ANALYSIS OF THE INSURANCE MARKET OF UKRAINE

Abstract

In modern conditions, the insurance market plays an important role in the development of the financial system of Ukraine. This article is devoted to relevant issues of the current situation of the insurance market in Ukraine. The purpose of this article is to conduct an analysis of the insurance market of Ukraine according to the main indicators that make it possible to determine its current state of functioning and to determine appropriate measures to improve its functioning and further development. There are some methods of scientific knowledge that were used during the process of writing this article: analysis, synthesis, deductive method, inductive method, graphic method, comparison method, generalization method, etc. This article analyzes the main indicators of the insurance market, examines their trends, and determines the specific weight. The dynamics of the number of insurance companies in Ukraine for 2018-2020 was monitored. The indicators of gross insurance premiums, gross insurance payments, net insurance premiums and payments, the volume of insurance reserves, life insurance reserves, technical reserves, etc., were analyzed. The analysis of the insurance market for the particular period made it possible to draw conclusions about its current state. The following measures are proposed in order to improve the functioning and further development of the insurance market: improvement of the regulatory and legal framework in the field of insurance; implementation of permanent control over the work of insurance companies by insurance supervisory bodies and their application of timely measures to prevent the insolvency of insurers; improvement of the mechanism of supervisory actions in order to prevent the functioning of insurance companies that are unable to make insurance indemnities, conducting constant monitoring of compliance of insurance cases with insurance payments; establishment of an effective tariff policy, through which insurance companies will be able to maintain a balance between insurance premiums received and insurance payments made, which is a guarantee of ensuring the stability of insurance companies activities.