THE MAIN TRENDS OF THE INSURANCE MARKET IN UKRAINE

Abstract

Modern trends in the development of the sectoral insurance segment are due to the impact of globalization processes on the national financial markets, the entry of electronic technologies into insurance circulation. In the article priorities of activity of insurance companies in the market of financial services of Ukraine are considered and the selective analysis of indicators of the insurance market for 2013-2017 is spent. The domestic insurance market has shown a rather high resistance to the crisis phenomena in the economy, which has been reflected in the relatively rapid recovery of individual segments and indicators. The growth rate of insurance premiums in 2017 compared to the previous year was 123.5%. Problems of financial regulation of the insurance market of Ukraine remain: the lack of a comprehensive methodology for assessing the competitiveness of the insurance market, the risk of monopolization of the «life» insurance sector, the underdevelopment of the preventive insurance function and the imperfection of tax regulation of insurance companies. The experience of the functioning of the national insurance market has shown that for most Ukrainian insurers, the defining factors in the conditions of a modern market economy have become the problems of their adaptation to market conditions and changes in the competitive environment and the possibility of providing financial stability of companies. Trends in the development of the global insurance industry are revealed. On the basis of the study it can be concluded that Ukraine's accession to the EU will be an incentive to realize the opportunities considered, to create a stable domestic legislation, and to develop an insurance market in accordance with European standards of quality of insurance services provision. Taking into account the introduction of innovations and the processes of globalization in the insurance sphere, the key problems in the insurance market of Ukraine and the ways of their solution are substantiated.