DEVELOPMENT OF THE INSURANCE MARKET OF UKRAINE IN THE CONDITIONS OF WAR

Abstract

The article is devoted to the study of the development of the insurance market of Ukraine in wartime conditions. In particular, the main segments of the insurance market, which are intensively functioning and developing in today's conditions, are singled out. In addition, the article analyzes the risks and challenges associated with the operation of the insurance market under martial law. The article examines the main aspects of the current functioning of the insurance market, highlights the challenges and problems arising in the activity of the insurance market and factors that stimulate and improve the activity of the market. Ukraine today has a significant negative impact in the socio-economic sphere due to the armed aggression of the Russian Federation. And through international channels of interaction, crisis trends spread to other countries. The insurance market, which should ensure a reliable socio-economic environment of the country, faced new problems and other scales of risks. Unlike other areas of financial activity, the essence of insurance is revealed through risk management and acceptance. Therefore, each crisis situation creates both problems and directions for the development of the insurance market. The performance indicators of the insurance market of Ukraine are summarized, which testify to the recovery and growth of the insurance market of Ukraine, which continues to adapt to new conditions and requirements arising under the conditions of martial law. The insurance market plays a key role in the development of the country, ensuring economic stability, business support, social security of citizens and stimulating investments, namely: helps reduce financial risks; gives businesses the opportunity to develop; insurance services provide social protection of citizens; the presence of a developed insurance market contributes to the attraction of both internal and external investments; insurance companies are a significant source of income for the state budget through the payment of taxes and fees; the insurance market is an integral part of the country's financial system, which interacts with other financial institutions, such as banks and stock markets.