Uman National University | today: 06/19/2025
| Author(s) | Prokopchuk O.T., Candidate of Economics, , Uman National University of Horticulture, Ukraine | ||
|---|---|---|---|
| Category | Economics | ||
| year | 2025 | issue | Випуск 106 Частина 2 |
| pages | 177-187 | index UDK | 368 | DOI | 10.32782/2415-8240-2025-106-2-177-187 (Link) |
| Abstract | Ukraine's insurance market plays a key role in ensuring economic stability, managing risks and stimulating investment. However, recent years have brought significant challenges that have significantly affected its functioning. The COVID-19 pandemic has become a catalyst for global change, forcing insurance companies to adapt to new realities, such as growing demand for health insurance, the development of digital services, and stricter requirements for financial stability. In addition, russia's military aggression against Ukraine has created unprecedented risks for the national economy and the insurance sector. The war has caused significant losses of assets, destruction of infrastructure, and an increase in insurance claims. At the same time, there is a need to develop new insurance products related to protection against war risks and recovery from hostilities. The relevance of the study is driven by the need for a comprehensive analysis of the key trends shaping the modern insurance market of Ukraine and an assessment of the prospects for its development in the face of current challenges, such as economic instability, the COVID-19 pandemic, military operations, and increased integration into the European economic area. The modern insurance market is undergoing transformation, which requires adaptation to new conditions and development of strategic directions to ensure its sustainability and competitiveness. The main conclusions of the study: 1. Dynamics of the number of insurance companies: during 2019–2023, there was a significant reduction in the number of insurance companies due to economic instability, the impact of the COVID-19 pandemic, military operations, and increased regulatory requirements. This indicates the process of market consolidation and increased requirements for financial stability of players. 2. Digitalization as a key trend: The introduction of modern technologies such as online sales, mobile applications, Big Data, artificial intelligence, and blockchain is contributing to the transformation of the insurance market. Digital solutions increase customer convenience, optimize business processes and improve the quality of risk management. 3. Influence of external factors: Economic challenges, the pandemic, and the war have had a significant impact on insurance companies, forcing them to adapt to new conditions. In particular, the demand for health insurance, property insurance, and insurance products related to military risks has increased. 4. Regulatory changes: Tightening of state regulation helped to clear the market of insolvent participants, increase transparency of insurance companies and protect consumer rights. 5. Development prospects: Despite the challenges, the Ukrainian insurance market has significant potential for further development. The main prospects are the introduction of innovative approaches, integration into the European market, expansion of the range of insurance products, and ensuring financial stability. Thus, the Ukrainian insurance market is undergoing a transformation. Its successful development depends on the ability to adapt to new conditions, introduce innovations and increase competitiveness in the global environment. | ||
| Key words | insurance market, trends, prospects, challenges, digitalization | ||