DEVELOPMENT OF INSURANCE IN UKRAINE IN THE CONDITIONS OF PANDEMIC AND WAR RISKS

Abstract

This article examines the transformation of the insurance market in Ukraine under the impact of the COVID-19 pandemic and the ongoing war. The study highlights the key challenges faced by the industry, including an increase in war-related risks, economic instability, and population migration, which have significantly influenced the demand for insurance products. The analysis focuses on the changes in various insurance programs, such as property insurance, health insurance, automobile insurance, and liability insurance, as well as the shift towards more flexible and innovative offerings in response to new market conditions. Special attention is given to the adaptation of insurance companies through digitalization, the introduction of new risk assessment models, and regulatory adjustments. The article explores the role of digitalization in ensuring the continuity of insurance services, the adoption of innovative practices, and the development of new regulatory frameworks. The analysis also emphasizes the state's involvement in supporting the insurance sector through special mechanisms for compensating war-related damages. Analysis of the insurance market in Ukraine during the war revealed key changes, such as a reduction in the number of insurance companies, a slowdown in market growth, adaptation of insurance programs, and a change in demand for insurance products. The main segments that have undergone changes include auto insurance, life insurance, risk and property insurance. The war significantly affected the market, creating new challenges for companies. Despite this, there was an increase in insurers' assets in certain segments and an increase in demand for health insurance. However, the general economic instability necessitated the adjustment of insurance tariffs and adaptation to new conditions. Furthermore, the study underscores the necessity of integrating international practices to strengthen the resilience of the Ukrainian insurance market. Based on the findings, the article provides recommendations for the sustainable recovery and future development of the industry, focusing on creating adaptive and effective insurance programs aligned with current risks. These insights are intended to assist policymakers and industry stakeholders in navigating the unprecedented challenges posed by the pandemic and war, fostering resilience and growth in the post-crisis period. The findings suggest that a more resilient and adaptive insurance system could support Ukraine's reconstruction efforts, providing greater financial security for individuals and businesses.