MODERN TRENDS IN DEVELOPMENT OF UKRAINE’S INSURANCE MARKET

Abstract

The development of the Ukrainian insurance market is assessed as moderate. This is justified by the fact that although the change in key performance indicators of insurers is positive, they are at the level of inflation indicators. Key social types of insurance services include car insurance, health insurance and life insurance. The main steps in the development of these types of insurance include improving the legislative framework, in particular for the development of compulsory insurance of civil liability in motor vehicles, it is necessary to work out the mechanisms for introducing a system for direct settlement of losses and to strengthen the guarantee functions of MTIBU. For the development of life insurance, it is expedient to create a system for guaranteeing payments under life insurance contracts, in particular, joining an existing Deposit Guarantee Fund in the banking system, as well as accelerating the development of mechanisms for the participation of insurers in the second level of the state pension system. In connection with medical reform, health insurance expects new systemic changes in financing mechanisms and health care organizations in Ukraine. Insurance companies are expected to take part in the introduction of compulsory health insurance and develop a voluntary, which will provide non-budget funding for the domestic health care system in larger volumes. There are significant contradictions in the current legislative provision of compulsory insurance in Ukraine, which requires significant steps from the state to solve these difficult tasks. Up to world trends in the insurance industry in the coming years include the use of online resources to choose an insurance product, the purchase of electronic policies, the use of mobile applications, the expansion of the provision of personal information. Among the development priorities is the integration of IT systems, the use of elements of the Internet of things, artificial intelligence and accelerating the implementation of changes. Priority directions of technology development: intellectual insurance agents; underwriting; financial counseling; purchase of insurance policy; servicing of insurance contracts; settlement of losses. In the face of growing competition, domestic insurers are advised to improve the insurer’s activities, in particular due to technological equipment and the use of modern marketing measures with the use of IT technologies.