ENSURING ECONOMIC SECURITY OF THE INSURANCE MARKET OF UKRAINE IN THE CONDITIONS OF MARTIAL STATE CHALLENGES

Abstract

The article reveals the current problem of assessing the state and level of economic security of the insurance market of Ukraine in conditions of military challenges. The main indicators of the functioning of insurers are analyzed from the standpoint of influencing the level of economic security and identifying existing threats. In conditions of war and cleansing the insurance market from problematic insurers, changes have occurred in the formation of their equity capital. From the standpoint of economic security, the existential threat has become the decrease in the equity capital of insurers from risky types of insurance and the insufficient size of the authorized capital in the formation of the level of capitalization. Based on the use of the Herfinadal-Girshman, Tiedemann-Hall, Rosenbluth indices, it is proven that the insurance market remains moderately concentrated with a low level of monopolization, however, the situation of high concentration in the life insurance market and its monopolization is threatening. Analytical studies and author's generalizations on existential risks in wartime are presented. Modern trends in the development of the insurance market are accompanied by new threats and dangers, which are associated with both war risks and changes in the quantitative and qualitative parameters of its functioning. In particular, the insurance penetration rate indicated a low level of insurance market capacity. It is noted that the density of insurance in wartime has increased, but to a large extent it is due not only to the growth of gross insurance premiums, but also to a critical decrease in the population of Ukraine, internal and external migration, which has reached a critically low value. The threat to economic security is determined by the increase in the level of openness of the insurance market. It is emphasized that one of the challenges of our time is the need for the rapid implementation of international principles of supervision as the basis for ensuring economic security in wartime. Further research should focus on a comprehensive assessment of the level of economic security of the Ukrainian insurance market and the justification of directions for implementing modern tools to increase its level.