective risk management system is substantiated. Considerable attention is paid to increasing the financial literacy of the population and strengthening trust in insurance institutions, which is an important prerequisite for expanding insurance coverage and increasing the stability of the financial system of Ukraine. The results of the study indicate that the development of the insurance market is of great importance for ensuring the economic security of the country, as it contributes to reducing financial losses due to the realization of various risks, the formation of long-term investment resources and increasing the level of socio-economic stability. The directions for improving the functioning of the insurance market proposed in the article can be used in the formation of state policy in the field of insurance and the development of strategies for increasing the economic security of Ukraine.