SYSTEMIC TRENDS IN THE DEVELOPMENT OF THE INSURANCE INDUSTRY IN THE CONTEXT OF GLOBALISATION

Abstract

The article presents the results of a study of the main directions and features of the insurance market evolution in the context of globalisation processes. The purpose of the study is to provide a systematic analysis of trends in the development of the insurance industry in the context of globalisation, as well as to determine the congruent relationship between national challenges and key aspects of globalisation of the insurance market in the context of outlining benchmarking prospects for successful development in the new environment. The key factors influencing the systemic transformation of the insurance industry are considered. In particular, the analysis of global macroeconomic indicators and shifts has allowed to identify three main challenges of socio-economic development, which have determined the vectors of transformation of insurance and the insurance market. Thus, the article notes that today's priorities are insurance against natural and man-made disasters, insurance of agricultural risks and cyber insurance. The study emphasises that globalisation changes are the result of both climate change, numerous natural disasters, weather hazards, and food threats due to low government financial support for agricultural producers. It is also proved that global digitalisation has created a new landscape of cyber threats, which are among the most complex and urgent risks faced by global national security and business. The paper contains the results of a study of both historical dynamics and forecast expectations of changes in globalisation processes. It is believed that taking into account the conditions of globalisation in the organisation of the insurance industry will not only increase competition in the insurance market, but also require insurers from around the world to adapt their strategies and introduce innovations to remain competitive. Particular attention in this paper is focused on the congruence of global changes with the insurance challenges that are taking place in Ukraine and have become acutely relevant in the context of a full-scale war. The importance of forming a new paradigm for the development of the domestic insurance industry in the context of globalisation through the integration of modern technologies, flexible regulation, strengthening of international cooperation and benchmarking of effective insurance protection instruments is emphasised.