Assessment of the state and financial performance of the Ukrainian insurance market

The insurance market ensures the redistribution of risks in the economy, creates an environment favorable for the development of entrepreneurship, and reduces the level of risks in society. It is shown that the insurance market of Ukraine in 2022-2023, due to objective and subjective reasons (the COVID-19 pandemic, the "split" reform, and Russia's military aggression), went through the stages of crisis, adaptation, recovery, and development. The author analyzes the current state, financial indicators, and dynamics of the insurance market indicators in 2020-2023. The impact of the COVID-19 pandemic and the "split" reform on the insurance market indicators is investigated. The inexpediency of the events of the cumulative impact of several crisis factors on the insurance market, in particular the "split" reform during the COVID-19 pandemic, is shown. It is found that the number of insurers in the Ukrainian insurance market in 2020-2023 decreased from 215 to 111 companies. Note that Ukrainian insurers faced unprecedented challenges in a situation of military aggression, the main of which are the following: part of the offices of insurers operating in the east of Ukraine were damaged, destroyed or looted in the occupied territories; part of the workers suffered from shelling, joined the local territorial defense or joined the ranks of the Armed Forces of Ukraine; some of the workers have gone missing, some are in the occupied territories, have left the country, have become internally displaced persons; teams of insurers tried to organize work from bomb shelters, basements, parking lots, but they turned out to be technically unusable, without back-up power supply systems, and had no lines and means of digital communications. The author analyzes the performance of the insurance market during the military aggression in 2022-2023. It is shown that since the second quarter of 2023 there have been positive developments in terms of the resumption of insurers' activities in the main types of insurance, and there are trends in market development in terms of the number of contracts concluded and gross insurance premiums received. It was found that transport insurance (CASCO, MTPL, Green Card) and personal insurance (health, accident, life insurance) occupy the first two places in terms of insurance premiums: 36% and 27% respectively. The article performs a PEST-analysis of the problems and prospects of the insurance market development, showing that in the post-war period, a necessary condition for the development of the insurance market should be a policy of promoting and ensuring the reconstruction, development of insurers' sustainability, creation and implementation of new insurance products, and investment programs in the real sector of the economy