CURRENT TRENDS OF INSURANCE MARKET OF UKRAINE

Abstract

The insurance sector plays a vital role in the economy. The insurance industry is undergoing rapid transformations due to technological progress and changing consumer expectations. Studying current trends in the insurance market and the factors affecting it, is important for understanding the complexities of a fast changing environment, ensuring effective risk management, and promoting effective insurance practices. The article deals with the current trends of the insurance market in Ukraine. Special attention is paid to protection against military risks, as well as changes in the Law of Ukraine "On Insurance". Since one of the main components of the economy is played by insurance, which demonstrates a certain dependence between its effective development and the economic rise of the country as a whole, it is emphasized that Ukraine is trying to develop the insurance market based on international relations and European experience. Based on the analysis of the main indicators of the functioning of the insurance market, its condition was assessed. Factors affecting the number of insurance companies on the market were considered, as their significant reduction was observed in recent years. Positive trends in the development of the insurance market and a list of problems are highlighted.