ANALYTICAL REVIEW OF THE CURRENT STATE INSURANCE MARKET OF UKRAINE

Abstract

The article is devoted to an analytical review of the current state of the insurance market of Ukraine. An effectively functioning insurance market is an integral part of the country's market economy. In times of wide range of risks as well as uncertainty, insurance companies must provide proven insurance protection to legal entities and individuals to facilitate their efficient functioning and ensure their confidence in the future. The stability and reliability of insurance companies is a very important prerequisite for their survival and a guarantee that their missions and strategic goals will be successfully implemented The article reviews the results of the activities of the main companies in the insurance market of Ukraine. It was established that as of June 30, 2022, the total amount of insurers' assets compared to the beginning of the year (before the military aggression) almost did not change (+2.2%) and amounted to UAH 65.7 billion. At the same time, during the specified period, the number of insurers decreased - from 155 (January 1, 2022) to 142 (July 1, 2022). In general, the composition of market participants working in the life insurance segment in Ukraine has not changed. In recent months, the insurance market has demonstrated a recovery in activity indicators compared to the first shock month of the war, operational and management processes are gradually being adjusted, and the decline in indicators is reducing. On average, the volume of the non-life insurance market decreased by 25% compared to 40-50% in the first months of the military aggression, while the decline in the volume of insurance payments remains commensurate (-26%). It was concluded that in order to maintain the positive trends that have formed in the market, the National Bank of Ukraine will monitor the insurers' compliance with the requirements for proper and timely disclosure of information about their financial status, mandatory financial standards, as well as the insurers' proper fulfillment of their obligations under concluded contracts insurance.