Poltorak Anastasiya, Doctor of Economics, Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0002-9752-9431
e-mail: poltorak@mnau.edu.ua

Melnyk Olha, PhD (Economics), Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0001-8639-7755
e-mail: melnikoi@mnau.edu.ua

Baryshevska Inna, PhD (Economics), Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0003-3851-160X
e-mail: Baryshevskaiv@mnau.edu.ua

Financial security of the insurance market of Ukraine

Abstract. Introduction. The article proves that the insurance market today is an important element in ensuring the optimal level of financial security of the state. Transformational changes taking place in the financial market, Ukraine’s integration into the European and world space ambiguously affect the level of financial security of the domestic insurance market and require constant monitoring.

Purpose. The purpose of the study is to study the level of financial security of the insurance market in modern conditions and to determine a set of measures to ensure its optimal level.

Results. Based on the study of scientific sources and the current state of the insurance market, identified key aspects of the optimal state of its financial security: efficiency and stability of insurance companies; competitiveness and financial independence; protection of insurers’ interests in the financial sphere; adequacy of financial resources; balance of the system of financial indicators and instruments. The calculations of indicators of the state of financial security of the insurance market indicate its dangerous level in 2015-2020. Among the main reasons for this situation are: dependence on global economic processes; socio-political instability; insufficient capitalization and financial stability of insurance companies; imbalance in the development of certain types of insurance; low interest of the population in insurance services and the level of their income, etc. The need to develop a strategy to ensure the financial security of the insurance market as a set of concerted actions and measures, the phased implementation of which will contribute to the balanced development of the insurance market in the context of globalization. The importance of developing a current program for the formation of financial security of the insurance market for a certain period is proved.

Conclusions. In order to ensure the optimal level of financial security of the insurance market of Ukraine in the context of globalization, it is first necessary to take into account a comprehensive approach to developing a strategy for financial security, relevant current programs for their implementation, as well as financial risk management of insurance companies. systematic, preventive, no conflict of interest, proportionality, prospects, timely response, professional judgment, legal certainty), etc. This approach will help achieve the strategic goal of optimizing financial risks in the financial security system of the insurance market, which is to minimize the effects of destructive impact of the risky environment of the financial sector and increase the overall level of financial security and economic growth in general.

Keywords: financial security; insurance market; insurance premiums; level of insurance penetration; insurance market concentration.

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