Uman National University | today: 12/28/2025
| Author(s) |
Prokopchuk O.T., Candidate of Economics, , Uman National University of Horticulture, Ukraine Соколюк С. Ю., , , Novak I., Candidate of Economics Sciences, , Uman National University of Horticulture, Ukraine |
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| Category | Economics | ||
| year | 2025 | issue | Issue 107 part 2 |
| pages | 20-31 | index UDK | 368 | DOI | 10.32782/2415-8240-2025-107-2-20-31 (Link) |
| Abstract | In the current climate of global instability, the issue of risk management in the insurance sector has become particularly relevant. Traditional risk assessment and coverage mechanisms have proven to be insufficiently effective in the face of new challenges facing the global and Ukrainian economies. The COVID-19 pandemic has demonstrated the vulnerability of insurance companies to large-scale and systemic risks that affect a significant number of industries simultaneously, creating an unprecedented burden on the financial stability of insurers. The study confirmed that the Ukrainian insurance market operates in conditions of high uncertainty caused by the COVID-19 pandemic, military actions, economic and social instability, as well as new challenges, including cyber threats and climate risks. Traditional approaches to risk management have proven insufficient to ensure the stability of insurance companies, which highlights the need to implement innovative solutions. The main findings are summarised in the following points: 1. The level of digitalisation in the insurance sector is growing rapidly: more than 60% of companies have already integrated online services into their sales and claims settlement processes, which significantly increases customer focus. 2. Parametric insurance is becoming an effective tool for the agricultural sector, where losses from climate risks average 25–30% of the harvest. 3. Public-private reinsurance models have proven effective in EU countries, where up to 15% of major catastrophic risks are compensated through such mechanisms; their introduction in Ukraine is promising. 4. Cyber insurance is showing annual growth of 10–12%, reflecting the increase in digital threats and the need for new protection products. 5. The harmonisation of Ukrainian legislation with EU standards contributes to greater market transparency and attractiveness, as evidenced by an 8.3% increase in investment in the insurance sector in 2024. Thus, the insurance market development strategy should be based on a combination of classic risk management mechanisms and innovative tools, which will ensure its financial stability, adaptability and gradual integration into the global space. | ||
| Key words | insurance, risk management, innovation, digitalisation, electronic technologies, reinsurance, parametric insurance, financial stability | ||