MODERNIZATION OF THE UKRAINIAN INSURANCE MARKET IN THE CONDITIONS OF THE COVID-19 PANDEMIC

Abstract

The article is devoted to the development trends of the Ukrainian insurance market in the realities of the COVID-19 pandemic. Today, the economic activity of Ukraine, as well as other countries of the world, is in a state of economic threat, which is caused by a new global challenge  the COVID-19 pandemic. Since the effective functioning of the financial market is not possible without the insurance market, it is necessary to analyze the impact and consequences of COVID-19 on the mechanism of its action. The article analyzes and compares the functioning of the native market of services with previous years. The impact of the pandemic on each area of insurance is reflected. The authors study the current activities of native insurance companies, their efficiency in the use of tools and new products in response to the effects of coronavirus. The features of programs that provide financial support in case of COVID-19 disease have been studied. The article clarifies how the Ukrainian insurance market reacted, presents promising and priority areas for its stabilization. According to the results of the study, it can be stated that not all insurance companies have withstood the new operating conditions. However, those who accepted this challenge were able to quickly develop new insurance programs that provide financial support in the event of coronavirus. During the pandemic, the most common types of insurance remained car insurance and personal insurance. COVID-19 was the impetus for insurance companies to provide online services. The pandemic has led to both positive and negative consequences in the activities of domestic insurers. It gave a new impetus to the development of insurance culture among Ukrainian citizens, people began to understand the importance of such a service, above all it concerns life and health insurance. Therefore, it can be argued that most insurance companies have been able to adapt and find solutions for stable operation in conditions of economic danger. Since the problem of the pandemic is new for the countries of the world, as well as for Ukraine, the authors of this article studied the native insurance market, based on recent changes in the pandemic.